Philippine peso hits record low amid rising oil prices

The Philippine peso has reached a new intraday record low, hitting P62.865 against the US dollar. This decline is driven in part by surging global oil prices, with Brent crude rising to $107.51 a barrel following Middle East tensions that have reignited supply fears.

Economists suggest that while the Bangko Sentral ng Pilipinas (BSP) continues to intervene to manage market volatility, long-term stability for the currency will depend on structural reforms and improved economic fundamentals. Specifically, experts have called for more aggressive trade strategies to boost foreign exchange earnings through expanded export products and destinations.

Despite the currency's weakness, Philippine exports have shown significant growth. Data from the Philippine Statistics Authority indicates that exports expanded by 15.3 percent in 2025 to a record USD 84.48 billion, with momentum continuing through July 2026. While a weaker peso increases the cost of imported fuel and goods, it provides a benefit to overseas Filipino workers when converting remittances back into local currency.