Peso closes near all-time low at P62.87 vs. US dollar

The Philippine peso weakened for the second straight trading day on Wednesday, closing near its all-time low against the US dollar amid renewed tensions in the Middle East.

The local currency shed seven centavos to close at P62.87:$1, compared with Tuesday's finish of P62.80:$1.

Wednesday's closing rate was just three centavos shy of the record low of P62.90:$1 registered on October 8, 2026.

In a commentary, Rizal Commercial Banking Corp. chief economist Michael Ricafort attributed the peso's weakness to renewed geopolitical tensions in the Middle East, particularly recent Houthi attacks in Saudi Arabia.

Ricafort said the attacks could further escalate the conflict and create uncertainty over the recovery of oil shipments from the region.

The peso opened Wednesday's trading at P62.70:$1. It strengthened to an intraday high of P62.65:$1 before weakening to a low of P62.88:$1.— MCG, GMA News

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