Philippine Peso Nears Fresh Record Low

2026-07-24 02:26 By Kyrie Dichosa 1 min. read

The Philippine peso weakened to around 61.84 per US dollar in late July, moving closer to a fresh record low as surging oil prices and broad US dollar strength weighed on the currency.

Crude prices have jumped more than 30% this month as the escalating US-Iran conflict spilled over into key other shipping routes, heightening concerns over deeper disruptions to global energy supplies.

This has intensified pressure on oil-importing economies, including the Philippines, raising concerns over imported inflation and the country's trade balance.

The Bangko Sentral ng Pilipinas intervened in the foreign exchange market this week to support the peso, while the Marcos administration expressed confidence that the central bank would act decisively if needed.

Fitch Group's BMI Research forecasts the peso to trade within the 61–63 per US dollar range this year, making it one of Asia's weakest-performing currencies.

The peso has fallen nearly 5% against the US dollar so far this year.



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Philippine Peso Nears Fresh Record Low
The Philippine peso weakened to around 61.84 per US dollar in late July, moving closer to a fresh record low as surging oil prices and broad US dollar strength weighed on the currency. Crude prices have jumped more than 30% this month as the escalating US-Iran conflict spilled over into key other shipping routes, heightening concerns over deeper disruptions to global energy supplies. This has intensified pressure on oil-importing economies, including the Philippines, raising concerns over imported inflation and the country's trade balance. The Bangko Sentral ng Pilipinas intervened in the foreign exchange market this week to support the peso, while the Marcos administration expressed confidence that the central bank would act decisively if needed. Fitch Group's BMI Research forecasts the peso to trade within the 61–63 per US dollar range this year, making it one of Asia's weakest-performing currencies. The peso has fallen nearly 5% against the US dollar so far this year.
2026-07-24
Philippine Peso Falls Toward Record Low
The Philippine peso fell to around 61.70 per US dollar in mid-July, moving back toward record lows as renewed conflict in the Middle East drove oil prices higher and weighed on emerging-market currencies. The decline highlighted the Philippines' vulnerability to rising energy costs, given its heavy reliance on imported fuel. Crude prices surged after fresh US and Iranian strikes, with Washington reimposing a blockade on shipping through the Strait of Hormuz, raising concerns over global oil supplies. The peso has lost more than 4% against the US dollar this year, heightening risks of imported inflation and adding pressure on the Bangko Sentral ng Pilipinas to support the currency. The central bank has already raised its benchmark interest rate by 25 basis points to 4.75% in June, its second consecutive increase, as policymakers sought to contain persistent inflationary pressures.
2026-07-14
Philippine Peso Hits New All-Time Low
The Philippine peso breached the 61 per US dollar level in late April, hitting a fresh historic low and underscoring mounting pressure on the currency amid global economic uncertainty driven by the ongoing conflict in the Middle East. Continued tensions have disrupted oil supply chains, posing a significant challenge to the Philippine economy given its heavy reliance on crude oil imports from the region. Since the outbreak of the conflict, the peso has repeatedly fallen to record lows. The currency’s decline risks stoking imported inflation and increasing the peso cost of servicing foreign-currency debt. This comes at a time when inflation is already elevated, with headline inflation rising to 4.1% year-on-year in March, the highest level since July 2024. In response, the Bangko Sentral ng Pilipinas raised its policy rate by 25 basis points to 4.5% in mid-April, marking its first tightening cycle in over two years.
2026-04-29