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Manila Bulletin devider Business devider Banking & Finance devider Peso teeters near ₱57 mark amid Iran-Israel conflict

Peso teeters near ₱57 mark amid Iran-Israel conflict

Published Jun 18, 2025 05:11 pm
The peso is facing renewed pressure against the US dollar, nearly reaching the ₱57 level, just three trading days after slipping back to the ₱56 mark.
Amid heightened market anxiety surrounding the escalating conflict between Israel and Iran, the peso continued its sharp depreciation on Wednesday, June 18, shedding 28 centavos against the US dollar to close at its intraday low of ₱56.98.
The local currency reached an intraday high of ₱56.7 after opening at ₱56.75, according to the Bankers Association of the Philippines (BAP).
Total trading volume inched up to $1.266 billion from Tuesday's $1.203 billion.
According to Michael Ricafort, the US dollar-peso exchange rate climbed for the seventh consecutive trading day, hitting its highest level in over two months since April 14, 2025, when it ended at ₱57.08:$1.
Ricafort said this trend came amid the risk that the Israel-Iran war “could escalate and the US could be dragged into the conflict, with global crude oil prices at new 4.5-month highs lately.”
He added this conflict also triggered risk aversion and a flight to safe-haven assets such as the US dollar.
While the greenback slightly rebounded to one-week lows against major global currencies after recently hitting three-year highs, gains versus Asian and ASEAN currencies, including the Philippines, remain modest—helping limit further pressure on the peso.
Meanwhile, global crude oil prices have climbed to a four-and-a-half month high of $74 per barrel (Nymex benchmark), raising concerns over a higher oil import bill for the Philippines, which relies heavily on imported fuel.
Ricafort further said that the local currency also faced pressure ahead of the Bangko Sentral ng Pilipinas’ (BSP) policy meeting on Thursday, June 19.
A 25 basis-point (bp) cut is widely expected, a move that could narrow the interest rate differential with the US Federal Reserve to just 75 percent, the lowest in nearly two years, last seen in late 2023, the economist noted.
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