The Philippine peso hit a historic low on Tuesday, October 27, 2026, closing at a record weak rate of ₱64.18 against the US dollar.
Amid growing public concern, President Ferdinand Marcos Jr. urged the public to “NOT PANIC,” emphasizing that economic managers are closely monitoring the situation and implementing stabilizing measures, after blaming the currency’s slide on rising global oil prices, fuel costs, and a stronger US dollar.
Bangko Sentral ng Pilipinas (BSP), curb volatility, the central bank has raised interest rates—including a 50-basis-point hike—and intervened in the market, even as foreign reserves hover near $100 billion and import costs rise.
BSP raises target RRP rate by 50 basis points to 5.50%
https://t.co/u9ev1WX48t https://t.co/cuxgByPLPB— Bangko Sentral (@BangkoSentral) October 22, 2026
