Peso sinks to new all-time low of P59.87:$1

The Philippine peso depreciated against its US counterpart for the fourth straight trading day to hit a new all-time low on Monday, as the dollar strengthened ahead of the Federal Reserve meeting later this week.

The local currency shed 13.5 centavos to close at P59.87:$1, its weakest performance on record after surpassing the previous low of P59.735:$1 recorded last Friday, March 13, 2026.

The peso also hit an intraday all-time low of P59.95:$1 during the session, breaching the previous record of P59.75:$1.

This comes as the gauge of the US dollar against major global currencies climbed to the highest in nearly 10 months since May 29, 2025, amid reduced odds of future Fed rate cuts.

“The markets priced in about one -0.25 Fed rate cut in 2026 (vs. two -0.25 Fed rate cuts especially before the conflict in Iran/Middle East started on February 28, 2026,” Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said in a mobile message.

The Federal Reserve Open Market Committee is scheduled to meet on March 17 and 18, to discuss policy settings.

Monday’s depreciation was tempered by interventions done by the Bangko Sentral ng Pilipinas (BSP), as confirmed by Governor Eli Remolona Jr.

“Since the dollar is down, I assume some intervention can push the peso back down below 60,” Remolona was quoted as saying in a Bloomberg report.

Malacañang in January said President Ferdinand “Bongbong” Marcos Jr. wants to avoid having the peso depreciate to the P60:$1 level, citing the impact on the country’s debt.

A trader from a local bank said the peso could trade between P59.70:$1 and P59.95:$1 moving forward. — BM, GMA Integrated News