Philippine Peso Hits Record Low of 63.95 Against US Dollar
The Philippine peso plunged to a record low of 63.95 per US dollar on October 26, 2026, approaching the psychologically significant 64 level. The currency weakened by 33.5 centavos from its previous record closing rate of 63.615 on October 23. The latest decline highlights mounting pressure on the Philippine economy despite aggressive monetary tightening by the country’s central bank.
Rising global oil prices, geopolitical tensions in the Middle East, and stronger demand for the US dollar have accelerated the peso’s depreciation. Meanwhile, concerns about slowing economic growth and persistent inflation have weakened investor confidence. The Bangko Sentral ng Pilipinas raised its benchmark interest rate by 50 basis points to 5.5% on October 22. However, the move has failed to reverse the currency’s downward trend.
Economists warn that continued dollar strength and elevated energy prices could push the peso beyond 64 per dollar. The Philippines also faces pressure from its widening balance of payments deficit. Investors are now monitoring the US Federal Reserve’s upcoming policy decision for signals about dollar strength and regional currency movements.
Why it matters
A weaker peso increases import costs, particularly for fuel and food, potentially worsening inflation. Continued depreciation could pressure household purchasing power, corporate margins, and foreign investment flows.
