Filipinos now face the possibility of higher electricity rates as the local currency continues to weaken against the US dollar, according to the Department of Energy (DOE).
Photo: Andy Lee/Pexels
This follows the Bankers Association of the Philippines (BAP) report on October 27, 2026, that the local currency slipped to ₱64.17 against the US dollar, continuing its depreciation since the start of October.
DOE Secretary Sharon Garin stressed that the current value of the Philippine peso versus the US dollar can possibly drive up electricity and fuel prices in the country.
According to Garin, the peso’s depreciation will affect coal, diesel, and energy prices, as they are priced in US dollars.
“So ₱64 is really, one of the—probably the highest we have now, so it will impact the rate of electricity kasi pass through siya. So it will impact the per kilowatt-hour,” Garin said on the sidelines of the Singapore International Energy Week (SIEW) 2026.
To mitigate the impacts of higher electricity rates on Filipino households, Garin said that she will meet with the Energy Regulatory Commission (ERC) Chairman and CEO, Atty. Francis Saturnino Juan, to explore measures that could delay the effects on power rates.
“That is something that I have to discuss with the ERC because they determine the rates,” she added.
Furthermore, the Philippines is facing not only peso depreciation. It is also currently facing El Niño and the ongoing fuel crisis. According to Garin, the government is trying to minimize the effects of these crises.
However, she also said that a whole-of-government approach may be needed if the impact is “really big.”
“We can report to the committee, to the Cabinet, and then maybe through DENR or DA or DOTr, subsidies can be given. But right now, wala pa namang report on that side,” she said.
(“There’s no report on that side yet.”)
On the possibility of fuel prices increasing again due to higher import costs, Garin said the DOE may ask fuel companies to implement fuel price adjustments in stages if needed.
“The staggering, [we] will ask them again once we see the computations this week, kung ano ‘yung impact niya, then we can ask for it. Normally naman they follow, but hopefully, hopefully, it won’t be necessary anymore,” she stated.
(“The staggering, [we] will ask them again once we see the computations this week, what its impact is, then we can ask for it. Normally, they follow, but hopefully, hopefully, it won’t be necessary anymore.”)
ALSO READ: Peso Hovers Near ₱64 Against the US Dollar
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