MANILA — The peso sank to a fresh low on Monday, March 30, dipping to P60.82 against the US dollar during intraday trading, data shows.
The new record surpasses the previous intraday low of P60.57 set March 27 and extends a punishing slide that has seen the local currency lose roughly 4.4% in March alone.
The peso’s decline is in step with the broader effects of the war in the Middle East on countries worldwide. Uncertainty over the adequacy of oil supply has kept crude prices elevated and fueled steady demand for the dollar.
The Philippines, a net oil importer that sources nearly all its crude from the region, faces higher import costs with every tick upward in global prices.
President Ferdinand Marcos Jr. has declared a national energy emergency, citing an imminent threat to its oil supply. The country has just 45 days of oil reserves as of March 20.
The Bangko Sentral ng Pilipinas held its policy rate steady at 4.25% at an off-cycle meeting last Thursday, March 26, but raised its 2026 inflation forecast sharply — from 3.6% to 5.1%, well above its 2%-4% target band.