Peso hits all-time low of 60.55 vs $1

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March 28, 2026 | 12:00am

MANILA, Philippines — The peso slid to another all-time low yesterday, weakening further past the 60-per-dollar level as persistent global risks and strong dollar demand continued to weigh on the local currency.

Data from the Bankers Association of the Philippines showed the peso closed at 60.55 per dollar yesterday, weaker by 32 centavos than Thursday’s 60.23 finish, marking its third straight day of decline. 

The local currency opened at 60.333 versus the greenback. Its strongest level during the session stood at 60.285 while its lowest reached 60.57, which marked its weakest intraday level on record.

Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., said the peso’s weakness reflects growing market sensitivity to oil-related risks and cautious positioning among investors.

“Markets begin to price in oil-related risks, reinforcing near-term dollar demand,” Ravelas said. “Trading remains constraint-driven, with flows reflecting caution rather than panic.”  

Ravelas expects the peso to trade at around 60.25 to 60.75 against the dollar in the coming weeks as uncertainty around energy persists. 

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso’s continued depreciation reflects a combination of global and domestic factors, particularly lingering uncertainty over the Middle East conflict and its impact on oil prices.

“The dollar-peso exchange rate was again higher for the third straight day, amid some market doubts on a ceasefire on the war on Iran,” Ricafort said, noting that conflicting signals from the United States and Iran have kept markets on edge.

Ricafort said that oil prices remain elevated, with Nymex crude hovering around $95 per barrel, which continues to raise concerns over inflation and the country’s import bill. 

Ricafort also pointed to a stronger dollar globally, with the currency rising to near multi-month highs against major currencies and US Treasury yields climbing to around 4.44 percent, as markets scale back expectations of Federal Reserve rate cuts this year. 

At the same time, Ricafort said domestic factors also contributed to the peso’s weakness, including the Bangko Sentral ng Pilipinas’ recent decision to hold policy rates steady and raise its inflation forecasts, signaling that supply-side pressures such as fuel costs could persist.