Peso dips to new record low vs dollar at P61.75:$1 on Thursday's intraday trading

The Philippine peso once again slumped to a fresh record low during the intraday trading on Thursday, still due to hedging activities by importers amid expectations of stronger dollar due to the global oil price shock.

The local currency touched an intraday low of P61.75:$1, surpassing the historic low of P61.567:$1 on Wednesday’s closing, after opening weaker at P61.651:$1.

“The breach above 61.00 since April 28, 2026 largely triggered by some hedging activities on the country’s petroleum imports and the importation of other goods,” Rizal Commercial Banking Corp. chief economist Michael Ricafort said.

Ricafort said the higher US dollar-to-peso exchange rate by more than 6% since the war on Iran started on February 28, 2026 “would benefit OFWs and their families, exporters, BPOs, foreign tourists, foreign investors, and others that earn in US dollars or foreign currencies, in terms of more peso proceeds.”

However, this could be offset by higher importation costs in the country that would lead to higher overall inflation and would also increase the peso equivalent of foreign debts of the government and private borrowers, according to the economist. —AOL, GMA News