Economy
Philippine Peso Nears P62/$1 Amid Record Low
The Philippine peso plunged to a new record low on Wednesday, nearing P62 against the US dollar amidst rising market volatility. This surpassed the previous record low set on July 24, raising concerns about the economic impact.
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The Philippine peso hit a record low on Wednesday, nearing 62 to the US dollar, as Middle East tensions and uncertainty over US interest rates strengthened the greenback. While beneficial for remittances and exports, the weaker peso also increases import costs and debt servicing burdens.