Peso crashes to historic low of P61 per dollar
MANILA, Philippines — The Philippine peso crashed to a new record low of P61.30 against the US dollar on Tuesday, April 28, breaching the 61-per-dollar level for the first time.
Data from the Bankers Association of the Philippines as of 4 p.m. showed the peso closing at its worst-ever finish, nearly 60 centavos weaker than its previous record low of P60.748 set on March 31. The peso opened the day at P60.8.
This comes just over a month after the peso first slid past the 60-per-dollar mark.
In the time between, the currency briefly recovered, surging 90 centavos on April 8 to close at P59.43, its strongest since March 12, after the US and Iran agreed to a two-week ceasefire and reopened the Strait of Hormuz.
But the reprieve was short-lived and peace talks on the Middle East conflict eventually stalled, sending oil prices back up and, eventually, dragging the peso with them. By April 25, the currency had sunk back past P60.70 before blowing past 61 for the first time.
The Bangko Sentral ng Pilipinas (BSP) last week approved a surprise 25-basis-point rate hike to 4.5% — its first increase in two years — and now projects inflation averaging 6.3% this year, far above its earlier forecast of 5.1%.
BSP Governor Eli Remolona warned inflation could stay above 5% for the rest of 2026 and signaled more hikes ahead
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