THE peso yesterday continued to fall as oil prices soared to record levels above $135 a barrel.

The local currency opened at P43.3 per dollar and traded up to P43.3 and down to P43.48 before settling at P43.45. It closed at P43.24 Wednesday.

The currency traded at a recent low of P43.885 last November.

A total of $605 million changed hands during Thursday’s session from Wednesday’s volume of $686.640 million.

“While inflation is…[on the rise], and oil prices are skyrocketing, the peso will continue to move defensively along [with] other Asian currencies and probably stay weak for the next two months,” said a trader from a universal bank.

“The market is very cautious at the moment because of escalating inflation and soaring oil prices. We are also not sure, if like in other Asian countries, the BSP [Bangko Sentral ng Pilipinas] will allow the appreciation of the peso as a means to control inflation,” the trader said.

IF the Philippines grows at its highest gross domestic product (GDP) growth during the past 10 years, it will take 159 years before it catches up with the growth achieved by member-countries of the Organization for Economic Cooperation and Development (OECD).

AFTER incurring a 15.6-percent drop in net income in the first quarter, Metropolitan Bank and Trust Co. (Metrobank) is drawing strength from its subsidiaries by expanding product offerings.

THE peso yesterday continued to fall as oil prices soared to record levels above $135 a barrel.

The local currency opened at P43.3 per dollar and traded up to P43.3 and down to P43.48 before settling at P43.45. It closed at P43.24 Wednesday.

BANCO de Oro Unibank has agreed to give sugar conglomerate Roxas Holdings Inc. a loan for P4.69 billion.

The money is intended to boost sugar production and finance the construction of an ethanol plant, the bank said in a statement Thursday.

THE Social Security System (SSS), in a bid to explain the lateness of its records, said Thursday this was due to only a handful of companies using its electronic filing system.