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Manila Bulletin devider Business devider The Economy devider Peso hits fresh record low near ₱62:$1 on 'more sensitive' market

Peso hits fresh record low near ₱62:$1 on 'more sensitive' market

Published May 18, 2026 04:25 pm

At A Glance

  • The Philippine peso plummeted again to a new historic low, brushing the whiskers of the P62:$1 level on the back of strong demand for the safe-haven United States (US) dollar and a local market that has turned more sensitive to uncertainties.

The Philippine peso plummeted again to a new historic low, brushing the whiskers of the ₱62:$1 level on the back of strong demand for the safe-haven United States (US) dollar and a local market that has turned more sensitive to uncertainties.

The peso started the week at a new record low against the greenback, closing at ₱61.75 on Monday, May 18, from ₱61.721 last Friday, May 15.

According to the Bankers Association of the Philippines (BAP), the local currency’s close was also its intraday low. It hit a high of ₱61.64 after opening at ₱61.69.

Total trading volume declined to $1.002 billion from Friday’s $1.199 billion.

According to a trader, the local currency is beginning to trade “less on valuation and more on sentiment.”

“The dollar remains broadly strong, but today’s move also reflects demand for safety, higher oil-related dollar demand, and a market that is becoming more sensitive to domestic uncertainty,” the trader said.

Looking ahead, the trader said ₱62:$1 is within reach, but “sharp swings in both directions are likely.”

Mitsubishi UFJ Financial Group (MUFG) Global Markets Research senior currency analyst Michael Wan noted that the Philippine peso was among the worst-performing Asian emerging market (EM) currencies as of mid-May, as elevated oil prices, rising US yields, and broader domestic headwinds amplified pressure on oil-importing economies.

Related Tags

PESO foreign exchange (FX) Bankers Association of the Philippines (BAP) MUFG Global Markets Research
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