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Manila Bulletin devider Business devider Banking & Finance devider Peso sinks to new all-time low of ₱59.17

Peso sinks to new all-time low of ₱59.17

Published Nov 12, 2025 04:36 pm
Just two weeks after hitting a then-record low, the peso plunged again to an all-time low on Wednesday, Nov. 12, as market sentiment turned negative amid public fund governance concerns and lackluster economic growth.
The currency finished the third trading day of the week at ₱59.17, weakening from its Tuesday, Nov. 11, close of ₱58.985.
According to the Bankers Association of the Philippines (BAP), the peso sank to an intraday low of ₱59.19 and reached a high of ₱58.91, opening the session at ₱58.95. Trading volume totaled $1.716 billion, up from $1.474 billion recorded on Tuesday.
John Paolo Rivera, Philippine Institute for Development Studies (PIDS) senior research fellow, stated that market confidence in the Philippines is “being tested by governance issues and slower growth, which are making investors more cautious.”
Rivera said the peso could remain under pressure in the ₱59 to ₱60 range this year unless dollar inflows from remittances, tourism, or exports pick up before the end of the year.
“In the coming months, stabilization will depend on faster fiscal disbursements, stronger foreign direct investment (FDI) signals, and clear policy actions that restore both investor and market confidence,” Rivera said.
He added that the peso’s decline also reflects strong global demand for the U.S. dollar, expectations of prolonged high U.S. interest rates, persistent trade deficits, and weak foreign investment inflows.
Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort, meanwhile, said the recent net downward correction of the peso from the intraday record high of ₱59.26 strongly suggests possible intervention by the Bangko Sentral ng Pilipinas (BSP).
Ricafort said this market action is widely viewed as a deliberate strategy to smoothen volatility and discourage excessive speculation on the local currency.
Maintaining a stable exchange rate is critical for the BSP's objective of better managing importation costs and overall inflation, he noted.
Market attention is now fixed on the ₱59.26 intraday record high as the next major resistance point.
While the dollar remains strong, Ricafort said the important offsetting factor for the peso is the expected seasonal increase in overseas remittances and US dollar conversions.
This inflow, he said, driven by the start of Christmas holiday spending, is anticipated to provide a temporary cushion for the peso as dollar earners seek to capitalize on the favorable exchange rate.

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