Peso strengthens further to P62.585 vs. $1

The Philippine peso continued its upward momentum against the US dollar for the second straight day on Wednesday.

The local currency gained 14 centavos to close at P62.585:$1 from P62.725:$1 on Tuesday.

The peso’s strength was supported by the decline in global crude oil prices amid possible talks and other diplomatic efforts this week related to the Middle East conflict on the sidelines of the UN General Assembly in New York, according to Rizal Commercial Banking Corp. chief economist Michael Ricafort.

“Global crude oil prices hovered near two-week lows amid possible talks and other diplomatic efforts this week related to the war on Iran/Middle East on the sidelines of the UN General Assembly in New York,” he said in a mobile message.

Brent crude oil prices hovered at $99 a barrel, among the lowest since September 8, 2026, with Saudi Arabia reportedly in the early stages of restarting the East-West crude oil pipeline and targeting a resumption of oil exports later this week.

The United States and Iran also completed a round of discussions, after “lengthy” indirect talks on the sidelines of the UNGA in New York, US special envoy Steve Witkoff said in a social media post.

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Today, on the sidelines of the United Nations General Assembly, we engaged in lengthy talks with the Iranian delegation through the mediators, who shuttled between the two sides throughout the day. They successfully completed a round of discussions that we hope will prove…

— Special Envoy Steve Witkoff (@SEPeaceMissions) September 22, 2026

“Local market sentiment was also party supported by the conclusion of the Philippines-European Union Free Trade Agreement (FTA) that could take effect in 2027,” Ricafort added.

The FTA with the EU was announced on Tuesday and sets the Philippines and the European Union “on a clear path towards its formal conclusion in the coming months.”

During the trading day, the peso opened at P62.49 against the dollar, hitting a low of P62.695:$1 and a high of P62.49:$1. — BM, GMA News