(GMA News) The Philippine peso retreated back to the P48:$1 level on Monday, marking its weakest showing in over three weeks.

The local currency lost 12 centavos to close at P48.065:$1 from last Friday’s finish of P47.945:$1. This is the worst performance of the peso since April 30.

Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort attributed Monday’s depreciation to the remarks made by U.S. Federal Reserve officials.

“Some Fed officials, such as Philadelphia Fed President Harker signaled that the Fed should discuss reducing bond purchases sooner than later,” he said.

Ricafort likewise noted that the peso has also weakened amid improving economic outlook as the NCR Plus bubble eased restrictions.

The NCR Plus bubble—Metro Manila, Cavite, Laguna, Rizal, and Bulacan—is under general community quarantine with heightened restrictions until May 31.

“Peso also recently weaker as better economic prospects with the easing of NCR Plus to GCQ (from ECQ) amid new COVID-19 local cases lingering among two-month lows and increased COVID-19 vaccine arrivals and rollouts,” Ricafort said.