Philippine peso plunges to 29-month low, boosts remittance value

However, the slide spurs worry over import costs, inflation

- BY JAY HILOTIN Senior Assistant Editor

The Philippine peso suffered on Friday its worst single-day fall in nearly three years. The local currency slumped to a 29-month low as it closed at 58.186 per dollar on Friday, according to Bangko Sentral ng Pilipinas (BSP) data.

Earlier that day, the peso traded as weak as 58.06 against the greenback, compared to Thursday's close of 57.306 pesos.

Remittance bonanza

Imagine you are an Overseas Filipino Worker (OFW) who remitted $1,000 on May 2, 2025, when the exchange rate stood at 55.933 pesos per dollar. Your family would have received 55,933 pesos.