Philippine peso sinks to 31st record low at P63.615

MANILA, Philippines — The Philippine peso sank to a fresh record low of P63.615 to $1 on Friday, October 23, marking the 31st time this year that it closed at an all-time low.

The peso weakened by 9.5 centavos from Thursday's P63.52 finish, which had set the previous record. 

Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. said Thursday that the central bank was not raising interest rates to support a particular exchange rate.

The central bank, however, may step into the foreign-exchange market to curb sharp swings that could fuel inflation.

"We do intervene a little bit in the foreign exchange market, but that's mainly to avoid swings in the exchange rate that tend to be inflationary. We have estimates of how much the peso has to move before it becomes inflationary, and that's when we tend to intervene," Remolona said.

His remarks followed the Monetary Board's decision to raise the BSP's benchmark interest rate by 50 basis points to 5.5%, its fourth consecutive increase.

The BSP described the larger move as a response to broadening price pressures and further risks to the inflation outlook, rather than an attempt to defend the peso.

A weaker currency can make dollar-priced imports, including fuel, more expensive in peso terms and add to inflation. That gives the central bank reason to limit disorderly exchange-rate swings even as it allows the market to determine the peso's level.

abtestabtest Marcos: Don’t panic over weakening peso By Alexis Romero | 1 day ago There is no need to panic over the weakening of the Philippine peso as efforts are underway to defend the local currency “as... Headlines Bernardo: Only Ping not involved in infra kickbacks By Daphne Galvez | 10 hours ago Former Department of Public Works and Highways  undersecretary Roberto Bernardo testified yesterday that to his knowledge,... Headlines Leasing program to ease classroom shortage . By Evelyn Macairan | 10 hours ago The Department of Education  is leasing available private school facilities and properties and using them to address... Headlines Homilies must come from faith, not AI – Tagle By Evelyn Macairan | 10 hours ago Cardinal Luis Antonio Tagle, dean of the College of Cardinals, has cautioned against the use of artificial intelligence in... Headlines Palace: World getting smaller for Bato By Alexis Romero | 10 hours ago The world is getting smaller for fugitive Sen. Ronald “Bato” dela Rosa, Malacañang said yesterday, as it... Headlines Latest More in Headlines Business groups urge removal of insertions Shortlist of CJ, associate justicebets submitted Church: Don’t bring home urns for Undas More drug war victims’ kin want to join Duterte trial abtest Leasing program to ease classroom shortage . By Evelyn Macairan | 10 hours ago The Department of Education  is leasing available private school facilities and properties and using them to address... Headlines Philippines renews call for adherence to international law By Michael Punongbayan | 10 hours ago A renewed call from the Philippines for mutual respect and adherence to international law highlighted the opening yesterday... Headlines DENR: Restoring wetlands, rivers vital amid El Niño By Josiah Antonio | 10 hours ago The restoration of critical wetlands, rivers and coral reefs in protecting communities is critical against the “very... Headlines Business groups urge Congress to scrap P180-billion infra insertions By Alyana Uy | 16 hours ago Almost 30 business organizations called on Congress to remove congressional additions amounting to almost P180 billion from... Headlines Marcos attends Michelin Guide 2027 ceremony By Rosette Adel | 16 hours ago Marcos is the first sitting head of state in history to attend a Michelin Guide restaurant unveiling. Headlines Recommended Tax evasion vs VP Sara, nasilip ng prosecution October 30, 2026 - 12:00am Nasilip ng House prosecution panel ang posibleng tax evasion ni Vice President Sara Duterte matapos umanong madiskubre ang P111.85 milyong hindi pagtutugma sa pagitan ng kanyang idineklarang kita at mga depositong...r HeadlinesSARA DUTERTE Senado at Kamara, pinagkokomento ng SC sa impeachment threshold ni VP Sara October 30, 2026 - 12:00am Inatasan ng Korte Suprema ang Senado at Kamara na magsumite ng kanilang komento sa petisyong inihain nina Sen. Robin Padilla at Sen. Bong Go na kumukuwestiyon sa ruling ng impeachment court hinggil sa voting threshold...r HeadlinesSARA DUTERTE PANOORIN: NLEX C5 Northlink toll-free hanggang katapusan ng taon — Marcos 22 hours ago Libre hanggang katapusan ng taon ang pagdaan sa bagong bukas na NLEX C5 Northlink, ayon kay Marcos. HeadlinesBONGBONG MARCOSINFRASTRUCTURENLEX Barbers kay VP Sara: Ipaliwanag P81.84 milyong insurance, investments 1 day ago Hinamon ni House impeachment trial adviser at spokesperson ­Robert Ace Barbers si Vice President Sara Duterte na... HeadlinesSARA DUTERTE PANOORIN: P15-M na mga relo, ninakaw sa NAIA; mga opisyal, na-Tulfo! 1 day ago Nabawi ni Sen. Raffy Tulfo ang tatlong relong nagkakahalaga umano ng mahigit P15 milyon na ninakaw sa NAIA. HeadlinesNAIARAFFY TULFOSENATE OF THE PHILIPPINES next Recommended Tax evasion vs VP Sara, nasilip ng prosecution Nasilip ng House prosecution panel ang posibleng tax evasion ni Vice President Sara Duterte matapos umanong madiskubre ang P111.85 milyong hindi pagtutugma sa pagitan ng kanyang idineklarang kita at mga depositong pumasok sa bangko, batay sa mga dokumentong iniharap kaugnay ng nakabinbing impeachment trial sa Senado. 10 hours ago SARA DUTERTE Senado at Kamara, pinagkokomento ng SC sa impeachment threshold ni VP Sara Inatasan ng Korte Suprema ang Senado at Kamara na magsumite ng kanilang komento sa petisyong inihain nina Sen. Robin Padilla at Sen. Bong Go na kumukuwestiyon sa ruling ng impeachment court hinggil sa voting threshold na kinakailangan upang mahatulan si Vice President Sara Duterte. 10 hours ago SARA DUTERTE PANOORIN: NLEX C5 Northlink toll-free hanggang katapusan ng taon — Marcos Libre hanggang katapusan ng taon ang pagdaan sa bagong bukas na NLEX C5 Northlink, ayon kay Marcos. 22 hours ago BONGBONG MARCOS INFRASTRUCTURE NLEX Barbers kay VP Sara: Ipaliwanag P81.84 milyong insurance, investments Hinamon ni House impeachment trial adviser at spokesperson ­Robert Ace Barbers si Vice President Sara Duterte na ipaliwanag ang umano’y P81.84 ­milyong transaksyon sa insurance at investments nila ng kanyang asawang si Atty. Manases “Mans” Carpio. 1 day ago SARA DUTERTE PANOORIN: P15-M na mga relo, ninakaw sa NAIA; mga opisyal, na-Tulfo! Nabawi ni Sen. Raffy Tulfo ang tatlong relong nagkakahalaga umano ng mahigit P15 milyon na ninakaw sa NAIA. 1 day ago NAIA RAFFY TULFO SENATE OF THE PHILIPPINES OK Are you sure you want to log out? Yes No X Login Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!