Three Decade Historical Trend of USD vs. The Philippine Peso
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Three Decade Dollar to Peso History
Historical Yearly Average Exchange Rate (1996 – 2026)
Executive Summary:
The Philippine Peso (PHP) has navigated significant volatility against the US Dollar (USD) over the last 30 years. From the stability of the mid-90s through the shock of the Asian Financial Crisis to the current post-pandemic inflationary pressures, the exchange rate reflects both domestic economic shifts and global geopolitical trends.
Highest PHP Depreciation Year
1998
Post-Asian Financial Crisis (+38.7%)
Strongest PHP Year
1996
Average: 26.22 PHP/USD
| Year | USD to PHP (Average) | Trend (vs. Prev Year) |
|---|---|---|
| 1996 | 26.22 | Baseline |
| 1997 | 29.47 | Uptrend |
| 1998 | 40.89 | Uptrend |
| 1999 | 39.09 | Downtrend |
| 2000 | 44.19 | Uptrend |
| 2001 | 50.99 | Uptrend |
| 2002 | 51.60 | Uptrend |
| 2003 | 54.20 | Uptrend |
| 2004 | 56.04 | Uptrend |
| 2005 | 55.08 | Downtrend |
| 2006 | 51.31 | Downtrend |
| 2007 | 46.15 | Downtrend |
| 2008 | 44.47 | Downtrend |
| 2009 | 47.64 | Uptrend |
| 2010 | 45.11 | Downtrend |
| 2011 | 43.31 | Downtrend |
| 2012 | 42.23 | Downtrend |
| 2013 | 42.45 | Uptrend |
| 2014 | 44.40 | Uptrend |
| 2015 | 45.50 | Uptrend |
| 2016 | 47.50 | Uptrend |
| 2017 | 50.40 | Uptrend |
| 2018 | 52.66 | Uptrend |
| 2019 | 51.80 | Downtrend |
| 2020 | 49.62 | Downtrend |
| 2021 | 49.25 | Downtrend |
| 2022 | 54.48 | Uptrend |
| 2023 | 55.63 | Uptrend |
| 2024 | 56.45 | Uptrend |
| 2025* | 56.10 | Downtrend |
| 2026* | 55.80 | Downtrend |
Key Economic Insights
Asian Financial Crisis (1997–1998)
The PHP faced massive speculative pressure, collapsing from the 26-range to over 40 in just two years as regional currencies were devalued.
Global Financial Crisis (2008)
Surprisingly, the PHP remained relatively resilient compared to 1997, supported by strong BPO revenues and steady OFW remittances, though it weakened slightly in 2009.
COVID-19 Period (2020–2021)
An unusual period of PHP strength occurred due to a massive drop in imports (reduced demand for USD) and a healthy gross international reserve level.
Recent USD Strength (2022–2024)
Aggressive US Federal Reserve rate hikes to combat inflation led to a global dollar surge, pushing the PHP back toward historical lows near the 56-57 range.
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