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Manila Bulletin devider Business devider Banking & Finance devider Peso extends record slide toward 62 level

Peso extends record slide toward 62 level

Published Apr 29, 2026 07:53 pm
The peso slumped to a record low against the dollar on Wednesday, April 29, as the deepening conflict in the Middle East fueled safe-haven demand and clouded the outlook for the country’s trade balance.
The local currency finished at ₱61.567 per dollar, according to data from the Bankers Association of the Philippines, eclipsing the previous all-time low of ₱61.30 set just a day earlier.
The peso opened at ₱61.20 and weakened to as low as ₱61.67 during intraday trading. Volume on the spot market thinned to $1.609 billion from $1.75 billion on Tuesday.
The decline was driven by intense volatility for the peso, which has shed six percent of its value since hostilities in the Middle East flared in February. The conflict has disrupted global supply chains and kept crude oil prices elevated, pressuring the Philippines as a net energy importer.
Traders explained that the peso is bearing the brunt of a winning streak for the United States (US) dollar, which traditionally attracts capital during periods of geopolitical instability.
Market participants are increasingly concerned that the sustained weakness will widen the country’s current account deficit. High energy costs and renewed inflation forecasts are dampening growth prospects for the Philippines.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., noted that the depreciation is compounding price pressures at a time when the central bank is struggling to keep inflation within its target range.
The Bangko Sentral ng Pilipinas (BSP) has signaled a hawkish stance to defend the currency’s stability. Last week, the Monetary Board raised the benchmark interest rate by 25 basis points to 4.5 percent, the first hike in over two years, to anchor inflation expectations.
BSP Governor Eli Remolona Jr. has indicated that the central bank is prepared to implement further “modest” hikes if imported inflation—driven by fuel, food, and power costs—continues to spiral.
Jonathan Ravelas, a senior adviser at Reyes Tacandong & Co., said the market’s priority is no longer the defense of a specific exchange rate level but rather the preservation of institutional confidence.
While a weaker peso theoretically benefits exporters and the country’s massive business process outsourcing sector, Ravelas warned that those advantages are neutralized if the currency’s slide feeds into runaway inflation.
Investors remain cautious as the deadlock in peace talks between the US and regional powers keeps oil prices above $110 per barrel.

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