The Philippine peso hit a record-low close of ₱63.52 per US dollar for a third consecutive session, while the PSEi fell 0.72% to 5,779.73. BSP Governor Eli Remolona Jr. said the central bank is not hiking rates to defend the peso and maintains its hands-off approach to the currency. Gross international reserves fell to $99.5 billion at end-September, their lowest monthly level since September 2023.
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- $1 : P63 . 06 | Philstar . com
This opinion column argues that the peso's fast depreciation reflects an economic policy failure, not only the Middle East crisis, El Niño and 'political noise' cited by the Palace. It says public debt has passed the prudential 60% threshold, gross international reserves cover only about eight months of imports, and involuntary hunger rose to 22% of the population in an SWS survey. The column also criticises Sen. Panfilo Lacson for accusing Taguig City of ghost projects, fake land titles and illegal reclamation without producing fully documented evidence, and calls for corruption allegations to be backed by proof.
- Philippine peso sinks past P63 per dollar for first time
The Philippine peso closed at P63.06 per US dollar on Thursday, falling 19 centavos and breaching the P63 level for the first time, with an intraday record low of P63.15. The move followed hot US inflation data that reinforced expectations the Federal Reserve will keep rates higher for longer, alongside high US Treasury yields and elevated crude oil prices. Gross international reserves fell 8.3% to $99.997 billion in the nine months to September, the lowest in three years and the seventh straight monthly annual decline. BSP Governor Eli Remolona said the central bank does not defend the peso at a specific level and intervenes only to smooth inflationary swings, and the BSP has raised its key rate by 75 bps since April to 5%, with its next meeting on Oct. 22. Analysts expect the peso to stay volatile and tilted to the weaker side in the near term.
- Bangko Sentral ng Pilipinas ( BSP ) jumbo rate hike
BSP Governor Eli Remolona Jr. said the central bank is not raising rates to defend the peso and maintains a hands-off approach to the currency. The BSP has raised rates at its last four policy meetings, bringing the key policy rate to 5.50 percent, and may end its tightening cycle after its 22 October meeting. Gross international reserves fell to $99.5 billion at end-September, the lowest since 2023, while the balance of payments deficit widened to $9.1 billion and is projected at $9.2 billion this year due to elevated oil and commodity prices. FDI inflows fell 44.1 percent year on year to $689 million in July, while cash remittances from overseas Filipino workers rose 1.9 percent to $3.03 billion in August. The BSP is also tightening its risk-based capital framework for banks by adopting a new Basel III standard.
- BSP profit more than doubles to P170 . 2 billion
The Bangko Sentral ng Pilipinas (BSP) posted net income of P170.2 billion in the first seven months of 2026, up 114.9 percent from the same period last year, according to preliminary, unaudited statements. That already exceeded its P124.6-billion earnings for all of 2025 by 36.6 percent. Most of the rise came from net foreign exchange gains, which nearly tripled to P102 billion and made up about 60 percent of net income. Total expenses fell 18.8 percent to P98.6 billion, mainly because interest expenses dropped 42.4 percent, while revenues edged up 1.9 percent to P166.8 billion, with interest income making up about 90 percent.
- Peso crosses 63 to $1 level
The Philippine peso closed at 63.06 to the dollar, weakening 19 centavos from the previous session to a fresh record low, below the prior record of 62.90 set on Oct. 8. The main driver was stronger US inflation, which raised expectations that the Federal Reserve would keep rates elevated for longer, lifting the dollar and US Treasury yields and reducing appetite for emerging-market currencies. Higher oil prices, geopolitical uncertainty, elevated domestic inflation and softer foreign reserves also weighed on the peso. A weaker peso raises the local cost of dollar-priced imports such as fuel, which could add to business expenses and consumer prices. Analysts expect the peso to stay volatile and tilted toward weakness, while markets await guidance from the Bangko Sentral ng Pilipinas (BSP) ahead of next week's policy meeting.
- India forex reserves decline $5 billion to $721 billion
India's forex reserves fell $5.011 billion to $721.016 billion in the week ended October 16, according to the Reserve Bank of India (RBI). The reserves had dropped $8.578 billion in the prior week to $726.027 billion. They hit an all-time high of $785.706 billion in the week ended September 4, driven by heavy dollar inflows from a special concessional swap for diaspora deposits, which allowed banks to raise a record nearly $133 billion; the reserves have trended lower since. Experts attribute the sharp decline to the deployment of FCNR(B) resources and RBI dollar sales to defend the currency. Foreign currency assets fell $5.758 billion to $591.847 billion, while gold reserves rose $706 million to $105.8 billion, SDRs increased $30 million to $18.578 billion, and the IMF reserve position rose $11 million to $4.791 billion.
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