PHILIPPINE PESO SLIPS NEAR NEW RECORD LOW
The Philippine peso weakened toward a new record low against the US dollar in today’s trading, according to initial information from local foreign-exchange markets. Intraday quotes showed the currency hovering close to its all-time weakest level set in 2022, with traders citing sustained dollar demand. Market participants reported increased corporate buying of dollars and continued portfolio outflows. Official closing figures from the Bangko Sentral ng Pilipinas (BSP) were still being consolidated at the time of writing.
The latest movement comes as the US Federal Reserve maintains relatively high interest rates, which tend to support the dollar against emerging-market currencies. Regional peers, including other Southeast Asian currencies, have also faced depreciation pressure in recent sessions. Analysts note that the Philippines remains sensitive to shifts in global risk sentiment because of its reliance on imports and external financing. Based on official statements, economic managers have previously emphasized that exchange rate flexibility is part of the country’s adjustment mechanism.
Authorities are monitoring the situation, and traders are watching for any fresh guidance from the BSP on potential market operations. The central bank has tools such as foreign-exchange interventions and policy rate adjustments, though it generally reiterates a preference for a market-determined exchange rate. According to initial information from dealers, any central bank presence in the spot market on Wednesday was not immediately evident. Government economic officials have yet to issue new remarks specific to today’s peso movement.
What is confirmed so far is that the peso remains under pressure from a strong dollar environment and persistent external headwinds. Market data indicate that volatility has picked up, but trading conditions remain orderly and within typical intraday ranges. Further details on official closing rates and any subsequent policy signals are expected later in the day. Additional updates will depend on new statements from the BSP and the Department of Finance, as well as revised figures from foreign-exchange market sources.
