FX.co ★ Philippine Peso Hits Record Low Above 60

The Philippine peso weakened beyond the closely watched 60-per-dollar threshold, marking a new record low as surging oil prices—driven by escalating tensions in the Middle East—weigh on the country’s economic outlook. The currency fell by as much as 1.5%, underscoring the heightened risks facing the Philippines, which imports more than 90% of its crude oil. Earlier this week, the Bangko Sentral ng Pilipinas (BSP) said it had intervened as the peso neared this level, stressing that its actions are intended to smooth excessive volatility that could fuel inflation, rather than defend a particular exchange rate. The peso has now lost more than 4% this month, making it one of Asia’s worst-performing currencies. Economists warn that the Philippines is especially exposed to inflationary pressures and growth risks amid persistently high energy costs.