Peso sinks to near historic low on June 3, 2026

The Philippine peso nearly touched its lowest level on record on Wednesday amid uncertainties in the Middle East.

The local currency shed 7 centavos to close at P61.745:$1 from P61.675 on Tuesday.

Wednesday’s finish came close to the P61.75:$1 historic low for the peso-dollar exchange rate seen on May 15, 2026.

Rizal Commercial Banking Corp. chief economist Michael Ricafort attributed the local unit’s weakness “after mixed signals from [US President] Trump, Iran, and Israel recently.”

Ricafort, however, said that the exchange rate was “relatively stable” on the back of “possible intervention of market volatility at P61.60-P61.70:$1levels recently; possible BSP rate hike/s, even off-cycle, to help stabilize the peso exchange rate, importation costs, and, in turn, also better manage inflation and inflation expectations.”

The peso could also be supported by the seasonal increase in OFW remittances and conversion to pesos to finance some tuition payments especially into June 2026 for the new local school year. — BM, GMA News