Peso recovers to ₱62.91 against US dollar as oil retreats
The Philippine currency gained 40 centavos, though a Union Bank economist viewed the move as a near-term correction rather than a definitive reversal.
A fall in global oil prices helped the Philippine peso recover on November 10, with the currency ending at ₱62.91 against the US dollar. That represented a 40-centavo advance from Monday’s close of ₱63.31.
Ruben Carlo Asuncion, chief economist at Union Bank, linked the improvement to stronger global risk sentiment, declining oil prices and US dollar weakness. Lower crude costs would relieve pressure on inflation and the Philippines’ import bill, he said.
Brent crude lost 1.7% to reach US$90.99 a barrel, and US West Texas Intermediate futures slipped 1.8% to US$85.20 a barrel. According to Reuters, the declines came after US President Donald Trump played down the possibility of escalation with Iran.
Domestic fuel price reductions effective November 10 amounted to ₱16.80 per litre for gasoline and ₱4.10 per litre for diesel.
Asuncion cautioned against treating the currency’s recovery as a definitive reversal. He described it instead as a near-term correction, saying international developments and domestic fundamentals remained drivers of the peso.
