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Peso breaches P58 amid flood probe, Fed signals
Business World Philippines
|September 26, 2025
THE PHILIPPINE PESO slumped past the P58-a-dollar mark on Thursday as a widening corruption scandal over state flood control projects weighed on sentiment and hawkish signals from the US Federal Reserve supported the greenback.
It closed at P58.10 against the dollar, down 63.9 centavos from a day earlier, according to data from the Bankers Association of the Philippines posted on its website. That was its weakest level since Aug. 1, when it closed at P58.145.
The peso opened at P57.75 and traded from P57.73 to P58.17. Dollar turnover rose to $2.15 billion from $1.73 billion on Wednesday, reflecting heavier activity as the peso sold off.
“The dollar-peso closed higher on political unrest due to the congressional inquiry on the flood control scandal,” a Manila-based trader said by telephone.
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