Peso hits new low of ₧62.86; ₧64 by yearend?
A
FTER the Philippine peso fell to a new record low of P62.86 against the dollar on Monday, a trader warned that the local currency could slump to as low as P64 against the greenback by the end of the year if oil prices, the dollar and geopolitical tensions remain elevated. The trader pointed this out after the peso closed at P62.86 against the dollar on Monday. Data from the Bankers Association of the Philippines (BAP) showed the rate is 18 centavos weaker than its P62.68 finish against the greenback on Friday. The local currency also hit an all-time low of P62.875 in intraday trading on Monday.
IMPEACHMENT WATCH | DAY 24: SURPRISE WITNESS Former Sandiganbayan Presiding Justice Amparo Cabotaje-Tang appears before the Senate Impeachment Court as a surprise witness during the 24th day of Vice President Sara Duterte’s impeachment trial in Pasay City on September 14, 2026. The prosecution presented Cabotaje-Tang as an expert witness on public accountability and anti-corruption laws as the court began hearing Article II, which concerns allegations of unexplained wealth, false Statements of Assets, Liabilities and Net Worth (SALNs), and continuing business interests involving Duterte. ROY DOMINGO–SPPA POOL
ROTARY CLUB OF MANILA JOURNALISM AWARDS
2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion
Strong dollar, high oil prices, steady local dollar demand GIVEN these developments, a trader familiar with the matter explained that the peso is being pressured by a strong dollar, high oil prices and steady local dollar demand. “At P62.86, a test of P63 is now within striking distance, although sustaining levels above it is another matter given possible BSP smoothing,” said the trader, who requested not to be named. As such, he noted: “Seeing P62P63 as a reasonable year-end range, with P64 as a downside risk if oil prices, the dollar and geopolitical tensions remain elevated.”
Oil prices jump after fresh attacks in the Middle East
FOR his part, Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co. attributed the weakening of the peso to 62.68 “as oil jumps as shutdown of Saudi pipeline further deepening the oil crisis.” John Paolo R. Rivera, Senior Research Fellow at Philippine Institute for Development Studies (PIDS), also attributed the latest slump of the local currency to oil prices remaining above $100 per barrel “amid renewed Middle East tensions.” Rivera also cited the expectations of tighter US monetary policy as one of the factors fueling the strength of the dollar. The senior research fellow at the state think tank pointed out that these are particularly “significant” for the Philippines as an oil
importer, since higher oil prices increase the country’s dollar requirements and import bill. Both Ravelas and Rivera expect the local currency to remain under pressure and volatile in the near term. Ravelas said he expects the peso trade within the 62.60 to 63.00 range against the greenback in the near term. Rivera said, however, that the key is not the record low level itself “but whether depreciation becomes persistent and disorderly enough to generate additional inflationary pressures.” Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC), said Brent crude oil price rose to $107 per barrel on See “Peso,” A2
BusinessMirror A broader look at today’s business
EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
(2017, 2018, 2019, 2020, 2021) DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
OIL MAY CAUSE EARLIER PEAKING OF INFLATION www.businessmirror.com.ph
T
n
Tuesday, September 15, 2026 Vol. 21 No. 336
P25.00 nationwide | 2 sections 20 pages | 7 DAYS A WEEK
Holiday-driven mass hiring to help Ibpap meet targets
By Andrea E. San Juan
HE central bank expects inflation to peak in the fourth quarter of this year due largely to the impact of El Niño, but a domestic bank pointed out that the resurgence in global oil prices—which recently hovered anew at the $100-per-barrel level—may cause inflation to spike as early as September, spoiling the inflation downtrend in the Philippine economy.
In its latest Monetary Policy Report, the Bangko Sentral ng Pilipinas (BSP) showed that its central projections point to inflation peaking in the last three months of 2026.
By Ada Pelonia
M
ASS hiring driven by the holiday season will allow the Information Technology and Business Process Association of the Philippines (Ibpap) to meet its yearend targets. Ibpap President and CEO Jack Madrid said some businesses have already started mass hiring as early as September. “Some of our businesses are very seasonal because of our customers. There’s a hiring ramp [now], getting ready for Thanksgiving, Black Friday, Christmas, and then New Year’s,” Madrid told reporters on the sidelines of the PMFTC event in Makati on Monday. “So, we will see more demand. But the Q4 hiring ramp is part of our projection,” he added. “That will affect more BPOs [business process outsourcing], not so much GCC [global capability centers].” Earlier, the Philippine information technology and business process management (IT-BPM) industry scaled back its 2028 growth targets, replacing the more ambitious projections it announced four years ago with updated goals that reflect the industry’s evolving direction amid artificial intelligence (AI) adoption, changing global investment decisions and intensifying competition. (See: https://businessmirror.com.ph/2026/07/15/ it-bpm-cuts-2028-targets-butkeeps-2026-growth-intact/) Ibpap now projects the industry will generate between $43.3 billion and $50.5 billion in revenues and employ 1.85 million to 2.14 million full-time workers by 2028. The revised outlook replaces the roadmap unveiled in 2022, which projected $58.9 billion in revenues and 2.5 million workers—equivalent to an additional 1.1 million jobs—by 2028.
“Along the path, inflation peaks in Q4 2026, due largely to the impact of El Niño and base effects,” the report noted. See “Inflation,” A2
HE CHOSE LIFE AT SEA OVER CHESS, BUT WAR ENDED IT
JOHN PAUL M. CORTEZA looks at a chess app on his cellphone during the wake of his son, Rod Favis Corteza, recalling the young man’s early fascination with the game. His father believes he had the potential to become an International Master or even a Grandmaster, but at 20, Rod chose a career at sea to help support their family. Rod was on his final voyage when he was killed in the Strait of Hormuz. BERNARD TESTA
T
By Bernard Testa
HE perfume sits unopened inside John Paul Macasaet Corteza’s home. It was a gift from his son, John Rodolfo “Rod” Corteza, who brought it home after a vacation before leaving again for another voyage. Rod stopped by his father’s office at Mabuhay City, where Corteza was then serving as president of the homeowners association. Before leaving, he handed over the bottle. “I promised you. Here it is,” Rod told him. See “Seafarer,” A2
‘LEC as opportunity’
MARKET GAINS, FED JITTERS The Philippine Stock Exchange (PSE) building is seen in Taguig City as Philippine shares edged higher in
Monday’s trading, with the benchmark PSEi rising 0.22 percent to 6,075.04. However, analysts expect volatility to persist this week as investors await the US Federal Reserve’s September 15-16 policy meeting, with markets increasingly pricing in a 25-basis-point rate hike amid stubborn inflation and oil prices above $100 a barrel. The Fed’s decision and guidance on the path of interest rates are expected to influence global markets, including Philippine equities. NONIE REYES
MEANWHILE, Madrid said the Luzon Economic Corridor (LEC) presents an opportunity for the industry. “I think it has the potential to anything that improves the infrastructure of the country—whether it’s digital infrastructure or physical See “Ibpap,” A2
PESO EXCHANGE RATES n US 62.7190 n JAPAN 0.4089 n UK 84.9215 n HK 7.9977 n CHINA 9.3500 n SINGAPORE 49.5489 n AUSTRALIA 44.9131 n EU 72.7290 n KOREA 0.0467 n SAUDI ARABIA 16.7073 Source: BSP (September 14, 2026)