Peso dives to new record low of P59.22:$1

The Philippine peso sank to a fresh all-time low against the US dollar on Tuesday amid expectations of further monetary easing both locally and in the United States.

The local currency closed at P59.22:$1, surpassing the previous record low of P59.17:$1 on November 12, 2025.

In a commentary, Rizal Commercial Banking Corp. chief economist Michael Ricafort said the US dollar strengthened against major global currencies amid expectations of another 25 basis points rate cut by the US Federal Reserve “that could be matched locally” by the Bangko Sentral ng Pilipinas on its December 11, 2025 monetary policy meeting.

Ricafort said other offsetting factors that could support the peso include market anticipation of the seasonal increase in OFW remittances and its conversion to pesos for the rest of December 2025 in time of the Christmas holiday spending season.

“Offsetting positive factors for the peso exchange rate: The start of some Christmas holiday-related spending, thereby making it more compelling/attractive for some OFWs and other US dollar earners/owners to convert their US dollars for pesos still near the record high at 59 levels,” he said. — BM, GMA Integrated News