Philippine Peso Slides Toward Key Level 60

2026-03-16 04:17 By Kyrie Dichosa 1 min. read

The Philippine peso weakened toward the psychological 60-per-dollar level, hitting a fresh record low as higher energy prices pressured the currency.

The peso remains particularly vulnerable to rising oil costs, given the country’s heavy reliance on imported fuel, with more than 90% of crude supplies sourced from the Middle East.

Crude prices held around $100 a barrel, extending their surge as tensions in the Iran conflict showed no signs of easing.

In response, Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. said the central bank had intervened in the foreign-exchange market to stabilize the currency, though the move did little to curb losses.

Even before the escalation of the Iran conflict, officials had already identified the 60-per-dollar level as a key threshold.

Earlier this month, Remolona warned that persistently high oil prices could force the central bank to consider a rate hike.



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Philippine Peso Slides Toward Key Level 60
The Philippine peso weakened toward the psychological 60-per-dollar level, hitting a fresh record low as higher energy prices pressured the currency. The peso remains particularly vulnerable to rising oil costs, given the country’s heavy reliance on imported fuel, with more than 90% of crude supplies sourced from the Middle East. Crude prices held around $100 a barrel, extending their surge as tensions in the Iran conflict showed no signs of easing. In response, Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. said the central bank had intervened in the foreign-exchange market to stabilize the currency, though the move did little to curb losses. Even before the escalation of the Iran conflict, officials had already identified the 60-per-dollar level as a key threshold. Earlier this month, Remolona warned that persistently high oil prices could force the central bank to consider a rate hike.
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Philippine Peso Hits New Record Low
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