Peso Hits Record Low at ₱60.82 Amid Oil Crisis

The Philippine peso plunged to a new all-time low of ₱60.82 against the US dollar on Monday, extending its sharp decline as global tensions continue to rattle financial markets. The latest drop surpasses last week’s record and reflects a nearly 4.5% depreciation for the month of March alone.

Analysts point to the ongoing Middle East conflict as a key driver, with soaring oil prices increasing demand for the dollar and putting pressure on import-dependent economies like the Philippines. As a country heavily reliant on imported fuel, the rising cost of crude is driving up expenses and weakening the local currency.

President Ferdinand Marcos Jr. has already declared a national energy emergency, warning of risks to the country’s oil supply, which currently stands at around 45 days.

Meanwhile, the Bangko Sentral ng Pilipinas kept its policy rate unchanged at 4.25% but raised its inflation forecast for 2026 to 5.1%, signaling further economic strain as the country grapples with high fuel costs and a weakening peso.