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MANILA, Philippines — The Philippine peso remained under pressure on Tuesday, trading at around ₱59.30 against the US dollar, keeping the local currency near its weakest levels in recent history as global demand for the greenback stays strong.

At this rate, every $100 exchanged is worth roughly ₱5,930, a reality that directly affects overseas Filipino workers sending money home, students paying expenses abroad, and businesses dependent on imported goods.

Currency analysts say the peso’s weakness is being driven largely by external forces, particularly sustained strength in the US dollar as investors continue to favor safe-haven assets. The trend has weighed on several Asian currencies, not just the peso, and pressure is expected to persist in the near term.

Local monetary policy also plays a role, though its impact has been limited so far. The Bangko Sentral ng Pilipinas (BSP) has signaled caution in its next moves as inflation shows signs of easing toward the government’s target range. While some analysts expect further rate cuts later this year, others believe the central bank may slow the pace of easing — a balancing act that has yet to provide meaningful support for the peso.

Here’s where the market stands:

• USD/PHP spot rate: Around ₱59.30 per $1, within the peso’s recent weaker range
• Peso trend: Trading close to levels last seen during record lows breached in late 2025 and early January 2026

For consumers and businesses, a weaker peso means imports and foreign-priced goods remain costly, even as dollar holders benefit from more favorable conversion rates.

Market watchers say movements in the peso will likely continue to track US Federal Reserve signals, global risk sentiment, and upcoming BSP policy decisions — all key factors that could determine whether the currency stabilizes or tests new lows in the weeks ahead.