The Philippine Peso plummeted to a new record low of ₱60.10 to the U.S. dollar on Thursday, March 19.

In the afternoon, the peso-U.S. dollar exchange rate had already weakened to ₱60.4, after opening at ₱59.9. This comes after the surge in oil prices amid ongoing tensions in the Middle East.

The latest update surpassed the previous record-low of ₱59.87 on March 16.

In an interview on DZRH Balansyado, Economist Professor Emmanuel Leyco said the current exchange rate would greatly affect the Philippine economy, citing challenges in the prices of imported goods and oil.