MANILA, Philippines — The Philippine peso weakened further against the US dollar, reaching a new historic low of ₱59.355 per $1 on Wednesday, pressured by a stronger greenback and market expectations of further monetary easing in the Philippines.
The local currency closed at ₱59.355 to the US dollar, surpassing the previous record low of around ₱59.22 set in early December 2025. The slide reflects sustained strength in the US dollar and shifting interest‑rate expectations as global investors seek relatively safer assets.
Analysts say the peso’s depreciation has been reinforced by signals that the Bangko Sentral ng Pilipinas (BSP) may pursue further policy rate cuts, narrowing the interest‑rate gap with the United States and weakening peso‑denominated assets in the process. The firm dollar, bolstered by persistent demand amid global uncertainties, has also contributed to the currency’s fall.
In the near term, traders believe the peso could remain soft against the US dollar as markets await key economic data and central bank decisions that will influence the outlook for interest rates and capital flows.