Aflatoxin (AFL) is a naturally occurring mycotoxin produced by Aspergillus spp. and is commonly associated with peanuts (Arachis hypogaea L.), a major field legume in the Philippines. The major types of AFL are B1, B2, G1, and G2 – comprising the total aflatoxin (AFT). AFL exposure has been shown to cause both chronic and acute toxicity, with the liver as the main target organ. It is considered genotoxic and carcinogenic. The objective of this study is to establish the profile of the potential risks associated with the consumption of peanuts contaminated with aflatoxin to the Filipino consuming population. The study included [1] determination of data gaps in the risk profiling of AFL in the consumption of peanuts by the Filipino peanut-consuming population; [2] hazard identification and characterization; [3] estimation of dietary exposure (DE) and risk- based on uncertainties, variabilities, and assumptions; and [4] consolidation of available control measures and possible mitigation protocols for AFL in peanut. AFL was detected in 92% of all the peanut samples (n = 50) analyzed, with overall mean levels of 802.83 μg/kg AFT, 683.53 μg/kg AFB1, and 119.30 μg/kg AFB2 exceeding the maximum level (ML) of 15 μg/kg set by the Codex Alimentarius Commission for AFT. Considering the assumptions made and data gathered in this study, the estimated daily intakes (EDIs) of the Filipino adult (20–59 yr old) consuming population to AFT and to AFB1 in peanut – at 97.5th percentile consumption – were 1.22–6,527.18 ng/kg body weight (bw)/d and 1.22–5,574.90 ng/kg bw/d, respectively, which exceeded the recommended provisional maximum tolerable daily intake (PMTDI) of 1 ng/kg bw/d. The margins of exposure (MOE) were also generally estimated to be below 10,000, which indicates that it is a potential health concern and that it supports the need for further risk management actions.