Peso slides to record intraday low of ₱63.23 against US dollar
The Philippine central bank's Monetary Board will review policy rates on October 22 after cumulative increases of 75 basis points this year.
Trading on October 16, 2026 took the Philippine peso to a record intraday low of ₱63.23 against US$1, GMA News reported. The currency started the session at ₱63.03, with its strongest level at ₱63 against US$1.
The previous session had ended at ₱63.06 against US$1, a record closing low. That decline occurred against a backdrop of a possible US rate increase and escalating Middle East tensions.
An October 22 meeting of the Bangko Sentral ng Pilipinas Monetary Board will consider whether economic conditions call for an adjustment to monetary policy rates.
Rate increases by the central bank have totalled 75 basis points this year. Following those moves, the target reverse repurchase rate is 5.0%. The overnight deposit rate is 4.5%, and the overnight lending rate is 5.5%.
