PHL peso slides anew to 61-per-dollar level
A WOMAN surveys the damage to her apartment following Israeli strikes in the southern port city of Tyre, Lebanon, Thursday, June 18, 2026. AP PHOTO/HASSAN AMMAR
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ENEWED global risk aversion which fueled the demand for the safe-haven US dollar, coupled with elevated oil prices, weighed heavily on the Philippine peso as it moved back to the 61-per-dollar level on Monday. Experts said this after the Philippine peso weakened for the fourth straight trading day, with the local currency closing at P61.123 against the dollar on Monday, data from the Bankers Association of the Philippines (BAP) showed. This is 34 centavos weaker than its previous finish of P60.775 against the dollar on June 19, 2026. Ruben Carlo Asuncion, chief economist at
Union Bank of the Philippines (UBP) said the peso’s recent move back to the P61-level reflects a combination of “strong external pressures and more limited domestic offsets.” Some of the external pressures flagged by Asuncion are the strength of the dollar, “supported by elevated global yields,” and persistent risk aversion amid geopolitical tensions. For his part, John Paolo R. Rivera, senior research fellow at state-run think tank Philippine Institute for Development Studies (PIDS), attributed the weakening of the local currency to “renewed global risk aversion, elevated oil prices, continued demand for dollars, and lingering concerns over domestic growth and investor confidence.” “As a net oil importer, the Philippines is particularly vulnerable to geopolitical devel-
opments that raise energy costs and widen the trade deficit,” Rivera told the BusinessMirror in a Viber message on Monday. Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co. echoed the sentiments of Rivera and Asuncion as he underscored that the peso’s move is “a story of global dollar dominance” rather than a domestic weakness story. “You’re seeing a mix of a stronger US dollar, some cautious foreign fund flows, and steady importer demand for dollars—all of which are putting pressure on the currency,” Ravelas explained.
Overshadowed by global forces
MEANWHILE, these analysts pointed out that while the recent quarter-point rate hike delivered by the Bangko Sentral ng Pilipinas (BSP) should have helped support the peso, they un-
derscored that this recent policy decision has been “overpowered” by global forces. In theory, Rivera said higher interest rates should support the peso by making peso-denominated assets more attractive. Ravelas agreed, saying, “On the BSP’s 25-basis-point-hike—if anything, that should have helped support the peso, not weaken it.” “But the reality is, global forces are currently overpowering local policy moves. If US rates stay higher for longer, that keeps the dollar attractive and limits the upside for the peso,” Ravelas also pointed out. Asuncion, while saying the rate hike delivered by the BSP helped provide some support by reinforcing policy credibility and anchoring See “Peso,” A2
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HE government has adjusted its 2026 growth expectations downward as global and domestic challenges weighed on economic momentum, although economic managers remain hopeful that stronger activity in the second half of the year could support recovery. Department of Economy, Planning, and Development (DepDev) Secretary Arsenio Balisacan said the Development Budget Coordination Committee (DBCC) is aiming to achieve
at least 3.5 percent to 4.5 percent economic growth this year following adjustments in government spending and changing economic conditions. See “Growth,” A2
DOT REFRESHES ‘LOVE THE PHL’ DRIVE FOR LOCAL TRAVELERS By Ma. Stella F. Arnaldo Special to the BusinessMirror
“L
OVE,” but no longer a command. THE Department of Tourism (DOT) will be encouraging the public to “Discover more reasons to love the Philippines” in its latest campaign aimed at boosting domestic travel. In an interview with reporters over the weekend, Acting Tourism Secretary Bernardita Angara-Mathay said affordable travel packages will be offered to the
public on a website that will be administered by DOT. “Many of the hotels have signed up with us, and we’ve asked them to ‘please give us a better rate.’ As a bundle, it will be less costly.” The travel packages will be available initially from July to November. Hospitality establishments earlier met with Angara-Mathay, concerned about the drop in bookings due to the Malacañang-imposed energy conservation measures. (See, “Opportunity in crisis: PHL hotels attract foreign capital, in the See “Travelers,” A2
NATURE-BASED FLOOD SOLUTIONS President Ferdinand Marcos Jr. and DPWH Secretary Vince Dizon inspect the redesigned and rehabilitated Mananga River Flood Mitigation Structure in Barangay San Isidro, Talisay City, Cebu, on June 22, 2026. The project, launched after severe flooding damaged communities along the Mananga River during Typhoon Tino last year, replaces portions of traditional concrete flood-control works with nature-based gabion walls, improved drainage systems, strengthened riverbank protections, and the relocation of families from designated no-build zones. The rehabilitation forms part of the national government’s broader flood-resilience program for Cebu and complements planned upstream dam projects along the Mananga, Cotcot, and Butuanon river systems aimed at reducing flood risks in downstream communities. Story in A5 Nation, “Complete upgrade of Talisay flood mitigation structure up.” CARMEL PEDROZA
Expected peak power demand not hit By Lenie Lectura
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PRINTING DEMOCRACY Election preparations for the first-ever Bangsamoro
parliamentary polls gather pace as personnel at the National Printing Office (NPO) in Quezon City begin printing the computerized voters’ lists on June 22, 2026. The voters’ lists will be used in the historic Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) parliamentary elections scheduled on September 14, 2026, marking the region’s transition from the interim Bangsamoro Transition Authority to a democratically elected Parliament. NONOY LACZA
HE Department of Energy (DOE) on Monday said the country’s projected peak demand was not reached, attributing this primarily to additional capacity from renewable energy (RE), the early arrival of seasonal rains, and various energy efficiency measures. Energy Undersecretary Mario Marasigan said, the Luzon grid’s peak demand was projected to hit 15,600 megawatts (MW) this year but only 14,534MW was recorded. “The reduction was big. It was more than 1,100MW lower,” commented Marasigan. In the Visayas, the projected peak demand stood at 3,115MW but, so far, the DOE has recorded 2,779MW of demand. “This is lower
by 336MW,” he said. In Mindanao, the highest projected demand was 3,013MW. “But we have registered 2,775MW,” said Marasigan. However, the Visayas grid was again placed on yellow alert from 2 pm to 9 pm on Monday owing to thin supply. Available capacity stood at 2,593MW while peak demand was at 2,427MW. A yellow alert is issued when the operating margin is insufficient to meet the transmission grid’s contingency requirement. The National Grid Corporation of the Philippines (NGCP) said eight plants are on forced outage this month, eight since May, one plant since March, three since 2025, two plants since 2024, two plants since
2023, and one since 2021, while 15 plants are running on derated capacities, for a total of 944MW unavailable to the grid. “So what is the reason for our yellow alert in Visayas? We are still waiting for the return of three more big power plants—Therma Visayas units 1 and 2 and PEDC Unit 3. The Kepco project unit 3 returned the other day so we already have a short-term solution using alternative technologies to reduce our yellow alerts. Hopefully, we will have more than 260MW of additional capacity,” added Marasigan. Meanwhile, electricity services in General Santos City and across the Socoteco (South Cotabato Electric Cooperative) II franchise area have been substantially restored less than two weeks after the
magnitude 7.8 earthquake struck Southern Mindanao. National Electrification Administration (NEA) Administrator Antonio Almeda said energization across the Socoteco II franchise area had reached 99 percent, allowing households, businesses, schools, hospitals, and other essential facilities to resume normal operations. Overall, restoration teams were able to restore electricity service to nearly all affected areas in less than ten days. National Power Corp. (NPC) President Jericho Jonas B. Nograles said that the Kalamansig Diesel Power Plant resumed operations just 80 minutes after the earthquake, while power services in Sarangani Island were substantially restored last June 21.
PESO EXCHANGE RATES n US 60.7200 n JAPAN 0.3764 n UK 80.1443 n HK 7.7481 n CHINA 8.9652 n SINGAPORE 47.0333 n AUSTRALIA 42.5647 n EU 69.6155 n KOREA 0.0397 n SAUDI ARABIA 16.1773 Source: BSP (June 22, 2026)