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Manila Bulletin devider Business devider Banking & Finance devider Peso weakens to ₱58.1 amid flood control scandal, political noise

Peso weakens to ₱58.1 amid flood control scandal, political noise

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Published Sep 25, 2025 04:49 pm
Due to political turmoil and the ongoing probe into flood control scandals, the Philippine peso depreciated to its weakest level in nearly two months at ₱58:1 against the United States (US) dollar.
It closed at ₱58.1 on Thursday, Sept. 25, from ₱57.46 last Wednesday, September 24. This was the lowest since August 1 at ₱58.145, according to the Bankers Association of the Philippines (BAP).
The local currency dropped to an intraday low of ₱58.17 and reached a high of ₱57.73, after opening at ₱57.75. Total trading volume climbed to $2.145 billion from Wednesday’s $1.735 billion.
“The dollar is a little stronger as investors reassess the immediacy of a United States (US) slowdown and what it means for interest rates,” Dutch financial giant ING said in a report.
According to a trader, the foreign exchange (forex) rate closed higher “on political unrest due to the congressional inquiry on the flood control scandal.”
Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., said the weakening of the peso is attributable to “tariff uncertainty, rising political noise in the region, [particularly in Indonesia and Thailand], and reactions to floodgate.”
“The break of the 58.00 levels put the ₱58.50–₱59.00 levels at risk,” Ravelas said.

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