Recent forecasts and analyses suggest a complex outlook for the SGD to PHP exchange rate. As of November 11, 2025, the SGD is trading at 45.48 PHP, which is notably 1.5% higher than its three-month average of 44.8. This indicates some volatility, as the exchange rate has remained within a relatively stable range of 43.08 to 45.68 in recent months.
Analysts highlight that the Singapore dollar has been impacted by the Monetary Authority of Singapore’s (MAS) recent decisions. In April 2025, MAS eased its monetary policy, aiming to mitigate economic uncertainties, leading to a reduction in the nominal effective exchange rate policy band. This may have contributed to a slight depreciation of the SGD against other currencies. However, a recent report from October 2025 indicated stronger than expected GDP growth in Singapore, prompting MAS to revise its growth forecast upward. This positive economic performance may bolster the SGD moving forward, especially considering its emerging status as a safe-haven currency in Asia amid global trade tensions.
On the other hand, developments surrounding the Philippine peso show a contrasting picture. The peso recently reached a record low against the US dollar at 59.262, primarily driven by concerns over potential economic slowdowns linked to infrastructure spending and expectations of interest rate cuts by the Bangko Sentral ng Pilipinas (BSP). October’s inflation rate of 1.7%, significantly below the target, supports the case for a potential rate cut in December, which could further weaken the peso.
Moreover, issues such as the peso's overvaluation since 2019 and an ongoing trade deficit are exerting additional pressure on the currency, complicating its competitive stance, particularly in the manufacturing sector. Analysts from ANZ Research have noted these factors as detrimental to the peso's strength against the SGD.
Given the current outlook, the interplay between Singapore's improved economic growth and the Philippines' economic challenges could influence the SGD to PHP exchange rate. Businesses and individuals engaged in currency transactions may want to closely monitor these developments for strategic decision-making.
