Peso Hits New Record Low as Oil Prices Surge

The Philippine peso has fallen to a fresh record low of P62.86 per US dollar on September 14, marking its second consecutive day of depreciation.

The peso's decline was fueled by the ongoing geopolitical tensions in the Middle East and rising global oil prices, which rose more than 2% on Monday, with Brent crude futures up 2.77% at $107.51 per barrel and West Texas Intermediate (WTI) futures climbing 2.27% to $102.32 per barrel.

A trader noted that the peso remains under pressure from a strong dollar, elevated oil prices, and continued local demand for dollars, with PHP63 being 'clearly within striking distance' but not necessarily a permanent level.