Philippine Stocks and Peso Rise, Fueled by Positive US Market Trends and BPO Sector Optimism

MANILA: Philippine financial markets experienced a boost on Tuesday, with gains in both the stock market and the value of the peso, reflecting positive trends in the United States markets and a promising future for the local business process outsourcing (BPO) industry. The Philippine Stock Exchange index (PSEi) climbed back to the 6,600 level, with an increase of 38.41 points, closing at 6,621.88.

According to Philippines News Agency, the upbeat performance in the local market was influenced by several factors, including recent highs in the US markets and optimistic developments in the BPO sector. The Property sector emerged as the leading gainer in Tuesday’s trading, adding 31.04 points. The broader All Shares index also saw an uptick, rising by 13.74 points to 3,493.56, with all counters ending in positive territory.

The Information Technology and Business Process Association of the Philippines (IBPAP) announced on Monday its projection that full-time employment in the BPO industry will surpass two million by 2025, contributing to the positive sentiment. In the stock market, gainers outnumbered losers with 100 to 88, while 49 firms remained unchanged.

In the currency market, the Philippine peso strengthened against the US dollar, ending at 56.16, appreciably higher than the previous close of 56.33. The peso opened weaker at 56.35, compared to Monday’s start of 55.95, but traded in a range between 56.10 and 56.44, averaging at 56.30 to the dollar for the day. The volume of trade reached USD 1.40 billion, a decrease from the previous day’s USD 1.71 billion.