Philippine peso sinks to all-time low at P60.69 against US dollar
The Philippine peso has, on March 30, sunk to a historic low at P60.69 to the US dollar.
Through March, the peso has steadily devalued, based on data from the Bankers Association of the Philippines. On March 9, the peso-dollar exchange rate was at P59.50 to a dollar.
Although the peso appreciated in the first two months of 2026, ANZ Research head chief economist for Southeast Asia and India Sanjay Mathur said the geopolitical tensions have pulled the peso down since the start of the Iran war.
"A further rise in oil prices could place additional downward pressure on the currency," Mathur said.
"The BSP has intervened to smooth volatility and limit excessive short-term fluctuations, while reiterating that it does not target or defend a specific exchange rate level," he added.
Growing market sensitivity brought about by the global oil crisis has exacerbated the peso's weakness. The war in the Middle East, which began on Feb. 28, has also pushed up global fuel prices. In the Philippines, gasoline and diesel prices have breached double-digit increases.
