The Philippine peso weakened to a new record low of ₱59.50 against the US dollar on Monday, March 9, according to data from the Bankers Association of the Philippines. The local currency dropped by about 50 centavos from last Friday’s ₱59 close, marking its worst performance on record.
During Monday’s trading, the peso also reached an intraday low of around ₱59.70 per dollar, surpassing the previous record low of about ₱59.46 recorded earlier this year.
Analysts attributed the peso’s decline mainly to surging global oil prices, which climbed above $100 per barrel amid escalating tensions in the Middle East. Higher oil prices increase the Philippines’ import costs, putting pressure on the country’s currency.
Economists also warned that the weaker peso could lead to higher fuel and transport costs and rising prices of goods, as the Philippines relies heavily on imported oil and other commodities.
Financial markets continue to closely monitor the situation as the currency’s depreciation could have broader implications for inflation, fuel prices, and the country’s economic outlook in the coming months.
