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The Philippine peso fell below P47 against the dollar on Tuesday morning trading after weeks of continuous weakness, foreign exchange data showed.
The local currency opened at P47 to the dollar at 9 a.m., Tuesday, weaker than the P46.92 close on Monday, September 7. 2015. It last hit that level in 2010.
As of 10:50 a.m., the peso was at P47.019 after hitting P47.04 earlier, data from the website of the Philippine Dealing and Exchange Corp. showed.
A weaker peso gives families of overseas Filipino workers more buying power, but makes imports like oil more expensive. It also tends to diminishes effects of lower oil prices in the global market. CB
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