Peso Slumps to 23rd Record Low of 2026 at P62.625:US$1

The Philippine peso hit its 23rd record low in 2026, closing at P62.625 per US dollar on Tuesday. This is a significant drop from Monday's finish of P62.586 per US dollar.

According to Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., the peso's slide to a new record low is largely due to a stronger US dollar rather than economic weakness in the Philippines.

Rizal Commercial Banking Corp. chief economist Michael Ricafort also attributed Tuesday's peso weakness to higher global crude oil prices, which continue to hover near three-month highs amid tensions in the Middle East.

The local currency has been under pressure this year due to expectations of elevated US interest rates and a stronger greenback. The US Federal Reserve is expected to keep interest rates elevated for longer as inflation remains sticky and economic activity continues to hold up, boosting demand for dollar-denominated assets.