Insider Spotlight
The local currency opened at P59.15 and touched a record intraday low of 59.26, but strengthened as market participants locked in profits from the peso’s historic fall.
By the numbers
The BAP weighted average exchange rate strengthened to P59.003 from P59.104 previously. Trading volume climbed to $2.01 billion, up from $1.75 billion the previous day, reflecting strong market activity as investors repositioned.
The peso’s morning weighted average was P59.182, improving to P58.882 in the afternoon.
Analysts weigh in
BPI lead economist Jun Neri said the peso’s steep depreciation may have been overdone.
“Technical indicators suggest the peso may be in oversold territory, which means a correction or a sideways movement is possible,” he said.
Neri added that recent weakness stemmed from a mix of high oil prices, dovish signals from the Bangko Sentral ng Pilipinas (BSP), and continued foreign fund outflows from the local stock market.
What’s next
Traders said the BSP’s steady hand and manageable inflation outlook may keep the peso stable in the near term, though global dollar strength remains a headwind.
The peso’s recovery offers short-term relief—but markets remain cautious amid expectations of further US rate firmness and local policy support for growth.
— Edited by Daxim L. Lucas
