Philippine Peso Hits Record Low of 63.36 per Dollar

The Philippine peso fell to a new historic low of 63.361 pesos per US dollar on October 21, 2026, with an intraday dip to 63.373. This follows a previous record low of 63.09 set on October 19, marking a rapid depreciation that has seen the currency hit record lows dozens of times throughout the year.

Market analysts attribute the decline to a combination of persistent US dollar strength and expectations of interest rate hikes from both the United States Federal Reserve and the Bangko Sentral ng Pilipinas. External pressures include geopolitical tensions in the Middle East and rising Brent crude oil prices, which have exceeded $110 a barrel.

The Bangko Sentral ng Pilipinas reported a widening balance of payments deficit of $9.1 billion as of September, up from $5.3 billion the previous year. This indicates a higher volume of funds exiting the country. Additionally, gross international reserves dropped 8.3% to $99.997 billion in the nine months ending September, limiting the central bank's ability to intervene in the market.

Experts from the Philippine Institute for Development Studies warn that the continued depreciation may increase import costs and fuel domestic inflation.