Philippine Peso Hits New Historic Low, Breaching P64 to $1
The Philippine peso hit a new historic low on Wednesday, reaching an intraday rate of P64.18 to $1, marking the 34th record low. The currency's weakness is attributed to soaring global crude oil prices amid the Middle East crisis, raising concerns over increased import costs and a widening trade deficit.
Read up to 3 eligible full articles per Japan day (JST) for free
Create a free account to open up to 3 eligible full articles per Japan calendar day (JST). Headlines and summaries remain available across ASEAN 7.
Related articles
- Philippine Imports Subdued Despite Stronger Demand for Key Goods
Philippine import activity remained subdued in the first nine months of the year despite stronger demand for key commodities. Non-oil import volume saw only a marginal increase, with global commodity price hikes casting a shadow over the domestic economy.
- Philippine Peso Tumbles Past 64:$1, Hitting New Record Low
The Philippine peso breached the 64:$1 mark for the first time on Tuesday, marking a new record low. Economic uncertainty and external pressures are fueling concerns of further depreciation.
- Peso's Slide Fuels Hidden Energy Costs, Dividing Filipino Households
The slide in the Philippine peso creates a stark divide in purchasing power between dollar remittance recipients and domestic peso earners. Heavy reliance on energy imports exacerbates this currency depreciation's impact, straining household budgets.
- Weak Peso Threatens Higher Fuel, Power Costs for Filipino Households
The Philippine peso's slide to record lows against the dollar raises concerns about squeezing household budgets. The Department of Energy warns of higher electricity and fuel prices due to increased imported fuel costs, and is exploring countermeasures.