Peso sinks to fresh record low of ₱63.09:$1 as BOP deficit, oil and war pressures mount
The Philippine peso has hit a new record low of 63.09 against the US dollar due to a widening balance of payments deficit and geopolitical pressures. Analysts cite rising oil prices and increased demand for the US dollar as primary drivers for the currency's decline.
Why it matters
A weakening currency can lead to higher inflation and increased costs for imported goods, impacting the Philippine economy significantly.
Manila Bulletin - Peso sinks to fresh record low of ₱63.09:$1 as BOP deficit, oil and war pressures mount
Peso sinks to fresh record low of ₱63.09:$1 as BOP deficit, oil and war pressures mount
Just two trading days after hitting its previous record low, the Philippine peso slumped further to a fresh record low of ₱63.09 against the United States (US) dollar on Monday as the country's worsening balance of payments (BOP) position added to existing oil and war pressures, as well as rising demand for the safe-haven US dollar.
Just two trading days after hitting its previous record low, the Philippine peso slumped further to a fresh historic-low close of ₱63.09 against the United States (US) dollar on Monday, Oct. 19, as the country’s worsening balance of payments (BOP) position added to existing oil and war pressures, as well as rising demand for the safe-haven US dollar.
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