Philippine Peso Outperforms in Asia

2026-02-23 07:11 By Jam Kaimo Samonte 1 min. read

The Philippine peso jumped nearly 1% to around 57.5 per dollar on Feb. 23, reaching its strongest level in five months and outperforming regional peers as the dollar weakened broadly amid renewed US tariff uncertainty.

On Saturday, US President Donald Trump said he would raise the 10% global levy announced a day earlier to 15%, following the US Supreme Court's decision to strike down his sweeping reciprocal tariffs.

The peso also drew support from stronger capital inflows, with the benchmark PSE Index climbing toward its highest level in more than a year as concerns over large-scale government corruption receded.

Last week, the Bangko Sentral ng Pilipinas delivered its sixth consecutive rate cut to cushion an economy strained by the corruption scandal, though policymakers are now expected to keep rates unchanged for the remainder of the year.

Meanwhile, local firms are reportedly stepping up efforts to limit FX risks with currency hedging strategies as the peso has become volatile.



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