Philippine Peso Hits Record Low Against UAE Dirham

Sep 7, 2026

62 min

Sep 7, 2026 06:31

Philippine peso hits record low, UAE dirham rate reaches 17.02 amid oil price pressure

## Exchange Rate Surge

The Philippine peso has reached a new low against the UAE dirham, with the exchange rate climbing to 17.02 pesos per dirham. This marks a significant increase from earlier in the month when the rate was 16.92 pesos per dirham on September 1.

## Impact on Remittances

For Filipinos in the UAE, this development means more pesos for every dirham sent home. A remittance of Dh1,000 now converts to 17,020 pesos, compared to 16,920 pesos at the start of September.

## Economic Pressures

The peso's decline is attributed to rising oil prices and a stronger US dollar. The currency has fallen about 6.2% against the dollar this year, making it the worst-performing currency in Asia.

## Trade and Inflation Challenges

The Philippines faces a widening trade deficit, partly due to increased costs of oil imports. The country's foreign reserves have decreased by 9% since February, limiting the central bank's ability to support the peso. Inflation is also a concern, with consumer prices rising 6.1% in August, well above the central bank's target.

## Regional Comparisons

Other Asian countries like India and Indonesia are also experiencing pressure from high oil prices, but they have larger foreign-exchange reserves to help stabilize their currencies.

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