Philippine Peso Plunges to Record Lows Amid Persistent Depreciation
The Philippine peso has repeatedly hit new record lows against the US dollar in late August and early September 2026, closing at P62.59 on September 4. The Bangko Sentral ng Pilipinas is monitoring the market and may intervene to address volatility.
The short version
- On Friday, September 4, 2026, the Philippine peso closed at a new record low of P62.59 against the US dollar.
- The peso marked its fifth record low in six trading sessions by September 4, repeatedly breaching previous records set in late August and early September.
- Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona stated the central bank monitors the foreign exchange market to address disorderly conditions and extreme volatility.
- Year-to-date as of September 3, 2026, the peso has depreciated by PHP 3.775, or 6.03%, from its December 29, 2025, close of PHP 58.79.
- The currency has also declined by 10.40% over the past 12 months as of May 15, 2026.
The Philippine peso has repeatedly breached new lows against the US dollar, signaling persistent depreciation concerns for the Southeast Asian nation. On Friday, September 4, 2026, the currency closed at a fresh record low of P62.59, marking its fifth record low in just six trading sessions. This follows a trend of successive dips throughout late August and early September, confirmed by multiple outlets including ABS-CBN News, Business Inquirer, Metrobank Wealth Insights, and Philippine News Agency.
How low did the peso go?
The peso's slide has been consistent over recent weeks. On Wednesday, September 2, 2026, it hit P62.565 against the US dollar at closing, after touching an intraday low of P62.69. The previous day, Tuesday, September 1, 2026, the peso closed at P62.40, depreciating 13 centavos from its prior close. Just days earlier, on Friday, August 28, 2026, the currency had already sunk to P62.265 versus the US dollar, surpassing a record closing low of P62.27 set on the very same day. By September 2, the currency had weakened 16.5 centavos from its previous close.
How much has the peso depreciated this year?
The depreciation trend is significant in its scope. Year-to-date, as of September 3, 2026, the peso has fallen by PHP 3.775, representing a 6.03% decline from its PHP 58.79 close on December 29, 2025. Over a longer horizon, the rate sat at P61.64 as of May 15, 2026, marking a 2.74% decline over one month and a substantial 10.40% drop over the past 12 months.
What is the central bank doing?
Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona has acknowledged the currency's movements, stating the central bank is monitoring the foreign exchange market, particularly after the peso breached the P62 barrier around August 28, 2026. Remolona explained that the BSP's intervention aims
Frequently asked questions
What was the latest record low for the Philippine peso?
The Philippine peso closed at a new record low of P62.59 against the US dollar on Friday, September 4, 2026. This was the currency's fifth record low in six trading sessions.
Why is the Bangko Sentral ng Pilipinas intervening?
BSP Governor Eli Remolona stated that the central bank intervenes "to address disorderly market conditions and smooth extreme volatility, especially when these can accelerate inflation." This suggests the peso's rapid depreciation is linked to market instability and potential inflationary pressure.
What could help strengthen the Philippine peso?
According to BSP Governor Eli Remolona, strengthening exports and boosting savings from Business Process Outsourcing (BPO) and remittances could provide support to the peso and help stabilize its value.
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