It’s a nightmare: 1 US dollar hovers under P60

By Alex P. Vidal

“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” – Henry Ford

MANY Filipinos think the biggest economic shocker when we entered the year 2026 was not the reported “slightly higher-than-expected” December 2025 inflation (1.8 percent).

It’s neither the central bank (BSP) “signaling the easing of interest rates, and ongoing discussions about fiscal reforms (like VAT) amidst slower growth and a recent corruption scandal” reportedly with hopes for an economic recovery in the second half of 2026 driven by stronger investor confidence.

It’s the ongoing nightmare of Philippine peso against the US dollar.

Before noontime January 6 in New York, I checked the exchange rate in a Filipino remittance center on Queens Boulevard and here’s what I learned: Viamericas (1 dollar-P59.21); Ria (1 dollar-P59.22); Logo (1 dollar-P59.26); Dolex (1 dollar-P59.26).

As of this writing, the US Dollar (USD) was hovering around under P60 in exchange rate at Philippine Peso (PHP) 59.33.

The dollar to peso exchange rate has generally been going up (strengthening the dollar/weakening the peso), with the PHP hitting record lows recently reportedly due to prospects of Philippine interest rate cuts and investor concerns, though it’s fluctuating with slight daily movements around the 59 PHP per USD mark.

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Economists projected the trend indicates continued pressure on the peso as the Philippine central bank considers easing policy, while global economic factors also play a role.

For someone in the Philippines, it costs more pesos to buy dollars.

For someone holding dollars and converting to pesos, their money goes further.

Here’s the scarier part. The Philippine Peso’s future is reportedly mixed: some analysts predict a rebound due to central bank support and remittances, potentially strengthening it in early 2026, while others foresee continued weakness towards or past the 60 PHP/USD mark.

It is reportedly influenced by global trade, US policy, and domestic spending, with some expecting a weaker peso to help certain sectors like tourism and remittances.

Recent activity indicated it hovering around the 59 PHP/USD level, with central bank easing and government spending impacting its direction.

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Even if they won’t admit it, the Marcos Jr. administration has actually “lost” its battle to bring back fugitive former presidential spokesman Harry Roque.

He would have been taken back to the Philippines to face the human trafficking among his other criminal cases in December 2025 if the Philippine government succeeded in blocking all the remedies Roque had earlier dug up in his arsenal of tricks.

In fact, we don’t see it in our radar for Roque to be flown out of The Netherlands sooner or later. We theorize the Dutch authorities have granted his request for political asylum.

Roque wouldn’t be louder and braver now in the social media if his chances of being kicked out of The Hague were possible and crystal clear.

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(The author, who is now based in New York City, used to be the editor-in-chief of two leading daily newspapers in Iloilo, Philippines.—Ed)