Philippine Peso Plunges to Record Low Amid Oil Fears

The Philippine peso has hit a record low of 62.216 per US dollar due to concerns over oil prices and weak foreign currency inflows.

According to Citi, a global bank, the peso's outlook remains negative as the country's current account deficit widens, driven by higher oil imports.

The central bank tried to combat inflation by raising interest rates by 25 basis points on Thursday, but pointed to a stubborn problem: a strong El Niño that could disrupt rice supplies.

Rate hikes can cool demand, but they cannot fix weather-driven shortages, so price pressure may linger.