What is the USD to PHP rate today?
On ECB reference rates, one US dollar bought ₱63.00 on 5 November 2026, so $1,000 converted to about ₱63,000. The dollar is up 6.9% against the peso since the 2025 close of ₱58.95, and up 9.4% from the 2026 low of ₱57.56 on 25 February. For a live mid-market figure, use our currency converter.
| Right now | Level | Next decision or release |
|---|---|---|
| USD/PHP (ECB-derived, 5 Nov 2026) | 63.0000 | – |
| BSP target reverse repurchase rate | 5.50% (raised 50bp, 22 Oct 2026, reported) | 17 December 2026 (reported) |
| Philippine headline inflation (September, PSA) | 7.2% | October figures due from the PSA |
| Federal Reserve target range | 3.75–4.00% (held 28 Oct 2026) | 8–9 December 2026 |
| US payrolls (October, BLS) | +165,000; unemployment 4.1% | November report 4 December 2026 |
The 5 November fix predates the US payrolls release on Friday 6 November, so it does not capture the dollar’s reaction. Rates quoted in Manila, such as the Bankers Association of the Philippines closing rate, can differ slightly from ECB-derived figures because they are fixed at a different time of day.
Why did the dollar break through ₱59 to a peso?
For three years ₱59 acted as a ceiling on USD/PHP. On ECB data the dollar peaked at ₱59.099 on 28 September 2022 and at ₱59.063 on 19 December 2024, and both times it turned lower. In 2026 that ceiling gave way: USD/PHP fixed above ₱60 for the first time on 18 March and reached ₱63.003 on 8 October, the highest ECB-derived fix on record at the time.
The break coincided with a sharp rise in Philippine inflation and higher global oil prices. A weaker peso makes imported fuel and food dearer, which feeds back into inflation. That loop is what the Bangko Sentral ng Pilipinas (BSP) is trying to break.
What was the USD to PHP exchange rate each month in 2026?
Monthly averages, highs and lows below are calculated from daily ECB reference rates (USD/PHP derived from the euro cross rates).
| Month (2026) | Average | High | Low |
|---|---|---|---|
| January | 59.19 | 59.52 (15 Jan) | 58.76 (28 Jan) |
| February | 58.18 | 59.09 (3 Feb) | 57.56 (25 Feb) |
| March | 59.59 | 60.71 (30 Mar) | 58.25 (2 Mar) |
| April | 60.32 | 61.60 (29 Apr) | 59.40 (8 Apr) |
| May | 61.38 | 61.72 (19 May) | 60.38 (7 May) |
| June | 61.18 | 61.77 (3 Jun) | 60.31 (16 Jun) |
| July | 61.60 | 61.84 (24 Jul) | 61.27 (31 Jul) |
| August | 61.45 | 62.40 (31 Aug) | 60.75 (10 Aug) |
| September | 62.62 | 62.87 (14 Sep) | 62.43 (1 Sep) |
Rates people often look up: 1 September ₱62.429; 14 September ₱62.868 (September’s high); 30 September ₱62.707; 8 October ₱63.003; 5 November ₱63.00. No ECB reference rate is published at weekends, so a Saturday uses the previous Friday’s fix.
What is the USD to PHP forecast for the next 6 months?
| Horizon | USD/PHP forecast range | What sits inside the window |
|---|---|---|
| To end-December 2026 | ₱61.80 – ₱64.20 | US CPI 10 Nov; FOMC 8–9 Dec; BSP 17 Dec; holiday remittance season |
| To end-March 2027 | ₱61.00 – ₱65.00 | BSP early-2027 meetings; Philippine inflation path; new US Congress |
| Next 6 months (to early May 2027) | ₱60.50 – ₱65.50 | Oil prices; whether BSP tightening restores a positive real rate |
Cambridge Currencies’ forecast ranges as at 8 November 2026, anchored on the 5 November ECB fix. They are not guarantees, and exchange rates can move outside these ranges.
Our October range of ₱61.50–64.50 to year-end has held. We have narrowed it to ₱61.80–64.20: the BSP’s larger hike makes a run well above ₱64 less likely, while firm US data makes a sharp peso rebound less likely too. The skew still leans slightly upward.
For USD/PHP to break above ₱64, Philippine inflation would probably need to keep rising while the Fed signals another rise on 9 December. Higher oil prices would add to the pressure.
For USD/PHP to fall back toward ₱62, inflation would probably need to show signs of peaking, convincing markets that the BSP has done enough, while US data cooled.
Will the Philippine peso weaken further against the US dollar?
The peso could weaken further, and the main reason is a still-negative real interest rate. According to the Philippine Statistics Authority, headline inflation rose to 7.2% in September from 6.1% in August. Even after the BSP’s October hike to 5.50%, policy rates sit about 1.7 percentage points below inflation.
That gives savers and investors little reason to hold pesos. The PSA figures for September showed food inflation at 6.7% and transport inflation at 14.6%, with rice prices up 20.3% on a year earlier. The peso tends to stabilise once markets believe inflation has peaked, not when rates first rise.
What is the BSP doing about the peso?
The Bangko Sentral ng Pilipinas raised its target reverse repurchase rate by 50 basis points to 5.50% on 22 October 2026, as reported by Reuters via Philstar. It was the fourth straight rise, following 25 basis point moves in April, June and August, and larger than the quarter-point rise economists polled by Reuters expected. The overnight deposit and lending rates were reported at 5.00% and 6.00%.
According to the same report, the BSP kept its 2026 inflation forecast at 6.1% and raised its 2027 forecast to 6.0% from 5.4%, citing oil prices and El Niño risks. Both sit above its 2–4% target range; inflation is expected back inside it only in 2028. The BSP said the move would make policy “appropriately restrictive”, and the next Monetary Board policy meeting was reported for 17 December.
How does the Federal Reserve affect the dollar to peso rate?
Higher US interest rates make dollar assets more attractive and tend to pull money out of emerging-market currencies such as the peso. The Federal Reserve held its range at 3.75–4.00% on 28 October by 10 votes to 2, with two members preferring a rise. The gap between the BSP’s 5.50% and the Fed’s 3.875% midpoint is now about 1.6 percentage points, wider than before October but still thin given Philippine inflation of 7.2%.
US data has firmed since. The Bureau of Labor Statistics reported on 6 November that payrolls rose 165,000 in October, against a reported consensus near 65,000, and unemployment fell to 4.1%; August and September were revised up by a combined 84,000. That keeps a December Fed rise in play. Democrats also won both chambers of Congress in the 3 November midterms (NBC, CBS and ABC projections), which markets may weigh for its effect on US fiscal policy from January.
Our guide to the next Fed decision, our US dollar forecast and our DXY forecast cover the dollar side.
What is the PHP to USD forecast?
Inverting our ranges, PHP to USD is forecast between $0.01558 and $0.01618 per peso to the end of December 2026. On 5 November ₱100,000 converted to about $1,587. Anyone converting pesos into dollars is doing so close to the weakest peso levels on record.
What is the dollar to peso forecast for the next 5 years?
No one can forecast the peso five years ahead with precision, but its long-run record points one way. On ECB reference rates, USD/PHP closed each year at:
| Year-end | USD/PHP | Year-end | USD/PHP |
|---|---|---|---|
| 2016 | 49.59 | 2021 | 51.00 |
| 2017 | 49.86 | 2022 | 55.62 |
| 2018 | 52.50 | 2023 | 55.46 |
| 2019 | 50.65 | 2024 | 58.04 |
| 2020 | 48.18 | 2025 | 58.95 |
From 2016 to 2025 the dollar gained about 1.9% a year against the peso on average, the steady depreciation typical of a currency whose inflation runs above US inflation. Illustrative arithmetic only, not a forecast: if that pace continued for five years from ₱63.00, USD/PHP would be near ₱69 in 2031. A one-point annual drift, consistent with inflation back at the BSP’s target, would point nearer ₱66.
What does the USD/PHP forecast mean if you are sending money to the Philippines?
For anyone sending dollars to the Philippines, the rate is close to the most favourable on record. Illustrative example: sending $50,000 at ₱63.00 delivers ₱3,150,000. At the bottom of our year-end range (₱61.80) it would deliver ₱3,090,000; at the top (₱64.20), ₱3,210,000. That ₱120,000 gap is the full width of our December range.
Forward pricing works in the sender’s favour. Peso interest rates are higher than dollar rates, so the forward USD/PHP rate sits above spot, and a forward contract fixing a rate up to 12 months ahead delivers slightly more pesos per dollar than today’s spot. Our guide on why a forward rate differs from spot explains why.
A rate alert can tell you when USD/PHP reaches a target such as ₱63.50. Our guide to sending money from the UK to the Philippines covers the pound route, and our USD to SGD forecast covers another Asian dollar pair.
Which dates could move USD/PHP before March 2027?
| Date | Event | Why it matters |
|---|---|---|
| 10 November 2026 | US CPI (October) | Shapes odds of a December Fed rise |
| 4 December 2026 | US payrolls (November) | Tests whether October’s strength holds |
| 8–9 December 2026 | FOMC decision and projections | Main dollar risk event |
| 17 December 2026 (reported) | BSP Monetary Board policy meeting | Further hike or pause after 5.50% |
| December 2026 | Holiday remittance season | Seasonal peso demand from overseas workers |
| January 2027 | New US Congress sits | Fiscal outlook could shift |
USD to PHP forecast: frequently asked questions
What is the USD to PHP forecast for 2026?
USD/PHP is forecast between ₱61.80 and ₱64.20 to the end of December 2026, and between ₱61.00 and ₱65.00 to the end of March 2027. It fixed at ₱63.00 on 5 November 2026.
What is the USD to PHP forecast for next week?
In a typical 2026 week, USD/PHP has moved about 0.5%, roughly ₱0.30 at current levels. US CPI on 10 November is the main scheduled risk this week. Our weekly currency forecast, published every Sunday, covers the events due in the week ahead.
What is the highest USD to PHP rate ever?
On ECB-derived rates, USD/PHP reached ₱63.003 on 8 October 2026, and the peso was reported at fresh record lows later in October. Before 2026 the peaks were ₱59.099 in September 2022 and ₱59.063 in December 2024.
Will the dollar go up against the peso?
The risks lean slightly that way while Philippine inflation of 7.2% runs above the BSP’s 5.50% policy rate and US data stays firm. Signs that inflation has peaked, or a softer Fed outlook, could reverse it.
What is the BSP policy rate?
The BSP’s target reverse repurchase rate is 5.50% after a reported 50 basis point rise on 22 October 2026, its fourth increase since April. The overnight deposit and lending rates were reported at 5.00% and 6.00%. The next policy meeting was reported for 17 December 2026.
Is now a good time to send dollars to the Philippines?
Dollars buy close to the most pesos on record, which favours senders. Our ranges allow for a little more upside, so some people with a fixed payment date split the transfer, fixing part now and leaving part to a rate alert. This is general information, not a personal recommendation.
Speak to a specialist about your transfer to the Philippines
Whether you are buying property in the Philippines, supporting family or paying a supplier, every Cambridge Currencies transfer is handled by phone with a dedicated specialist, from £5,000 or the currency equivalent, who can fix your dollar-to-peso rate ahead of the Fed and BSP decisions. Get a quote for your USD to PHP transfer, or browse all our currency forecasts. We work with FCA-authorised payment partners Currencycloud (FRN 900199) and ScioPay (FRN 927951), with client funds safeguarded.
