Recent analysis of the SGD to PHP exchange rate reveals significant developments influencing both currencies. The Singapore Dollar (SGD) has shown resilience, recently trading at 90-day highs of 45.77, which is 1.4% above its 3-month average of 45.1. Experts note that the SGD has remained within a stable range of 3.2% over the past months, indicating its relative strength against the Philippine Peso (PHP).
The Monetary Authority of Singapore (MAS) has adopted a more accommodative stance since January 2025 by reducing the slope of its monetary policy band. This adjustment was made to bolster economic growth in light of lower core inflation projections. Particularly, the MAS maintained its policy in October 2025, citing a stronger-than-expected economic growth rate of 2.9% year-on-year for the third quarter, exceeding market predictions. This maintained strength is expected to support the SGD in the foreseeable future.
Conversely, the PHP has faced downward pressure, particularly following concerns regarding its economic outlook. In October, the PHP depreciated to a record low of 59.262 per US dollar. Analysts highlight that issues surrounding infrastructure spending and corruption are contributing to the peso's weakness and diminishing investor confidence. The Bangko Sentral ng Pilipinas (BSP) announced a market-determined exchange rate policy, which allows for natural fluctuations rather than direct interventions aimed solely at stabilizing the peso. With inflation averaging a low 1.7%, there are expectations of potential rate cuts to stimulate growth, which could further impact the PHP's performance.
Overall, the SGD’s recent strength relative to the PHP reflects contrasting economic situations in Singapore and the Philippines. Analysts anticipate that if the MAS maintains its current stance and the Philippine economy continues to face challenges, the SGD is likely to further appreciate against the PHP in the near term.
