Philippine peso hits new all-time low of 59.13 vs US dollar

The Philippine peso reached a new all-time low of 59.13 against the US dollar on Tuesday, October 29, 2025.

This breach of the P59-per-dollar level occurred amid market concerns of slowing economic growth and expectations of further monetary easing by the Bangko Sentral ng Pilipinas (BSP).

The peso closed at P59.13, a depreciation of 23 centavos from its previous close, and traded between an opening of P58.90 and an intraday low of P59.20.

Trading volume increased to $1.75 billion on Tuesday.

The BSP reiterated its stance of allowing market forces to determine the exchange rate, intervening primarily to curb long-term inflationary swings.

Despite the recent weakness, the BSP noted that resilient remittance inflows, robust economic growth, low inflation, and ongoing structural reforms continue to support the peso.

However, BSP Monetary Board member Benjamin E. Diokno indicated a potential interest rate cut in December and further in 2026 due to anticipated economic slowdown linked to a corruption scandal and trade uncertainties.