06/09/2026
💵 𝗙𝗼𝗿𝗲𝗶𝗴𝗻 𝗘𝘅𝗰𝗵𝗮𝗻𝗴𝗲 | The Philippine peso has become Asia's worst-performing currency, according to MUFG Bank, as rising energy import costs, a widening trade deficit, and sustained dollar demand continue to weigh on the currency. The Japanese lender in an August 28 commentary said the peso has underperformed regional peers despite the Bangko Sentral ng Pilipinas' (BSP) recent rate hikes.
The weakness persisted on Friday, September 4, with the peso closing at a fresh record low of ₱62.59 per dollar, down from ₱62.52 a day earlier, based on Bankers Association of the Philippines spot foreign exchange data. It also touched an intraday low of ₱62.65, extending its record-breaking slide since late August.
MUFG said the pressure on the peso remains tied to the Philippines' deteriorating external account, while a stronger U.S. dollar and higher global yields have added to the currency's losses. Although the BSP has lifted its benchmark rate to 5%, the bank expects the peso to remain vulnerable until external pressures ease.
