FX.co ★ Philippine Peso Hits New Record Low

The Philippine peso weakened beyond 59.5 per dollar, setting a new record low, as Brent crude surpassed $100 a barrel for the first time since 2022, adding pressure to the country’s oil-import-dependent economy. Oil prices climbed further on expectations that supply disruptions from the escalating Middle East conflict—now entering its second week—will persist. Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. cautioned that the deepening geopolitical tensions could generate significant economic headwinds, weighing on both overseas remittances and inflation. In response to the sustained rise in oil prices, Nomura analysts raised their 2026 inflation forecast for the Philippines to 3.2% from 2.5%. With more than 90% of its crude oil imports sourced from the Middle East, the Philippines remains acutely vulnerable to oil price shocks.