Peso depreciates to new record low again, falls closer to 60 vs dollar

MANILA, March 17 ------ The Philippine peso again depreciated to a new record low, closing at P59.87 versus the US dollar, as the conflict in the Middle East continues to bleed markets worldwide.

The local currency opened at 59.71 and weakened to as low as 59.95 during Monday’s trading before closing at another record low. This is the third time this month that the peso has closed at a new record low. Prior to the US-Israel attack on Iran at the end of February, the peso was on a winning streak, and even managed to appreciate to P57.665 to the greenback on Feb. 27, which was the last day of trading before the outbreak of conflict in the Middle East.

According to Bloomberg, the Bangko Sentral ng Pilipinas intervened in the currency market by selling dollars to defend the peso against further decline to the key level of 60. President Ferdinand Marcos Jr. earlier said that he does not want the peso to breach the 60-to-the-dollar level.

Analysts had earlier said that large Philippine businesses had already factored in an exchange rate of P60 to $1 for 2026. But this was before the war in the Middle East. A weaker peso complicates the country’s energy situation as it makes prices of oil imports even more expensive at a time when global oil prices are skyrocketing due to the conflict in the Middle East.

The peso’s depreciation also adds to the country’s debt burden as it makes dollar-denominated debts more expensive. Families of OFWs, however, can expect to exchange more pesos for every dollar remitted by their loved ones abroad. Meanwhile, the Philippine Stock Exchange barely kept above the 6,000-level at the close of Monday's trading.

The PSEi shed 52 points and ended at 6,006 with almost all sub-indices bleeding. Tycoon Enrique Razon's ports empire ICTSI, however, bucked the trend and even managed to rise 1.46 percent.

Source: news.abs-cbn.com