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This photo shows a picture of U.S. Dollars.
STAR / Edd Gumban, file
MANILA, Philippines — The Philippine peso breached the record low 60-per-dollar level on Thursday, March 19, as rising oil prices and a stronger US dollar continue to squeeze the currency.
The peso opened at 59.9 and dropped as far as 60.40 during morning trade, according to Bankers Association of the Philippines data. That is the weakest the currency has ever been against the dollar.
Oil prices appear to have been the main drag on the peso. Crude has held near $100 (roughly P6,012) a barrel as the conflict involving the United States, Israel, and Iran threatens supply through the Strait of Hormuz. The Philippines imports over 90% of its crude from the region and has been heavily exposed to spikes in gas prices.
The peso may still fall to as low as P61 per dollar amid the sustained conflict in the Middle East, where the US has shown no signs of letting up in its campaign of striking Iran, according to estimates by Michael Wan, senior analyst at the MUFG Bank Ltd.
The Bangko Sentral ng Pilipinas said yesterday it has intervened in the foreign exchange market to prevent the peso from slipping even further against the dollar, according to a Bloomberg report. BSP Governor Eli Remolona Jr. has warned that oil prices sustained above $100 a barrel could force a rate hike.
President Ferdinand Marcos Jr. said in January he did not want the peso to reach 60 per dollar.
The BSP's next policy meeting is April 23. — Cristina Chi
