The Philippine peso weakened past the 60-per-dollar level on Thursday, March 19, 2026, a threshold it has not consistently breached in recent months. The local currency opened at 60.05 against the US dollar, according to data from the Bankers Association of the Philippines.
Analysts attribute the peso's decline to a combination of broad strength in the US dollar, driven by shifting expectations for Federal Reserve monetary policy, and domestic factors. These include concerns over the Philippines' widening trade deficit and persistent inflationary pressures.
The Bangko Sentral ng Pilipinas (BSP), the country's central bank, has previously stated it will participate in the foreign exchange market to curb excessive volatility and disorderly movements. The BSP's policy stance remains focused on managing inflation, which continues to influence its monetary decisions.
A sustained depreciation of the peso increases the cost of importing goods and servicing foreign debt, posing challenges for the Philippine economy. Market participants are closely watching for any official statements or interventions from monetary authorities in response to the currency's movement.
