Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. admitted that the peso could depreciate to ₱60 against the US dollar, though he stressed this is unlikely to happen anytime soon.
Speaking at the 2026 Annual Reception for the Banking Community in Pasay, Remolona explained that the central bank will not automatically intervene even if the peso hits record lows.
“Depende kung paano maging 60? How it gets there,” he told reporters. He added, “Just because it’s 60 doesn’t mean we’ll defend it.”
Asked if a ₱60-to-$1 exchange rate was inevitable, Remolona replied, “not soon.”
The BSP has tools to defend the peso, such as raising interest rates or selling foreign exchange reserves. The local currency recently closed at ₱59.46 and recorded a historic intraday of ₱59.50.
Malacañang, meanwhile, said President Ferdinand “Bongbong” Marcos Jr. does not want the peso to reach ₱60, warning that such depreciation would increase the country’s debt burden.
The peso’s movement remains closely watched as the government and central bank weigh measures to stabilize the currency amid global economic pressures.