The Philippine peso tumbled to a record low of ₱59.50 against the U.S. dollar on Monday, pressured by crude prices above $100 a barrel and strong demand for the greenback.
The peso weakened sharply in early trade, opening at ₱59.25, about 60 centavos softer than Friday’s level, before sliding to an intraday trough of ₱59.71. It later settled at ₱59.50, surpassing the previous record low of ₱59.46 reached on Jan. 15, 2026.
Foreign exchange activity picked up significantly, with turnover rising to $2.6 billion, compared with $1.85 billion in the previous session, as investors adjusted positions amid a broader wave of risk aversion across emerging markets.
A weaker peso increases the cost of servicing the country’s foreign-currency debt and raises the government’s subsidy burden for imported fuel and other commodities.
Policymakers must balance efforts to stabilize the currency against the risk of draining reserves, as elevated oil prices threaten to push up the country’s import bill.
