The Philippine peso closed on a strong note Friday, December 27 —the last trading day of the year— amid monetary interventions to keep the local unit from falling below the historic low of P59:$1. The local currency gained 12.

THE peso again hit a record low of P59 to the dollar on Tuesday and the stock market also fell to its lowest in over five months as sentiment worsened due to prospects of fewer interest rate cuts next year.

The local stock market finished 2024 in the red territory, but better from last year’s close of 6,450.04. The Philippine Stock Exchange index (PSEi) slipped by 0.16 percent or 10.23 points on the last trading day of the year,

THE peso ended the year on a positive note, but still closed weaker compared to 2023, while the stock market gained year on year despite edging down on the final trading day of 2024.