Philippine peso hits record low against UAE dirham and US dollar

The Philippine peso has fallen to an all-time low against the UAE dirham and the US dollar, giving Filipinos abroad more pesos for every dirham they send home.

The currency dropped to 17 pesos per dirham, equivalent to 62.8 pesos per dollar, on Monday. The article links the decline to a widening trade deficit and a rising oil import bill after crude prices increased amid the war in the Middle East.

Ali Al Najjar, chief executive of Al Ansari Exchange, said the peso's record weakness reflected wider pressure on Asian currencies during global market volatility. He said each dirham sent from the UAE now converts into more pesos, giving overseas Filipinos greater value when supporting their families, paying for education or covering household expenses.

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The Philippine peso's record weakness reflects the broader pressure facing several Asian currencies amid global market volatility.

The Philippines has also seen oil prices rise by five pesos per litre in early September 2026 as global crude costs increased. Nearly one million Overseas Filipino Workers are employed in the UAE, making the country one of the Philippines' leading remittance corridors alongside the United States and Saudi Arabia.

Al Ansari said customers were watching exchange rates more closely and choosing when and how to send money. The company reported a slight increase in remittance activity along the Philippines corridor. Central Bank of the UAE data showed outward remittances through exchange houses rose 27.8% year on year in 2025 to Dh188.8 billion.

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We are seeing customers pay closer attention to exchange-rate movements and choose the right time and channel to send money home.