USD to PHP Exchange Rate Reaches the Highest Since 2022

The Philippine peso recorded the weakest vs the US dollars today.

On May 21, 2024, the exchange rate for the US Dollar (USD) to Philippine Peso (PHP) surged to PHP58.11, marking its highest level since October 2022.

This significant increase underscores the dollar's growing strength against the peso, driven by a combination of international market dynamics and domestic economic factors.


Economic analysts point to robust economic data from the United States and ongoing geopolitical tensions as key contributors to the dollar's appreciation. Meanwhile, the Philippine peso has faced pressures from inflationary trends and trade imbalances.

The Bangko Sentral ng Pilipinas (BSP) is closely monitoring these developments to mitigate any adverse impacts on the economy. The higher exchange rate is likely to affect a variety of sectors, including importers, exporters, and overseas Filipino workers who send remittances back home.

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