The Philippine peso weakened to a fresh record low of ₱60.30 against the US dollar on Monday, as global uncertainty linked to the escalating conflict in the Middle East weighed on the currency.
Data from the Bankers Association of the Philippines showed the peso surpassing its previous record low of ₱60.10 per dollar recorded on March 19.
The Bangko Sentral ng Pilipinas said it does not target a fixed exchange rate but stands ready to intervene in the market to prevent excessive volatility.
The central bank is also closely monitoring the impact of rising global oil prices, which could further pressure the peso and the broader economy.
President Ferdinand Marcos Jr. earlier met with BSP Governor Eli Remolona to assess the situation, including possible implications for interest rates.
Malacañang has warned that a weaker peso, particularly beyond the ₱60-per-dollar level, could increase the country’s foreign debt burden, much of which is denominated in US dollars.
