Metro Manila, Philippines – The peso fell to a fresh historic low on Monday, March 23, closing at ₱60.30 against the greenback, battered by global uncertainty from the escalating Middle East conflict.

Data from the Bankers Association of the Philippines showed the local ubit weakening past its previous low of ₱60.10 per dollar on March 19.

Trading was suspended on March 20 in observance of the Muslim celebration of Eid al-Fitr.

The Bangko Sentral ng Pilipinas (BSP) earlier said it does not target a fixed exchange rate, but may intervene in the market to prevent excessive volatility.

The central bank also said it is closely monitoring the potential economic impact of rising global oil prices, which could put more pressure on the peso.

Last week, President Ferdinand Marcos Jr. met with BSP Governor Eli Remolona to assess the currency situation, including interest rates.

Earlier this year, Malacañang warned that a weaker peso – particularly beyond the ₱60-per-dollar level could increase the foreign debt burden which is largely dollar-denominated.