09/09/2026
Resibo
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A weaker peso is not unusual, but the pace of depreciation has varied sharply across administrations.
The currency moved from P44.50 to P46.20 per dollar under Gloria Macapagal-Arroyo, barely changed under Benigno Aquino III, and weakened sharply from P46.30 to P55.01 during Rodrigo Duterte’s term.
Under Ferdinand Marcos Jr., it has moved from P55.01 to around P62.40.
The comparison also reflects very different economic periods—from the global financial crisis and the post-pandemic recovery to today’s higher interest rates, energy shocks and external imbalances.
Still, the numbers remind us that economic priorities and external conditions ultimately show up in the currency.