Peso Hits Record Low Amid Rising Oil Prices and Tensions

The Philippine peso hit an all-time low of ₱61.847 against the US dollar on Friday, weighed down by rising global oil prices and escalating geopolitical tensions in the Middle East.

This marks a new record low for the peso, surpassing its previous record close of ₱61.75 to the dollar over the past two days.

According to Union Bank's chief economist Carlo Asuncion, external factors such as higher oil prices, heightened geopolitical tensions, and a stronger US dollar were primarily responsible for the peso's record-low close.

Asuncion noted that while domestic inflation concerns may have added some pressure, the move largely reflects a challenging global environment rather than a significant deterioration in Philippine economic fundamentals.