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Manila Bulletin devider Business devider The Economy devider Peso plunges toward ₱61 per US dollar amid oil surge

Peso plunges toward ₱61 per US dollar amid oil surge

Published Mar 31, 2026 04:39 pm

At A Glance

  • Investors' risk-off sentiment amid rising oil prices continued to lift the United States (US) dollar, while it is the Philippine peso that continuously holds the shorter end of the stick as it plummeted anew to a level nearing the record-low ₱61 a dollar.

Investors’ risk-off sentiment amid rising oil prices continued to lift the United States (US) dollar, while the Philippine peso remained on the losing end, plummeting anew to a level approaching the ₱61-per-dollar mark.

The peso fell to another record low against the US dollar for the third straight trading day, closing at ₱60.748 on Tuesday, March 31, from ₱60.69 last Monday, March 30.

According to the Bankers Association of the Philippines (BAP), the local currency dropped to an intraday low of ₱60.75 and reached a high of ₱60.58 after opening at ₱60.65.

Total trading volume slid to $1.587 billion from Monday’s $2.007 billion.

According to a trader, elevated energy costs continue to widen the country’s trade deficit, while global economic uncertainty encourages investors to favor safer currencies such as the US dollar.

“Near term, expect ₱60:$1 to ₱61:$1 while shocks persist,” the trader said, adding that the peso would strengthen if oil stabilizes, as the current movement is deemed a temporary market overshoot rather than a permanent shift in valuation.

Similarly, Reyes Tacandong & Co. senior adviser Jonathan Ravelas said the decline of the local currency was “weighted by volatile oil prices and sustained dollar demand as Middle East risks linger.”

In a scenario where energy-related uncertainty persists, the market should anticipate range-bound trading at ₱60.6:$1 to ₱60.9:$1 levels.

MUFG Global Markets Research senior currency analyst Michael Wan said the Philippine peso may continue to underperform if the Iran conflict prolongs, as markets grow more risk-averse and concerned about slowing growth and current account deficits.

Related Tags

PESO Jonathan Ravelas Bankers Association of the Philippines (BAP) MUFG Global Markets Research
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