Peso dives to new record-low vs. US dollar at P59.355:$1

The Philippine peso sank to a fresh historic low on Wednesday amid expectations of further monetary easing by the central bank.

The local currency closed at P59.355:$1, shedding 14.5 centavos from Tuesday’s finish of P59.21:$1.

It also surpassed the previous record low of P59.22:$1 seen on December 9,

In a commentary, Rizal Commercial Banking Corp. chief economist Michael Ricafort said that the peso’s weakness came “after dovish signals recently on possible -0.25 BSP rate cut on the table in February 2026 that could narrow the interest differential with the US central bank/Federal Reserve.”

Ricafort also cited the new record high national government debt and the latest unemployment data that eased but still among the highest in more than a year or since July 2024 partly due to weather-related disruptions as among the factors that contributed to the local currency’s weakness.

“On external developments, the US dollar/peso also higher after the gauge of the US dollar versus major global currencies went up to near one-month highs, slightly higher since the US invasion of Venezuela since January 3, 2026 amid the shift to safe havens such as gold and the US dollar in some countries, until the dust settles,” he said.

The economist said that positive factors that could support the peso include “some progress on judicial process related to the anomalous/controversial flood-control infrastructure projects in terms of arrests, cases filed, assets freeze, among other actions taken by local authorities.” — BM, GMA Integrated News