Two weeks after the currency last dipped to its lowest level.
On Wednesday, November 12, the Philippine Peso closed at its lowest point, with the rate being P59.17 to 1 US Dollar.
This came weeks after the peso sank to a record low of P59.13 to $1, which itself defeated the previous record set back in December 2024.
A day before the new low, on Tuesday (November 11), the exchange rate closed at P58.985 to $1.
The weakened performance of the peso is attributed to the current political climate in the country, which has been gripped by the flood control corruption scandal.
In its prior statement in late October, the Bangko Sentral ng Pilipinas (BSP) had said that it allows the exchange rate to be determined by market forces.
It also noted that the peso continues to be supported by resilient remittance inflows, still relatively fast economic growth, low inflation, and ongoing structural reforms.
The BSP also said that the country continues to maintain “robust reserves,” with the central bank adding, “When we do participate in the market, it is largely to dampen inflationary swings in the exchange rate over time rather than to prevent day-to-day volatility.”