Peso Hits Record ₱60:$1

The Philippine peso fell to a historic low, breaching the 60-per-dollar mark for the first time amid strong dollar demand and rising global oil prices.

Data from the Bankers Association of the Philippines showed the peso closing at 60.10 against the US dollar, weaker than its previous record.

Analysts linked the decline to continued geopolitical tensions and expectations of prolonged tight monetary policy in the US, which have kept the dollar strong.

The Bangko Sentral ng Pilipinas said it is not defending a specific exchange rate level, stressing that its interventions are only meant to reduce excessive volatility in the market.

The central bank added it is closely monitoring the impact of rising oil prices on inflation, as well as potential effects on remittances, trade, and the country’s overall economic position.