Philippine Peso Hits Fresh Intraday Record Low Amid Soaring Oil Prices, Geopolitical Tensions
The Philippine peso hit a fresh intraday record low of P62.865 to the US dollar on Monday morning trading. Soaring global oil prices, driven by heightened geopolitical tensions in the Middle East, are exerting downward pressure on the local currency.
This article requires PRO
This article is outside the free access window or is a special report. PRO unlocks it and the full archive.
Related articles
- WTO Flags High Trade Costs, Regulatory Hurdles in Philippines
The World Trade Organization (WTO) has flagged the Philippines' trade costs as 20% higher than the ASEAN average, recommending the reduction of non-tariff barriers like import licensing and labeling requirements. Infrastructure development was also cited as a challenge.
- Philippines October Inflation Seen Hitting Over 3-Year High of 7.6%
Consumer prices in the Philippines may have surged to their fastest pace in over three years in October, fueled by rising food and oil costs and increased transport fares, intensifying pressure on the central bank for further interest rate hikes.
- PH Firms Remain Gloomy on Inflation, Peso Woes
Despite a slight improvement in business sentiment in September, Philippine companies remain pessimistic due to persistently high inflation, a weakening peso, and geopolitical tensions. A survey by the Bangko Sentral ng Pilipinas showed the business confidence index improved but remained in negative territory.
- Peso Weakness, Oil Prices May Keep Stock Investors Cautious
Philippine stocks may see cautious trading this week as peso weakness, elevated oil prices, and the prospect of further interest rate hikes weigh on investor sentiment. Corporate earnings guidance will also be closely watched.