P60 Per US$1 in Sight as Peso Plummets to New All-Time Low, Experts Warn

Experts warned against the possibility of reaching P60 per US$1 after the country saw another record low in the local currency.

The Philippine peso sank to its lowest record ever, closing at P58 versus the U.S. dollar on Wednesday, Sept. 21, according to data by the Bankers Association of the Philippines. The previous all-time low reached on Tuesday, Sept. 20, was P57.48.

In an interview with CNN Philippines, RCBC Chief Economist Michael Ricafort attributed the record to the increase in U.S. interest rates and the Philippines’ import-dependent economy, which has led to a stronger dollar against global currencies, including the Philippine peso.

Meanwhile, IFE Management’s Enrique Fausto said it’s not impossible for the Philippine peso to plummet to P60 against the U.S. dollar by 2023. “If the Bangko Sentral ng Pilipinas (BSP) doesn’t do anything to match what the U.S. Federal Reserve System is doing, then over time, it wouldn’t be out of our imagination for it to hit P60.”