Philippine peso rebounds to ₱63.88 against US dollar at opening
The opening recovery followed two sessions around ₱64 to the dollar, including a record low of ₱64.17.
The Philippine peso strengthened at the start of trading on October 29, 2026, opening at ₱63.88 against US$1 after spending two consecutive days around the ₱64 level.
The currency had fallen to a record low of ₱64.17 against US$1 on Tuesday. Its losses came as the Middle East crisis continued to drive global crude oil prices higher.
President Ferdinand “Bongbong” Marcos Jr. had sought to reassure the public about the peso’s decline, saying there was no reason to panic. He said his administration was making every effort to defend the currency and had the necessary tools and means available.
Economists said dollar earners could gain from the peso’s weakness, including households receiving money from overseas Filipino workers, exporters, business process outsourcing firms and tourism-related businesses. But they warned that more expensive imports could feed through to higher inflation, given the country’s heavy reliance on imported goods.
