Peso dives to 33rd record low of P64.17:$1

The Philippine peso sank further on Tuesday, past the 64-to-a dollar level and closing to its 33rd historic low this year.

The local currency shed 22 centavos to close at P64.17:$1, surpassing the 32nd record low of P63.95:$1 seen on Monday.

It first exceeded the P64-to-one dollar level during the intraday trading after opening at P63.95:$1.

In a commentary, Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso’s plunge came “after higher global crude oil prices near [hit] six-month highs or since April 30, 2026 amid some recent signals/market concerns over a possible major US attack on Iran after the November 3, 2026 US mid-term elections.”

“The sharp increase in global crude oil prices since the war on Iran/Middle East started on February 28, 2026 could lead to higher oil import bill for the country, as well as widen the country’s trade deficit/net imports, current account deficit, and balance of payments (BOP) deficit,” Ricafort said. — BM, GMA News

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