Peso sinks back to 57-level as global markets plunge on Trump tariffs
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Updated at 8:01 p.m. on April 7, 2025MANILA, Philippines — The Philippine peso fell by 1.1 percent on Monday to finish the first trading day of the week back to the 57-level against the dollar, as markets across the world continued to feel the pain from U.S. President Donald Trump’s sweeping tariffs.Article continues after this advertisementThe local currency lost 60.9 centavos to close at 57.43 versus the greenback, data from the Bankers Association of the Philippines showed.FEATURED STORIESBUSINESSPSEi rebounds after tariff troubleBUSINESSBIZ BUZZ: Dennis Uy stays put in DITOBUSINESSPhilippine Airlines eyes prepandemic pax countThe peso’s worst showing stood at 57.45. Trading was also heavy, with funds worth $2.2 billion switching hands.Michael Ricafort, chief economist at Rizal Commercial Banking Corp., blamed the local currency’s weakness to the panic caused by Trump’s sweeping tariffs on key trade partners of the United States.“The US dollar-peso exchange rate corrected higher lar...