Philippine Peso Hits Record Low Above P60 on US Dollar Amid Rising Oil Prices

The Philippine peso has weakened past the P60 mark, trading at P60.10 to the US dollar, due to global dollar strength and surging oil prices triggered by Middle East conflicts. This depreciation increases inflationary pressure and import costs, challenging the country's economic stability. Analysts and policymakers will closely monitor geopolitical developments and supply chain risks as they consider cautious monetary interventions to stabilize the currency.