Philippine Peso Recovers to P60 Per Dollar Amid Easing Inflation

The Philippine peso returned Wednesday to the P60-to-one dollar level, as the slower inflation data for July provided support for the local unit. The local currency gained 41.4 centavos to close at P60.751:$1 from P61.165:$1 on Tuesday. This is the peso's strongest footing since June 18, 2026, when it closed at P60.567:$1. Rizal Commercial Banking Corp. chief economist Michael Ricafort cited the "better local inflation data for the third straight month" as among the factors which provided strength for the local unit. The country's inflation clocked in at 6.2% in July, slower than the 6.4% rate in June. Last month's deceleration also marked the third straight month of downward trend for inflation. Ricafort also cited the decline in global crude oil prices again to "new three-week lows, thereby further easing inflationary concerns/pressures." "The peso also appreciated versus the US dollar after the gauge of the US dollar versus major global currencies recently declined to 1.5-month lows or since June 16, 2026; the US dollar/Japanese yen lingered at 157 levels, among the lowest in more than 2.5 months or since May 14, 2026, thereby supporting the lower US dollar versus major Asian/ASEAN currencies since interventions to buy/support the yen since late last week," he added. — VDV, GMA News