Peso hits new low of P61.75:$1, dragged down by domestic uncertainties

The Philippine peso plunged to a new all-time low for the third straight trading day on Monday, dragged by market sentiment amid domestic uncertainties.

The local currency shed 2.9 centavos to close at P61.75:$1 from last Friday’s finish of P61.721:$1, the previous all-time low.

According to a trader, the peso is starting to trade less on valuation, and more on sentiment. Monday’s finish is the third straight trading day that the peso fell to a record low after it closed at P61.64:$1 last Thursday, May 14, 2026.

“The dollar remains broadly strong, but today’s move also reflects demand for safety, higher oil-related dollar demand, and a market that is becoming more sensitive to domestic uncertainty,” the trader said in a mobile message.


“At these levels, positioning and a momentum also matter, which can exaggerate moves in thin liquidity,” the trader added.

Moving forward, the trader said the bias remains for a weaker peso with the P62:$1 now psychologically within reach.

The trader’s sentiment was echoed by Rizal Commercial Banking Corp. chief economist Michael Ricafort, who attributed Monday’s depreciation to recent political noise in the country.

“The US dollar/peso exchange rate was slightly higher… after the recent political-related developments/noise that could distract or potentially divide some lawmakers, along party lines, from passing priority reform measures that require legislation,” he said in a separate mobile message.

To recall, The Senate leadership changed on Monday, May 11, 2026, with Senator Alan Peter Cayetano taking over as Senate President, the same day the House of Representatives voted to impeach Vice President Sara Duterte over allegations of graft and corruption and other high crimes.

Gunshots rang out at the Senate premises late last Wednesday evening, prompting a lockdown after the articles of impeachment against Duterte were delivered to the chamber past 7:30 p.m.

The Senate convened as an impeachment court on Monday, directing Duterte to file an answer within a non-extendible period of 10 calendar days from receipt, and ordered her to appear before the Senate “upon notice.”

For his part, Bangko Sentral ng Pilipinas (BSP) governor Eli Remolona Jr. has maintained that the central bank does not target a specific level but instead moves when big swings occur. — BM, GMA News