Peso falls to new record low of 59.17:$1 amid weak market confidence

Peso Hits Record Low of 59.17 to $1 Amid Market Uncertainty

MANILA, Philippines — The Philippine peso fell to a new historic low against the US dollar on Wednesday, closing at 59.17, down 18.5 centavos from previous levels. This surpassed the former record low of 59.13 set in October.

Market Reaction and Implications

The peso's decline reflects continued weak market confidence, largely due to governance challenges at home. The currency has remained close to the 58-to-59 range in recent weeks amid growing concerns over economic growth, further affected by governance issues and extreme weather events.

Impact on the Economy

A weaker peso may boost remittance inflows from overseas Filipino workers, supporting consumer spending in the economy.
However, it can also increase import costs, potentially driving inflation higher.
Extended currency weakness risks raising the peso value of foreign debts for both government and private sectors.

BSP Policy on Exchange Rate

The Bangko Sentral ng Pilipinas stated it will allow market forces to determine the exchange rate and will not intervene to moderate daily currency fluctuations.

The persistent depreciation highlights the delicate balance the country must maintain between external pressures and internal economic challenges.

Author’s summary: The Philippine peso fell to a record low amid weak confidence tied to governance issues, causing mixed effects on remittances, inflation, and foreign debt risks.

Inquirer.net — 2025-11-12

Peso Hits Record Low of 59.17 to $1 Amid Market Uncertainty

Market Reaction and Implications

Impact on the Economy

BSP Policy on Exchange Rate

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