Peso strengthens back to P60:1:$1 level amid US-Iran peace deal optimism

The Philippine peso regained its footing against the US dollar on Thursday, exiting the P61-to-one dollar level, amid optimism that the US and Iran could reach a peace deal to end the Middle East crisis.

The local currency gained 88.5 centavos to close at P60.42:$1 from Wednesday finish of P61.305:$1.

This is the strongest for the peso since April 22, 2026 when it closed at P60.13:$1.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the local unit’s strength came “amid market optimism that the US and Iran could be nearing a deal to end the war, as US President Donald Trump signaled that the war could be over within a week or before his visit to Beijing on May 14, 2026.”

Other positive factors for the peso include the upcoming seasonal increase in OFW remittances and conversion to pesos to finance some tuition payments especially from May to June 2026 for the new local school year amid, according to Ricafort. — BM, GMA News