Philippine Peso Declines After Duterte Unveils Tax Revamp Plan
- Stocks slightly up on Tuesday, a day after president’s speech
- Duterte seeks lower corporate taxes, higher levies on alcohol
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The Philippine peso shrugged off President Rodrigo Duterte’s tax plans, with the currency declining as traders focused on falling bets for an aggressive easing by the Federal Reserve this month. Stocks rose after staying lower for most part of the day.
“The dollar is generally stronger as prospects of a 50-basis point cut by the Fed next week is fading,” said Andre Ibarra, senior vice president and chief dealer at Security Bank Corp. in Manila. The peso’s fall has “nothing to do” with Duterte’s state of the nation address, he said.