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 again weakened versus the US dollar, closing at a new historic low of 61.721 at the end of Friday&#x27;s trade. This comes just a day after the peso also depreciated to a record low of 61.64 on Thursday.Prior to the US and Israel attack on Iran at the end of February, the peso was actually on a winning streak, even managing to strengthen to 57.665 on Feb. 27, which was the last trading day before the outbreak of the Middle East war.Since then, the peso has continued to weaken, hitting historic low after historic low. Malacañang however, has said that the depreciation of the peso is due to the strength of the dollar. 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,” the Palace has said. A weaker peso may be seen as a boon for families of OFWs, who stand to get more of the local currency for every dollar remitted to the country. But it also pushes up inflation by making imports such as oil more expensive as these items need to be paid for in dollars.Inflation already hit 7.2 percent in April, as oil prices skyrocketed and pushed up the prices of other goods, including rice. A weak peso also makes it more expensive to service the country’s debts, a third of which is owed to foreign creditors, and most are denominated in dollars. A portion of the country’s domestic debt is also denominated in dollars.

The Philippine peso again weakened versus the US dollar, closing at a new historic low of 61.721 at the end of Friday's trade.

The Philippine peso again weakened versus the US dollar, closing at a new historic low of 61.721 at the end of Friday's trade.

Peso weakens to new record low for second straight day

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Peso weakens to new record low for second straight day

Arthur Fuentes,

ABS-CBN News

Published May 15, 2026 04:27 PM PHT

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Updated May 15, 2026 04:36 PM PHT

Read More:

peso dollar rate

forex

peso depreciation

peso weakness

inflation

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