On Friday, 23 October 2026, the Philippine peso closed at a record low of ₱63.615 per US dollar, according to Bankers Association of the Philippines (BAP) data reported by Philstar and The Manila Times. At that rate, 1 PHP buys about $0.0157 and ₱1,000 buys about $15.72. This was the peso's 31st record-low close of 2026 (Philstar). The close came the day after the Bangko Sentral ng Pilipinas (BSP) raised its policy rate by 50 basis points to 5.50%. Markets were shut over the weekend, so Friday's close is the latest benchmark until trading resumes on Monday, 26 October.
PHP to USD conversion table (BAP close, 23 October 2026)
These amounts use the ₱63.615 close and are rounded to the cent. A bank, remittance service or money changer will give you less, because it adds a spread and sometimes a fee.
| Philippine peso | US dollar |
|---|---|
| ₱1 | $0.0157 |
| ₱100 | $1.57 |
| ₱500 | $7.86 |
| ₱1,000 | $15.72 |
| ₱5,000 | $78.60 |
| ₱10,000 | $157.20 |
| ₱50,000 | $785.98 |
| ₱100,000 | $1,571.96 |
Going the other way, $1 = ₱63.615 and $100 = ₱6,361.50.
Which "rate today" are you looking at?
Several peso rates are published, and they differ slightly:
- BAP closing rate. This is the end-of-day rate on the interbank market, and it is the one Philippine media report as the peso's "close." The ₱63.615 figure is this rate.
- BSP reference rate. The central bank publishes its own daily reference rate. Benchmarks built on it can differ from the BAP close by a few centavos.
- Retail rate. This is what your bank or remittance service actually offers you. It always sits below the interbank rate when you sell pesos.
Don't mix figures from different benchmarks when you compare quotes.
What happened this week
22 October: the BSP's largest hike since February 2023
The Monetary Board raised the target reverse repurchase (RRP) rate by 50 basis points to 5.50%. Philstar reported that the overnight deposit rate is now 5% and the overnight lending rate 6%. This was the fourth straight hike, following three 25bp increases since April. Total tightening since then is 125 basis points (Philstar, Tribune). Most economists had expected a 25bp move.
The BSP's inflation forecasts (Philstar):
- 2026 average: 6.1%, unchanged
- 2027 average: 6.0%, raised from 5.4%
- 2028 average: 3.3%
Governor Eli Remolona Jr. said: "We're not hiking the policy rate to defend the peso" (Tribune). He added that the BSP does "intervene a little bit in the foreign exchange market," mainly to stop exchange-rate swings that would feed inflation (Philstar). On a December move, he said: "I can't say whether it will be 50 or 25 or bigger" (Tribune).
The peso closed at a then-record ₱63.52 shortly after the announcement (Tribune). It weakened another 9.5 centavos on Friday to ₱63.615 (Philstar). The Manila Times reported a Friday open of ₱63.35 and an intraday weakest level of ₱63.62, citing BAP data.
Inflation: 7.2% in September
September headline inflation was 7.2%, up from 6.1% in August (Philippine Statistics Authority data as reported by GMA News and Trading Economics). That is far above the BSP's 2–4% target. Core inflation reached 4.7%, its highest since November 2023 (Trading Economics). Transport inflation hit 14.6%.
What is your provider really charging?
Enter the interbank rate, the rate you are offered, any flat fee and the amount you are converting to see your total cost as a share of the conversion.
| Interbank rate for the same day (BAP close or live interbank quote) | Rate your bank, remittance service or money changer offers | Flat fee charged on top | Amount you are converting | Total cost: markup plus flat fee |
|---|---|---|---|---|
| 63.615 ₱ per $ | 62 ₱ per $ | 0 ₱ | 1,000 ₱ | 2.54 % |
| 63.615 ₱ per $ | 62 ₱ per $ | 0 ₱ | 10,000 ₱ | 2.54 % |
| 63.615 ₱ per $ | 63.35 ₱ per $ | 100 ₱ | 10,000 ₱ | 1.42 % |
- The interbank rate, quoted rate, fee and amount are your own inputs; the defaults only repeat the article's 23 October close and its worked example.
- Compare quotes only against an interbank rate from the same day and the same benchmark, since BAP and BSP reference rates can differ by a few centavos.
This is arithmetic on your inputs only: it does not give a live rate, and it leaves out weekend spread changes, any second step such as a stablecoin route, and that route's issuer and platform risk.
Why the peso has fallen in 2026
Oil and the Middle East conflict
The main driver cited in coverage is oil. The Middle East conflict involving the United States, Israel and Iran escalated in March 2026 (Tribune). Brent crude traded above $107 a barrel in mid-September. When oil is expensive, Philippine importers need more dollars to pay for fuel, which pushes the peso down. A weaker peso then makes fuel more expensive again in peso terms, which feeds inflation.
How far it has fallen
- 28 February 2026: The peso closed at ₱57.66, before the conflict hit markets (Tribune).
- 14 September 2026: The peso closed at ₱62.86, down 8.3% from February (Tribune).
- 15 October 2026: The peso closed above ₱63 for the first time, at ₱63.06 (Gulf News, citing BAP data).
- 23 October 2026: The peso closed at ₱63.615.
From ₱57.66 to ₱63.615, the peso has lost about 9.4% of its dollar value since the end of February.
Policy reversal
The BSP cut its policy rate to 4.25% in February 2026 (BSP February 2026 Monetary Policy Report). It reversed course from April as oil-driven inflation rose. Higher domestic rates can support a currency, but this week's hike did not stop the slide.
What could move the rate next
- BSP's December meeting. Remolona has not ruled out another hike, of any size. BPI's Jun Neri expects "at least another 25 bps hike in December." Capital Economics' Jason Tuvey said Thursday's move likely "marks the end of the tightening cycle," provided energy prices stabilise (Philstar).
- Oil prices. Any easing of Gulf supply risks would reduce importers' demand for dollars. A further spike would increase it.
- BSP intervention. The BSP says it steps in when exchange-rate moves turn inflationary. It also says it leaves the level of the peso to the market.
- US rates. In September, markets were pricing a possible Federal Reserve hike (Tribune, 14 September). A wider US–Philippine rate gap tends to weigh on the peso.
These are the factors to watch, not a forecast for the rate.
How to get a fair rate when you convert
- Check the interbank rate first. Find the BAP close or a live interbank quote for the same day.
- Work out the markup. Use this formula: (interbank rate − quoted rate) ÷ interbank rate. For example, if the market rate is ₱63.615 and you are offered ₱62.00 per dollar, the markup is about 2.5%.
- Compare total cost. Add the flat fee to the markup. A "zero-fee" offer with a wide spread can cost more than a fee-plus-tight-spread offer.
- Watch weekends. Many providers widen spreads when the interbank market is closed.
- Stablecoins are a two-step route. You convert pesos into a dollar-pegged token, then convert the token into dollars or spend it. Each step has its own spread, and the token carries issuer and platform risk.
Every conversion in this article uses Friday's ₱63.615 close, so Monday's first trades will move the numbers.
