Benise Balaoing

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

Harlene Delgado

ABS-CBN News

MANILA — Surging oil prices and other ‘overlapping factors’ external to the Philippine economy have brought the peso to an all-time low, Malacañang said.On April 29, the Philippine peso continued to weaken against the US dollar, falling to a new low of <a href="https://www.abs-cbn.com/news/business/2026/4/29/peso-hits-new-low-a-day-after-breaching-p61-to-dollar-level-1609" rel="noopener noreferrer" target="_blank">P61.567</a> at the end of Wednesday’s trading, according to the website of the Bankers Association of the Philippines.  On Thursday, the peso closed at 61.485, but it reached an intraday all time &#x27;low&#x27; of P61. 75Quoting Department of Economy, Planning and Development (DEPDev) Secretary Arsenio Balisacan, Palace Press Officer Undersecretary Claire Castro said one major factor for the peso&#x27;s depreciation is the “unusually strong US dollar, which is pulling capital toward US assets and away from emerging markets like the Philippines.”<div><a href="https://www.abs-cbn.com/news/business/2026/4/29/adb-downgrades-growth-forecast-for-developing-asia-1807">ADB downgrades growth forecast for developing Asia </a></div>“This makes the peso weaker simply because the dollar is rising faster,” she said, again citing Balisacan.Another large factor is the sharp global oil price spikes combined with the country’s dependence on imports, which “causes the country’s demand for dollars to spike, the trade and current account deficits to rise and, in turn, the peso to weaken.”“In short, the peso depreciation reflects the rise of the demand for dollars faster than the supply of dollars,” she added.Castro, again citing the DEPDev chief, said the Bangko Sentral ng Pilipinas has the institutional mandate to stabilize the peso and prevent excessive volatility.”She added the BSP&#x27;s “ammunition is sufficient to prevent excessive volatility.”<div><a href="https://www.abs-cbn.com/news/business/2026/4/30/bsp-sees-faster-inflation-in-april-1217">BSP sees faster inflation in April</a></div>

The historic peso slump against the US dollar is due to ‘overlapping factors’ external to the Philippine economy, Malacanang said.

The historic peso slump against the US dollar is due to ‘overlapping factors’ external to the Philippine economy, Malacanang said.

Palace: Peso down due to ‘unusually strong dollar’, global oil spikes

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Palace: Peso down due to ‘unusually strong dollar’, global oil spikes

Harlene Delgado,

ABS-CBN News

Published April 30, 2026 05:49 PM PHT

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Updated April 30, 2026 05:54 PM PHT

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