Arthur Fuentes

Photo illustration of US dollar to PH peso exchange in this photo taken on September 30, 2022. Gigie Cruz, ABS-CBN News

Article (news)

peso dollar

ABS-CBN News

MANILA –  The Philippine peso has finally breached the 60-to-the-dollar level. At the end of Thursday’s trading, the peso had depreciated to P60.10 to the US dollar. It had weakened to as low as P60.40 during intraday trading, after opening at P59.90. This was the fourth time this month that the peso reached a historic low, and the first time that it crossed the psychological barrier of P60. President Ferdinand Marcos Jr. earlier said that he does not want the peso to sink to this level. The Bangko Sentral ng Pilipinas was reported earlier this week to have intervened in the foreign exchange market to support the peso and keep it from reaching the P60 level.A weaker peso complicates the country’s problem with skyrocketing oil prices, as crude and distilled fuels will become even more expensive in peso terms, as these commodities are bought in dollars, according to Prof. Alvin Ang of the Ateneo de Manila Department of Economics.“Definitely, we don&#x27;t want to see it [peso depreciation] going side by side with oil price because it will be a double whammy because we are importing oil,” Ang said in an interview with ANC.Other imports, such as rice and flour, and even electronics, which are the country’s biggest import items, will also become more expensive. A depreciated peso also impacts the country’s debt obligations, as borrowings denominated in dollars and other currencies also grow in peso terms. Other sectors, however, may benefit from the depreciation, Ang said. Exporters may see their products become cheaper and thus more attractive in dollar terms. BPO firms, which have contracts in dollars, also stand to earn more in peso terms. Families of OFWs, however, stand to initially benefit as they can get more pesos for every dollar sent home by their loved ones abroad. Ang, however, said this comes with a caveat, as the peso’s depreciation also impacts prices.“But on the other hand, it imports inflation as well. So there needs to be some balancing at some point that you want to see here,” Ang said.The BSP has already said that it is keeping a close watch on the possible effects of ballooning oil prices on inflation. Before the US-Israeli attack on Iran on Feb. 28, the peso had been on a winning streak. During the forex trading day before the outbreak of conflict in the Middle East, which was Feb. 27, the peso had strengthened to P57.665 to the dollar, after hitting P59.46 in mid January. The central bank, meanwhile, has said that the country&#x27;s Gross International Reserves (GIR) reached an all-time high of $112.7 billion as of end-February 2026, based on preliminary data. &quot;This level provides a robust external liquidity buffer, equivalent to 7.5 months&#x27; worth of imports of goods and payments of services and primary income. It covers about 4.2 times the country&#x27;s short-term external debt based on residual maturity,&quot; the BSP has said.

At the end of Thursday’s trading, the peso had depreciated to P60.10 versus the US dollar.

At the end of Thursday’s trading, the peso had depreciated to P60.10 versus the US dollar.

Peso breaches P60 to dollar level

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Peso breaches P60 to dollar level

Arthur Fuentes,

ABS-CBN News

Published March 19, 2026 12:23 PM PHT

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Updated March 19, 2026 05:41 PM PHT

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