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Manila Bulletin devider Business devider Banking & Finance devider Peso sinks to historic low of ₱61.888:$1

Peso sinks to historic low of ₱61.888:$1

Published Aug 27, 2026 04:19 pm

Local markets reacted quickly to the Bangko Sentral ng Pilipinas’ (BSP) higher inflation assumption for 2027 due to El Niño risks, pushing the Philippine peso to a historic low of ₱61.888 on Thursday, Aug. 27.

The record low extended the peso’s recent weakness, with the local currency hovering near the ₱62-per-United States (US) dollar level since Aug. 18, when it closed at ₱61.785 per greenback. Thursday’s weakness came from ₱61.65 on Wednesday, Aug. 26.

According to the Bankers Association of the Philippines (BAP), the local currency fell to an intraday low of ₱61.89 and reached a high of ₱61.68 after opening at ₱61.71.

Total trading volume declined to $1.79 billion from Wednesday’s $1.901 billion.

According to a trader, the local currency tumbled to record lows largely because local monetary authorities are expecting more elevated price pressures in 2027 “on account of risks from the anticipated El Niño phenomenon and the impact of wage hikes.”

BSP Assistant Governor Rogelio V. Mercado Jr. said after the Monetary Board’s (MB) Aug. 27 policy meeting that the inflation forecast for 2026 was lowered to 6.1 percent from 6.4 percent previously. Meanwhile, the inflation forecast for 2027 was raised to 5.4 percent from 4.5 percent.

Singapore-based Oversea-Chinese Banking Corp. Ltd. (OCBC) said the widely expected 25-basis-point (bp) BSP policy rate hike to five percent could provide some support to the Philippine peso, although the central bank’s policy guidance would matter more to the currency given the trade-off between elevated inflation and weaker economic growth.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso weakened despite the BSP’s third interest rate hike this year, a move that is generally supportive of the peso.

However, BSP Governor Eli M. Remolona Jr. noted that the central bank can only slow the peso’s decline—not set a specific exchange rate. He added that using too much of the country’s foreign reserves to defend the peso would eventually deplete them.

Looking ahead, the trader expects the exchange rate to move between ₱61.75 and ₱62 against the greenback.

Related Tags

Philippine peso United States (US) dollar
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