Marcos vows to defend the peso after record low: what it means for Filipino-Australians sending money home

The Philippine peso closed at a record low of ₱64.17 to the US dollar on 27 October before recovering slightly, and President Ferdinand Marcos Jr. pledged to defend it. Reserve Bank of Australia data shows the Australian dollar buying about ₱45 this week.

The Philippine peso closed at an all-time low of ₱64.17 to the US dollar on Tuesday, 27 October 2026, Philstar reported. On Wednesday, 28 October, it closed at ₱64.025, ending a seven-day streak of record lows, according to Philstar.

Speaking to reporters on Wednesday, President Ferdinand Marcos Jr. said the government's policy is to defend the peso and urged the public not to panic. Philstar reported that he linked the slide to rising oil and fuel prices and their effect on the economy.

Why the peso is under pressure

Philtimes reported that the peso has lost more than eight per cent of its value against the US dollar since the beginning of 2026, raising concerns about the cost of imported goods such as fuel. The Bangko Sentral ng Pilipinas raised its benchmark policy rate by 50 basis points to 5.5 per cent; Philstar reported that BSP Governor Eli Remolona Jr. said the hike was not implemented to influence a particular exchange rate.

Citing Reuters, Philtimes said Philippine foreign exchange reserves stood at approximately US$99.5 billion in September, their lowest level since September 2023.

What it means for Filipino-Australians

Reserve Bank of Australia (RBA) indicative rates for the Philippine peso this week:

At the 28 October reference rate, A$1,000 would be equivalent to approximately ₱45,010 before transfer fees and exchange-rate margins, Philtimes noted. The Australian dollar had been worth ₱43.61 at the beginning of October, according to historical RBA data cited by Philtimes.

A weaker peso against the US dollar does not automatically mean the same movement against the Australian dollar, because exchange rates depend on the relative performance of both currencies. For families sending money to relatives in the Philippines, the amount received in pesos will depend on the exchange rate and fees offered by their remittance provider.

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