Peso dives to P63.09:$1, logs 28th record low for 2026

The Philippine peso plunged further past the P63:$1 level on Monday, marking its 28th record low this year, as the greenback held firm while elevated oil prices and geopolitical uncertainty fueled demand for foreign currency.


The local currency weakened by 10.5 centavos to close at a new record low of P63.09:$1, up from Friday’s P62.985:$1, and surpassing the previous record of P63.06:$1 set last Thursday, October 15, 2026.

Philippine Institute for Development Studies (PIDS) senior research fellow John Paolo Rivera attributed the peso’s depreciation to a mix of both internal and external concerns.

“Still reflects persistent dollar strength, elevated oil prices, geopolitical uncertainty, and increased demand for foreign currency. Widening BOP deficit and cautious investor sentiment add to these pressures,” he said in a mobile message.

Latest data from the Bangko Sentral ng Pilipinas (BSP) shows the balance of payments (BOP) posted a $9.1-billion deficit as of end-September, wider than the $5.3-billion deficit in the same period last year.

The payments position takes into account Philippine transactions with the rest of the world during a specific period. A surplus means more funds entered the country, while a deficit means more funds exited.

“Depreciation could continue while these conditions persist, although some stabilization is possible if oil prices ease and global financial conditions improve,” Rivera said.

“Greater concern is not another record low itself but prolonged depreciation that translates into higher inflation and weaker household purchasing power,” he added.

Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort echoed Rivera, also citing global crude oil prices and the BOP.

“It is worth noting that the peso exchange rate was relatively stable vs. the US dollar recently amid possible intervention/smoothening of market volatility above 63.00 levels,” he said in a separate mobile message.

Local equities, meanwhile, closed in the green with the Philippine Stock Exchange index (PSEi) up 15.20 points or 0.26% to 5,797.90, and the broader All Shares index up 14.67 points or 0.46% to 3,233.48.

“The local bourse ended higher for the third consecutive session as investors positioned themselves ahead of the anticipated Mynt IPO,” Regina Capital Development Corp. head of sales Luis Limlingan said separately.

Mynt Inc., the parent firm of mobile wallet GCash, has priced its maiden public offering at P6.60 per share. It is offering 8.027 billion common shares, with an overallotment option of up to 1.204 billion secondary common shares. It is scheduled to list on the PSE main board on Tuesday, October 20.

“Market sentiment was further supported by a correction in crude oil prices, easing some concerns over inflationary pressures. However, investors remained cautious ahead of the BSP’s interest rate decision on Thursday, with the outcome expected to provide further guidance on the monetary policy outlook,” Limlingan said.

Most sectoral indices posted gains — financials by 0.77%, industrial by 0.57%, holding firms by 1.08%, and mining and oil by 0.21%. Property fell 0.01%, and services fell 0.42%.

More than 828.222 million shares, valued at P5.866 billion, changed hands. Advancers led decliners, 99 to 67, and 81 issues were unchanged.–NB, GMA News