Peso falls after Duterte claims Philippine presidential victory

MANILA — The Philippine peso fell toward a two-month low after Mr Rodrigo Duterte claimed victory in the nation's presidential election.

Preliminary results show Mr Duterte, the tough-talking mayor of Davao city, won about 39 per cent of the vote. While he's lured support with his pledges to fight crime, uncertainty about his economic plans and his lack of experience in policy making sent investors to the sidelines in the weeks before the election.

The currency dropped as much as 0.3 per cent from Friday's (May 6) close to 47.21 pesos per one US dollar (34.26 pesos per one SG dollar), before trading little changed at 47.08 pesos as of 9.15am in Manila, prices from the Bankers Association of the Philippines show. It touched 47.43 pesos on Friday, the lowest since March 1. Local markets were shut on Monday. The peso has declined 2 per cent in the past month, the worst performance in Asia after Malaysia's ringgit. BLOOMBERG