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New all-time low as peso sinks to P59.13:$1
The Philippine peso hit a new all-time low, falling to P59.13:$1 on Tuesday, October 28, 2025, driven by concerns over economic growth moderation and ongoing corruption issues in infrastructure projects.
The Bangko Sentral ng Pilipinas (BSP) noted that market sentiment is affected by worries about economic growth, partly due to controversy surrounding flood control projects, and expectations of further monetary policy easing.
President Ferdinand "Bongbong" Marcos Jr. previously disclosed that a significant portion of the flood control budget was allocated to a small number of contractors, a detail being investigated by Congress and an independent commission.
The BSP's Monetary Board recently reduced policy rates by 25 basis points, with further easing potentially on the horizon.
The US Department of State's 2025 Investment Climate report identified pervasive corruption in the Philippines as a significant deterrent to foreign investment.
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