Philippine peso fell below the key 63 per dollar level for the first time, hitting a record low of 63.150 per USD and increasing pressure on the Bangko Sentral ng Pilipinas to defend the currency. Rizal Commercial Banking Corp chief economist Michael Ricafort said further rate hikes are now more likely; a survey showed the BSP is expected to raise rates by 25bps next week. Asian currencies faced fresh selling on Thursday, led by the South Korean won and the New Taiwan dollar.

2026-10-15

Philippine peso fell below the key 63 per dollar level for the first time, hitting a record low of 63.150 per USD and increasing pressure on the Bangko Sentral ng Pilipinas to defend the currency. Rizal Commercial Banking Corp chief economist Michael Ricafort said further rate hikes are now more likely; a survey showed the BSP is expected to raise rates by 25bps next week. Asian currencies faced fresh selling on Thursday, led by the South Korean won and the New Taiwan dollar.