The Philippine peso has weakened to a new record low against the US dollar, reflecting growing pressure from global and domestic economic factors.
The currency opened at P61.20 and slid to as low as P61.67 before closing at P61.567, based on market data.
Analysts said tensions in the Middle East are affecting remittance flows, particularly from overseas Filipino workers, which account for a significant share of dollar inflows into the country.
Joey Roi Bondoc noted that while some OFWs may send more money during crises, others have returned home, reducing overall remittance inflows.
The weakening peso is also being driven by a rising import bill, especially for petroleum products, which increases demand for dollars.
Higher demand for foreign currency, coupled with external uncertainties, continues to weigh on the peso’s performance in the foreign exchange market.
Economists said the currency’s movement will likely remain sensitive to global developments, particularly energy prices and geopolitical risks.
