Uploaded May 2026 | Updated September 2026, 19 minutes ago
The Philippine peso has fallen to around ₱61 against the US dollar. But this is not just a currency story.
It affects fuel, food, imports, medicine, foreign debt, business costs, and the daily budget of ordinary Filipino families.
In this video, we explain why the peso keeps falling, why the Philippines needs so many dollars, and why the problem goes deeper than one bad trading day. The peso’s weakness is connected to inflation, oil prices, trade deficits, foreign-currency debt, weak local production, and the country’s long dependence on imports, remittances, and outsourced labor.
This is the real story behind the peso crash — and why it matters far beyond financial markets.
Narrated By Tom McKay
instagram.com/tmckay715
youtube.com/@UC8blX3YnHDG9e9_E9KjPK6g
Inquiries: behindasian@gmail.com
Brought to you by the Behind Asian Team.
Source(s):
Philippine peso / exchange rate: Inquirer Business reported the peso closing at ₱61.75 to the US dollar on May 19, 2026, while BSP’s exchange-rate page gives the official exchange-rate reference framework and daily peso-dollar data. Reuters also reported that the peso had breached the ₱60 level as inflation and oil pressure hit the Philippines.
Inflation and transport prices: Philippine Statistics Authority, Summary Inflation Report, April 2026. PSA reported headline inflation at 7.2%, up from 4.1% in March, and transport inflation at 21.4%.
Trade deficit and import dependence: Philippine Statistics Authority, Highlights of the Philippine Export and Import Statistics, March 2026. PSA reported the $4.51 billion goods trade deficit, with imports at 60.8% and exports at 39.2% of total external trade.
Oil pressure and BSP response: Reuters reported that BSP Governor Eli Remolona said the central bank was considering an off-cycle rate hike because fuel costs were creating broader inflation pressure. Reuters also noted that the Philippines was vulnerable because it is an oil importer facing capital outflows.
Onion price example: Inquirer reported red onions selling at ₱600 per kilo in late December 2022. The Guardian reported onion prices reaching up to ₱720 per kilo in Metro Manila, above the daily minimum wage at the time. WageIndicator also recorded the NCR non-agriculture minimum wage at ₱570 after the 2022 wage adjustment.
Bataan Nuclear Power Plant debt: Vera Files reported that the government paid ₱64.7 billion for the BNPP: ₱43.5 billion in principal and ₱21.2 billion in interest, and that the plant never generated electricity. World Nuclear Association also notes that the final payment was made in April 2007.
BNPP corruption case: The Supreme Court decision in Disini v. Republic declared Herminio Disini’s commissions linked to the BNPP transaction as ill-gotten. PNA also reported the Supreme Court ruling connected to the mothballed BNPP project.
1983 debt crisis and structural reforms: NBER’s Debt Crisis and Adjustment in the Philippines discusses the 1983 crisis and near-exhausted foreign reserves. The World Bank’s 1986 framework said the external debt problem came into the open after the political crisis following Aquino’s assassination. OECD also discusses Philippine tariff reform and import liberalization linked to World Bank conditionality.
Electronics and semiconductors: PSA reported that electronic products remained the Philippines’ top export group in December 2024. SEIPI reported that electronics exports were almost flat month-on-month in December 2024, while semiconductor components/devices fell sharply year-on-year. OECD says the Philippines’ semiconductor strength is mainly in assembly, testing, and packaging, and that no front-end semiconductor fabrication facilities had been set up in the country at the time of its report.
Remittances: BSP data and Philippine News Agency reporting show personal remittances from overseas Filipinos reached $38.34 billion in 2024, equal to about 8.3% of GDP.
BPO / IT-BPM sector: IBPAP reported the Philippine IT-BPM sector reached $38 billion in revenue and 1.82 million jobs in 2024. Reuters also reported the same 2024 targets and noted the roadmap goal of up to $59 billion in revenue by 2028.
BPO wage petition and NCR minimum wage: Inquirer and BusinessWorld reported the BPO workers’ petition for a ₱1,200 NCR daily minimum wage in April 2026. NWPC’s official NCR wage table shows the non-agriculture minimum wage at ₱695 under Wage Order No. NCR-26.
The Philippine peso has fallen to around ₱61 against the US dollar. But this is not just a currency story.
It affects fuel, food, imports, medicine, foreign debt, business costs, and the daily budget of ordinary Filipino families.
In this video, we explain why the peso keeps falling, why the Philippines needs so many dollars, and why the problem goes deeper than one bad trading day. The peso’s weakness is connected to inflation, oil prices, trade deficits, foreign-currency debt, weak local production, and the country’s long dependence on imports, remittances, and outsourced labor.
This is the real story behind the peso crash — and why it matters far beyond financial markets.
Narrated By Tom McKay
instagram.com/tmckay715
youtube.com/@UC8blX3YnHDG9e9_E9KjPK6g
Inquiries: behindasian@gmail.com
Brought to you by the Behind Asian Team.
Source(s):
Philippine peso / exchange rate: Inquirer Business reported the peso closing at ₱61.75 to the US dollar on May 19, 2026, while BSP’s exchange-rate page gives the official exchange-rate reference framework and daily peso-dollar data. Reuters also reported that the peso had breached the ₱60 level as inflation and oil pressure hit the Philippines.
Inflation and transport prices: Philippine Statistics Authority, Summary Inflation Report, April 2026. PSA reported headline inflation at 7.2%, up from 4.1% in March, and transport inflation at 21.4%.
Trade deficit and import dependence: Philippine Statistics Authority, Highlights of the Philippine Export and Import Statistics, March 2026. PSA reported the $4.51 billion goods trade deficit, with imports at 60.8% and exports at 39.2% of total external trade.
Oil pressure and BSP response: Reuters reported that BSP Governor Eli Remolona said the central bank was considering an off-cycle rate hike because fuel costs were creating broader inflation pressure. Reuters also noted that the Philippines was vulnerable because it is an oil importer facing capital outflows.
Onion price example: Inquirer reported red onions selling at ₱600 per kilo in late December 2022. The Guardian reported onion prices reaching up to ₱720 per kilo in Metro Manila, above the daily minimum wage at the time. WageIndicator also recorded the NCR non-agriculture minimum wage at ₱570 after the 2022 wage adjustment.
Bataan Nuclear Power Plant debt: Vera Files reported that the government paid ₱64.7 billion for the BNPP: ₱43.5 billion in principal and ₱21.2 billion in interest, and that the plant never generated electricity. World Nuclear Association also notes that the final payment was made in April 2007.
BNPP corruption case: The Supreme Court decision in Disini v. Republic declared Herminio Disini’s commissions linked to the BNPP transaction as ill-gotten. PNA also reported the Supreme Court ruling connected to the mothballed BNPP project.
1983 debt crisis and structural reforms: NBER’s Debt Crisis and Adjustment in the Philippines discusses the 1983 crisis and near-exhausted foreign reserves. The World Bank’s 1986 framework said the external debt problem came into the open after the political crisis following Aquino’s assassination. OECD also discusses Philippine tariff reform and import liberalization linked to World Bank conditionality.
Electronics and semiconductors: PSA reported that electronic products remained the Philippines’ top export group in December 2024. SEIPI reported that electronics exports were almost flat month-on-month in December 2024, while semiconductor components/devices fell sharply year-on-year. OECD says the Philippines’ semiconductor strength is mainly in assembly, testing, and packaging, and that no front-end semiconductor fabrication facilities had been set up in the country at the time of its report.
Remittances: BSP data and Philippine News Agency reporting show personal remittances from overseas Filipinos reached $38.34 billion in 2024, equal to about 8.3% of GDP.
BPO / IT-BPM sector: IBPAP reported the Philippine IT-BPM sector reached $38 billion in revenue and 1.82 million jobs in 2024. Reuters also reported the same 2024 targets and noted the roadmap goal of up to $59 billion in revenue by 2028.
BPO wage petition and NCR minimum wage: Inquirer and BusinessWorld reported the BPO workers’ petition for a ₱1,200 NCR daily minimum wage in April 2026. NWPC’s official NCR wage table shows the non-agriculture minimum wage at ₱695 under Wage Order No. NCR-26.
