Metro Manila, Philippines – The peso sank to a new all time low on Monday, March 30, closing at ₱60.69 against the greenback, pressured by global uncertainty linked to the escalating Middle East conflict.
Data from the Bankers Association of the Philippines showed the peso weakening further from the previous low of ₱60.55 per dollar on Friday, March 27.
It is the seventh time this month that the peso fell to a historic low, according to data from the spot currency market.
The local currency first breached the ₱60-per-dollar level on March 19.
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.
On March 26, the BSP said it is keeping the interest rate at 4.25 percent.
President Ferdinand Marcos Jr. met with BSP Governor Eli Remolona early this month to assess the 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.
