USD to PHP by year (1970–2026): 2026's ₱60.63 average is the weakest on record
The peso has averaged ₱60.63 per US dollar in 2026 so far, the weakest annual average on record, ahead of 2025 (₱57.51). Yet in real effective terms the peso is about 15% stronger than its 2000–2019 average. Yearly averages, highs and lows from 1970, crisis periods, and how to use the numbers.
“The peso hit a new record low” has been a regular headline in 2026. It is true, and on a yearly basis it is now unambiguous: 2026 is the weakest year for the peso against the US dollar since records began. But the record nominal low is only half the story. Below is every year from 1970 with its average, weakest day and strongest day, plus the real-terms measure that gives a very different answer.
Where does 2026 rank among the weakest years for the peso?
First. The peso has averaged ₱60.63 per US dollar in 2026 (2 January to 29 September, 190 trading days), the weakest annual average on record. The previous two years are second and third (BIS daily data).
Average peso–dollar rate for 2026, 2 January to 29 September (190 trading days), BIS daily average of observations. Weakest annual average on record.
Where does 2026 rank among the weakest years for the peso?
Annual average (₱ per US$)
Shared linear scale from zero. Selected entries from the table below. Its dates, units, definitions and limitations still apply.
| Rank | Year | Annual average (₱ per US$) | Weakest day |
|---|---|---|---|
| 1 | 2026 (to 29 Sep) | 60.63 | 62.87 (14 Sep) |
| 2 | 2025 | 57.51 | 59.33 (9 Dec) |
| 3 | 2024 | 57.30 | 59.06 (19 Dec) |
| 4 | 2004 | 56.05 | 56.75 (28 Oct) |
| 5 | 2023 | 55.65 | 57.04 (5 Sep) |
| 6 | 2005 | 55.06 | 56.30 (19 Sep) |
| 7 | 2022 | 54.54 | 59.10 (28 Sep) |
| 8 | 2003 | 54.21 | 55.73 (28 Nov) |
The 2026 average is 5.4% more pesos per dollar than 2025’s and 8.2% more than 2004’s ₱56.05, which held the record for twenty years until 2024 (₱57.30) overtook it.
Can 2026 still lose the top spot? Only in an extreme case. With 190 days averaging ₱60.63 and roughly 65 trading days left, the full-year average stays above 2025’s ₱57.51 unless the remaining days average below about ₱48 per dollar. On 29 September the rate was ₱62.5469. The ₱48 threshold is an approximation that depends on the exact number of remaining trading days; it is arithmetic, not a forecast.
What was the peso’s weakest day?
14 September 2026, at ₱62.87 per US dollar on the BIS daily-average series. All ten of the weakest days on record fall in September 2026.
| Rank | Date | ₱ per US$ |
|---|---|---|
| 1 | 14 Sep 2026 | 62.87 |
| 2 | 15 Sep 2026 | 62.80 |
| 2 | 18 Sep 2026 | 62.80 |
| 4 | 21 Sep 2026 | 62.79 |
| 5 | 24 Sep 2026 | 62.75 |
| 6 | 16 Sep 2026 | 62.73 |
| 7 | 17 Sep 2026 | 62.72 |
| 8 | 4 Sep 2026 | 62.65 |
| 9 | 7 Sep 2026 | 62.64 |
| 10 | 11 Sep 2026 | 62.63 |
Within 2026 itself, the range runs from ₱57.56 (25 February, the strongest day) to ₱62.87, a move of about 9% in under seven months. A daily average smooths the day’s trading, so the highest trade on any of these days, and the rates at bank counters and remittance centres, were further out.
USD to PHP exchange rate by year, 1970–2026
The tables below give, for each year, the average of the BIS daily series and the weakest and strongest days. Daily data start in 1978; for earlier years the figure is the average of twelve monthly averages and there are no daily extremes. Higher numbers mean a weaker peso.
Before 1970: two fixed levels
The BIS monthly series shows the peso at ₱2.00 per US dollar every year from 1945 to 1959, then a transition to ₱3.90 by 1963, where it stayed until 1966 (₱3.92 in 1967–69). The 1970 average of ₱6.03 marks the next large step.
1970–1982: gradual weakening
| Year | Average | Weakest day | Strongest day |
|---|---|---|---|
| 1970 | 6.03 | — | — |
| 1971 | 6.43 | — | — |
| 1972 | 6.68 | — | — |
| 1973 | 6.76 | — | — |
| 1974 | 6.79 | — | — |
| 1975 | 7.25 | — | — |
| 1976 | 7.44 | — | — |
| 1977 | 7.40 | — | — |
| 1978 | 7.37 | 7.38 (16 Mar) | 7.36 (2 Oct) |
| 1979 | 7.38 | 7.42 (28 Dec) | 7.35 (29 Jun) |
| 1980 | 7.51 | 7.60 (23 Dec) | 7.41 (15 Jan) |
| 1981 | 7.90 | 8.20 (28 Dec) | 7.20 (5 Jun) |
| 1982 | 8.54 | 9.17 (29 Dec) | 8.20 (22 Oct) |
1983–1985: the debt crisis
The peso more than doubled against the dollar in two years. In October 1983 the peso was devalued from 11 to 14 per dollar, a 21.4% cut in its value (Christian Science Monitor, 6 Oct 1983). A multiple-rate structure introduced in June 1984 was abolished in October 1984, after which the rate was set by market forces with periodic central bank intervention (Bekaert & Harvey chronology). The annual average went from ₱8.54 in 1982 to ₱18.70 in 1985.
| Year | Average | Weakest day | Strongest day |
|---|---|---|---|
| 1983 | 11.08 | 14.00 (12 Oct) | 9.17 (3 Jan) |
| 1984 | 16.70 | 20.02 (24 Oct) | 14.00 (3 Jan) |
| 1985 | 18.70 | 19.65 (2 Jan) | 18.46 (27 Jun) |
1986–1996: a slower drift
| Year | Average | Weakest day | Strongest day |
|---|---|---|---|
| 1986 | 20.37 | 22.05 (20 Feb) | 19.00 (2 Jan) |
| 1987 | 20.57 | 20.94 (24 Nov) | 20.43 (22 Jan) |
| 1988 | 21.09 | 21.41 (21 Oct) | 20.80 (4 Jan) |
| 1989 | 21.73 | 22.48 (27 Dec) | 21.33 (5 Apr) |
| 1990 | 24.27 | 28.00 (2 Nov) | 22.41 (4 Jan) |
| 1991 | 27.48 | 28.00 (2 Jan) | 26.58 (2 Dec) |
| 1992 | 25.50 | 26.65 (2 Jan) | 23.21 (1 Sep) |
| 1993 | 27.13 | 29.81 (30 Sep) | 25.19 (18 Jan) |
| 1994 | 26.42 | 27.85 (20 Jan) | 23.75 (25 Nov) |
| 1995 | 25.71 | 26.26 (21 Nov) | 24.43 (12 Jan) |
| 1996 | 26.22 | 26.31 (24 Dec) | 26.12 (9 Feb) |
The 1996 range, ₱26.12 to ₱26.31, is one of the narrowest in the table — the calm before 1997.
1997–1999: the Asian financial crisis
The authorities floated the peso on 11 July 1997, as the IMF noted when it extended the Philippines’ Extended Fund Facility a week later (IMF Press Release 97/33). The rate went from ₱26.29 on 6 January 1997 to ₱45.42 on 8 January 1998, and the 1998 average of ₱40.95 was 56% more pesos per dollar than the 1996 average of ₱26.22.
| Year | Average | Weakest day | Strongest day |
|---|---|---|---|
| 1997 | 29.46 | 40.63 (24 Dec) | 26.29 (6 Jan) |
| 1998 | 40.95 | 45.42 (8 Jan) | 36.99 (26 Mar) |
| 1999 | 39.12 | 41.06 (29 Nov) | 37.59 (12 May) |
2000–2005: the previous record
The peso kept weakening after the crisis, passing ₱50 in 2000 and reaching an annual average of ₱56.05 in 2004, a record that stood until 2024. In March 2005 IMF directors described the vulnerabilities from the country’s large external debt and financing requirements as still high, and welcomed consideration of a higher VAT rate (IMF PIN 05/35).
| Year | Average | Weakest day | Strongest day |
|---|---|---|---|
| 2000 | 44.26 | 51.60 (30 Oct) | 39.78 (4 Jan) |
| 2001 | 51.00 | 54.79 (18 Jan) | 47.47 (15 Feb) |
| 2002 | 51.61 | 53.85 (22 Nov) | 49.28 (20 May) |
| 2003 | 54.21 | 55.73 (28 Nov) | 52.00 (7 May) |
| 2004 | 56.05 | 56.75 (28 Oct) | 55.11 (22 Jan) |
| 2005 | 55.06 | 56.30 (19 Sep) | 53.01 (29 Dec) |
2006–2021: recovery, the 2008 shock and a long range
The peso strengthened for several years after 2005, reaching ₱40.22 on 27 February 2008. During the 2008 global financial crisis it then went to ₱50.04 by 20 November, a 24% move within the year. Through the 2010s the annual average stayed between ₱42 and ₱53.
| Year | Average | Weakest day | Strongest day |
|---|---|---|---|
| 2006 | 51.29 | 53.58 (28 Jun) | 49.01 (29 Dec) |
| 2007 | 46.07 | 49.13 (29 Jan) | 41.01 (13 Dec) |
| 2008 | 44.46 | 50.04 (20 Nov) | 40.22 (27 Feb) |
| 2009 | 47.58 | 49.02 (2 Mar) | 46.00 (4 Dec) |
| 2010 | 45.08 | 47.12 (25 May) | 42.28 (4 Nov) |
| 2011 | 43.30 | 44.60 (24 Jan) | 41.93 (1 Aug) |
| 2012 | 42.22 | 44.20 (9 Jan) | 40.79 (29 Nov) |
| 2013 | 42.47 | 44.70 (28 Aug) | 40.54 (13 Mar) |
| 2014 | 44.40 | 45.46 (24 Jan) | 43.21 (23 Jul) |
| 2015 | 45.54 | 47.46 (14 Dec) | 43.98 (26 Feb) |
| 2016 | 47.50 | 50.05 (19 Dec) | 45.90 (8 Jun) |
| 2017 | 50.41 | 51.85 (27 Oct) | 49.35 (6 Jan) |
| 2018 | 52.70 | 54.34 (25 Sep) | 49.78 (4 Jan) |
| 2019 | 51.79 | 52.89 (22 Jan) | 50.42 (5 Nov) |
| 2020 | 49.61 | 51.65 (16 Mar) | 47.98 (3 Dec) |
| 2021 | 49.31 | 51.19 (27 Sep) | 47.63 (7 Jun) |
2022–2026: five years at the top of the table
The US Federal Reserve began raising its policy rate in March 2022 (FOMC statement, 16 March 2022), and the peso went from ₱50.99 in early January to ₱59.10 by 28 September 2022. Every year since has ranked among the weakest on record: 2024 overtook 2004, 2025 overtook 2024, and 2026 has overtaken 2025 by more than three pesos.
| Year | Average | Weakest day | Strongest day |
|---|---|---|---|
| 2022 | 54.54 | 59.10 (28 Sep) | 50.99 (5 Jan) |
| 2023 | 55.65 | 57.04 (5 Sep) | 53.69 (3 Feb) |
| 2024 | 57.30 | 59.06 (19 Dec) | 55.32 (12 Mar) |
| 2025 | 57.51 | 59.33 (9 Dec) | 55.33 (23 May) |
| 2026 (to 29 Sep) | 60.63 | 62.87 (14 Sep) | 57.56 (25 Feb) |
Is the peso actually weak in real terms?
No — by the broadest real measure it is stronger than its long-run average. The BIS real effective exchange rate for the peso, which adjusts for inflation and covers a broad basket of trading partners, was 97.85 in July 2026, about 15% above its 2000–2019 average of 84.94. On this index a higher number means a stronger peso (FRED RBPHBIS; BIS).
| Point (monthly) | Real effective rate (2020 = 100) |
|---|---|
| June 1997 | 103.38 |
| January 1998 | 75.89 |
| February 2004 (lowest since 1994) | 64.08 |
| December 2008 | 83.61 |
| October 2022 | 98.47 |
| March 2024 (highest since 1994) | 105.03 |
| December 2025 | 98.60 |
| July 2026 (latest) | 97.85 |
| 2000–2019 average | 84.94 |
The two measures disagree because they answer different questions. The peso–dollar rate tells you how many pesos one US dollar costs. The real effective rate asks how expensive Philippine goods are compared with those of many trading partners at once, after allowing for differences in inflation. When Philippine inflation runs above that of its trading partners, a rising peso–dollar rate can coexist with a stable or even rising real effective rate, because part of the nominal slide only offsets the inflation gap. The real index also weighs many currencies besides the US dollar.
Put simply: in 2004 the peso averaged ₱56.05 per dollar and the real effective rate was at its lowest point since 1994. In 2026 the peso is weaker against the dollar, but in real effective terms it sits near the top of its range.
A real effective exchange rate that is above its long-run average means the peso is relatively strong in real terms. That can make Philippine exports and tourism relatively more expensive for foreign buyers, even while a peso earner finds dollar-priced goods expensive. Neither reading is "the true value" of the peso; they measure different things.
What is a yearly average rate useful for?
Mainly for comparisons that span many purchases or payments. A few common uses:
Remittances. A family receiving dollars gets more pesos when the peso is weak. At annual averages, US$500 converted to ₱24,655 in 2021 (₱49.31) and to ₱30,315 in 2026 so far (₱60.63), about 23% more. Prices also rose over those five years, so that does not mean 23% more purchasing power.
Overseas investing. Someone who buys US shares or a dollar fund every month pays a different rate each time. Comparing your average purchase rate with the yearly averages in the table shows whether you bought mostly in weak-peso or strong-peso years.
Dollar savings and costs. For tuition abroad, imported inputs or a dollar deposit, a yearly average is a fairer benchmark than a single day’s rate, which can be at an extreme.
BIS daily average vs the BSP reference rate
The figures on this page come from the BIS series of daily averages of observations, which runs on one consistent basis from 1978. The Bangko Sentral ng Pilipinas publishes its own daily peso–dollar rate (BSP) and a Reference Exchange Rate Bulletin containing weighted average rates of selected currencies (PIDS SERP-P). Those rates come from the interbank spot market, in which only BSP-authorised universal and commercial banks that are members of the Bankers Association of the Philippines can trade (BAP).
The BIS daily average and the BSP's published rate measure the same market but are compiled differently, so they can differ by a few centavos on a given day, and annual averages can differ slightly too. For contracts, customs, accounting or tax, use the BSP rate or the rate your bank actually applied, not this table. Bank counter and remittance rates include a spread and are always less favourable than either. The 2026 figures cover 2 January to 29 September only, and the pre-1978 values are averages of monthly data. Past rates do not indicate future rates.
To see what a peso amount from any of these years compares with today, on several bases at once, use the past-money calculator.
Questions & answers
What is the highest USD to PHP exchange rate ever?
On the BIS daily-average series, the weakest day for the peso is 14 September 2026 at ₱62.87 per US dollar. The ten weakest days on record all fall in September 2026. Intraday trades and bank counter rates can be higher than a daily average.
What was the average USD to PHP rate in 2025?
₱57.51 per US dollar, the second-weakest annual average on record after 2026 so far (₱60.63). The weakest day of 2025 was 9 December at ₱59.33 and the strongest 23 May at ₱55.33 (BIS daily data).
Is the peso weaker now than in the 1997 Asian financial crisis?
In pesos per dollar, yes: the 1998 average was ₱40.95 against ₱60.63 in 2026 so far. In real effective terms, no. The BIS real effective exchange rate was 75.89 in January 1998 and 97.85 in July 2026, where a higher number means a stronger peso after adjusting for inflation and many trading partners.
Which exchange rate should I use for official or tax purposes?
The Bangko Sentral ng Pilipinas publishes its own daily peso–dollar rate and a Reference Exchange Rate Bulletin. Use those, or the rate your bank actually applied, for official, contractual or tax purposes. This note uses the BIS daily average because it covers every year from 1978 on one consistent basis; the two can differ by a few centavos.
How much more does a dollar remittance buy in pesos now?
At annual averages, US$500 converted to ₱24,655 in 2021 (₱49.31 per dollar) and ₱30,315 in 2026 so far (₱60.63), about 23% more pesos. Prices in the Philippines also rose over those years, so the extra pesos do not buy 23% more goods.
Source
- BIS · Bilateral US dollar exchange rates (daily and monthly averages, PHP per USD) ↗
- FRED · Real Broad Effective Exchange Rate for Philippines (RBPHBIS, BIS, 2020=100) ↗
- BIS · Effective exchange rates ↗
- BSP · Daily Philippine peso per US dollar rate ↗
- PIDS SERP-P · BSP Reference Exchange Rate Bulletin ↗
- Bankers Association of the Philippines · Markets (USD/PHP spot) ↗
- IMF · Press Release No. 97/33, Philippines EFF extension (18 July 1997) ↗
- IMF · Public Information Notice No. 05/35, Philippines Article IV (March 2005) ↗
- Christian Science Monitor · Huge payments deficit brings new devaluation in Philippines (6 October 1983) ↗
- Bekaert & Harvey · Chronology of economic, political and financial events: Philippines (Duke University) ↗
- Federal Reserve · FOMC statement, 16 March 2022 ↗