Peso hits record low of ₱63.15 against US dollar, closes at ₱63.06

MANILA, Philippines — The Philippine peso weakened to a record low of ₱63.15 against the US dollar during intraday trading on October 15, 2026, before closing at ₱63.06, breaching the ₱63-per-dollar level for the first time.

Data from the Bankers Association of the Philippines showed that the local currency shed 19 centavos from its previous closing rate of ₱62.87 on October 14. The latest closing rate surpassed the previous record low of ₱62.90, recorded on October 8.

The peso opened Thursday's trading session at ₱62.83 and fluctuated between ₱62.75 and ₱63.15 throughout the day. Its latest decline marked its 27th record-low closing rate of the year, according to GMA News.

Economists attributed the peso's weakness to a combination of external and domestic pressures, including renewed geopolitical tensions in the Middle East, concerns over global oil supplies, and higher-than-expected US inflation.

These developments have strengthened the US dollar amid expectations that the US Federal Reserve could maintain elevated interest rates for longer. Higher US interest rates can make dollar-denominated assets more attractive to investors, putting pressure on emerging-market currencies such as the peso.

A weaker peso can increase the cost of imported goods, particularly fuel and other commodities priced in US dollars. This may add to inflationary pressures and raise expenses for businesses that rely on imported materials.

However, the depreciation can also increase the peso value of dollar-denominated remittances received by Filipino households and improve the price competitiveness of Philippine exports. The overall economic impact will depend on the extent and duration of the currency's weakness.