The Philippine peso crossed the ₱64-per-dollar threshold for the first time on October 27, closing at a record low of ₱64.17 before recovering slightly in the following trading session.
Bankers Association of the Philippines data cited by The Philippine Star showed that the currency weakened by 22 centavos from its October 26 closing rate of ₱63.95. The peso also reached an intraday low of ₱64.20 on October 27, extending a series of record-low closes.
The currency subsequently strengthened to ₱64.025 per dollar on October 28, interrupting its losing streak. President Ferdinand Marcos Jr. urged the public not to panic and said the government had tools available to respond to currency pressures.
The developments matter because a weaker peso increases the local-currency cost of imported fuel, machinery and other products, potentially adding to inflation. Dollar-earning households and exporters may benefit from conversion gains. The modest rebound does not establish that the peso’s broader depreciation has ended.
