Philippine Peso Falls to New Record Low

2026-03-23 04:47 By Erika Ordonez 1 min. read

The Philippine peso weakened to around 60.2 per dollar, marking a new record low, as escalating Middle East tensions and rising oil prices pressured the currency.

Threats of strikes on energy infrastructure in the Gulf and broader geopolitical risk fueled safe-haven demand for the US dollar, while foreign selling of local assets added to the decline.

The peso has dropped 4.2% this month, ranking among Asia’s worst-performing currencies.

The country’s heavy reliance on energy imports and a persistent trade deficit amplify vulnerability, while broader risk-off sentiment across Asian markets adds to pressure.

Meanwhile, the BSP has limited interventions to temper volatility rather than defend a specific level, and prolonged oil above $100/barrel could force a policy pivot.

Fiscal strains are rising, with higher borrowing costs highlighting the need for reforms and measures to support energy security and domestic demand.



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Philippine Peso Falls to New Record Low
The Philippine peso weakened to around 60.2 per dollar, marking a new record low, as escalating Middle East tensions and rising oil prices pressured the currency. Threats of strikes on energy infrastructure in the Gulf and broader geopolitical risk fueled safe-haven demand for the US dollar, while foreign selling of local assets added to the decline. The peso has dropped 4.2% this month, ranking among Asia’s worst-performing currencies. The country’s heavy reliance on energy imports and a persistent trade deficit amplify vulnerability, while broader risk-off sentiment across Asian markets adds to pressure. Meanwhile, the BSP has limited interventions to temper volatility rather than defend a specific level, and prolonged oil above $100/barrel could force a policy pivot. Fiscal strains are rising, with higher borrowing costs highlighting the need for reforms and measures to support energy security and domestic demand.
2026-03-23
Philippine Peso Hits Record Low Above 60
The Philippine peso depreciated past the key 60-per-dollar mark, hitting a fresh record low as surging oil prices, driven by escalating tensions in the Middle East, weigh on the country’s economic outlook. The currency dropped as much as 1.5%, reflecting the heightened risks posed to the Philippines, which relies on imports for more than 90% of its crude oil. Earlier this week, the Bangko Sentral ng Pilipinas (BSP) said it had stepped in as the peso approached this level, but noted that its interventions aim to moderate sharp swings that could affect inflation rather than defend a specific exchange rate. The peso has now weakened more than 4% this month, making it one of the worst-performing currencies in Asia. Economists say the Philippines is particularly vulnerable to inflation and growth pressures amid high energy costs.
2026-03-19
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.
2026-03-16