The Philippine peso neared the P63 level against the US dollar on Tuesday, but pulled back in afternoon trading to end at P62.835, sightly higher than Monday's P62.86 even as government media said remittances from overseas Filipino workers reached $3.24 billion, a seven month high.

The peso's intraday low was P62.925.

Volume at the Bankers Association of the Philippines website jumped from Monday's $969.22 million to $1.898 billion, as transactions picked up in afternoon trading which amounted to $1.102 billion.

The United States remained the top source of inflows, followed by Singapore and Saudi Arabia, based on reported remittance transactions by origin.

Seasonally adjusted personal remittances, which include cash sent through banks and informal channels as well as remittances in kind, likewise increased in July 2026, indicating stronger underlying remittance dynamics after accounting for recurring seasonal patterns.

Since August 28 when the peso surpassed the P62 level, the Philippine currency has been dipping slowly despite a 25 basis point increase by the Bangko Sentral ng Pilipinas.

Economists say demand for dollars is spurred by companies buying inventories for the Christmas season. PHS-Bangko Sentral ng Pilipinas