Peso Hits Record Low: PH Currency Closes at ₱61.75 vs Dollar

The Philippine peso fell to another historic low on Monday, closing at ₱61.75 against the US dollar, according to Bankers Association of the Philippines data cited by Philstar. The record finish marks another painful milestone for consumers, businesses, importers, and OFW families watching the exchange rate closely.

The peso opened the trading day at ₱61.69 and weakened through the session before ending six centavos lower than its previous close of ₱61.721 on May 15. Philstar reported that the rate is now the weakest closing level ever recorded for the local currency.

The slide extends a rough stretch that began in late April, when the peso first breached the ₱61-to-$1 mark. A weaker peso can make imported goods, fuel, travel, and dollar-priced payments more expensive, which is why this story matters beyond trading desks.

Philstar linked the pressure to elevated global oil prices and strong demand for the US dollar as a safe-haven currency, amid continuing Middle East tensions despite peace talks. The Philippines imports much of its crude supply from the Middle East, making oil shocks a major concern for inflation and the exchange rate.

The Bangko Sentral ng Pilipinas raised its benchmark rate by 25 basis points to 4.5% in mid-April, its first hike in more than two years, citing worsening inflation expectations from the global oil shock. BSP Governor Eli Remolona has also signaled that the central bank remains open to further tightening if needed.

Source: Philstar