FACT: Philippine peso falls to record-low ₱62.265 against US dollar

A Facebook post has circulated online claiming that the Philippine peso fell to a new record low of ₱62.265 against the US dollar. It also says that the weaker peso could raise the cost of imported goods and increase the peso value of OFW remittances. 

CLAIM:

The post claims that:

• The peso closed at ₱62.265 per US dollar on August 28, 2026.
• The rate surpassed the previous record low of ₱61.888 recorded on August 27.
• The peso reached an intraday low of ₱62.27.
• A weaker peso could increase the cost of imported oil, raw materials, and other goods.
• OFWs receive more pesos for every dollar they send to the Philippines.

RATING: FACT

CONCLUSION: 

The Philippine peso did fall to a new record low of ₱62.265 per US dollar on August 28, 2026, surpassing the previous record of ₱61.888 set a day earlier. The weaker peso may increase the cost of imported goods and fuel, while dollar remittances convert to more pesos. 

THE FACTS:

• The peso closed at ₱62.265 per US dollar on August 28, falling 37.7 centavos from the previous record-low close of ₱61.888 on August 27. During trading, the peso weakened to ₱62.27, its weakest intraday level on record at the time. 
• The ₱62.265 rate was the first time the peso breached the ₱62-per-dollar level. The previous day’s ₱61.888 close had already been a record low. 
• The peso’s latest decline came as global oil prices increased and the US dollar remained strong, putting additional pressure on the Philippine currency. The Philippine News Agency reported that the rise in global crude prices contributed to the peso’s movement toward the ₱62 level. 
• A weaker peso makes imported oil, raw materials, and basic goods more expensive because importers need more pesos to pay for products priced in US dollars. 
• Higher import costs can push up prices of food, transportation, and electricity, especially when fuel and other imported inputs become more expensive. 

THE BOTTOMLINE: 

The peso has fallen to a record-low ₱62.265 per US dollar, and continued pressure on the currency could push the dollar higher in the coming days.