Peso firms up on Marawi liberation

The Philippine peso opened traded on a strong note Tuesday as the government declared Marawi City has been liberated from ISIS-linked terrorists after nearly five months of intense fighting.

The local currency gained 6 centavos to close at P51.330:$1 from 51.390 Friday.

Financial markets were closed on Monday in view of a nationwide transport strike.

"It's the good news from Marawi," Union Bank of the Philippines chief economist Ruben Carlo Asuncion told GMA News Online.

"It communicates some stability, especially down south now that the terrorist threats have been quelled," Asuncion noted.

President Rodrigo Duterte has declared Marawi City liberated from terrorist influence, a day after government troops killed Abu Sayaff leader Isnilon Hapilon and Maute group leader Omar Maute during a hostage rescue operation. — VDS, GMA News