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Manila Bulletin devider Philippines devider National devider Weakening of peso due to Middle East conflict, Palace says

Weakening of peso due to Middle East conflict, Palace says

Published Mar 31, 2026 04:51 pm
Palace Press Officer and Communications Undersecretary Claire Castro (Betheena Unite)
Palace Press Officer and Communications Undersecretary Claire Castro (Betheena Unite)
Malacañang said the ongoing conflict in the Middle East has contributed to the Philippine peso’s decline to a record low.
Although Palace Press Officer and Communications Undersecretary Claire Castro did not entirely attribute the weakening of peso against US dollar to the ongoing war, she said it was among the causes.
"Ito po ay talagang nagiging epekto at ang paghina po ng peso kontra dolyar ay bunsod na rin po ng geopolitical tension na nangyayari po sa Middle East (This is really one of its effects, and the weakening of the peso against the dollar is also due to the geopolitical tensions happening in the Middle East)," Castro said in a Palace briefing on Tuesday, March 31.
She further said that President Marcos did not want the situation in the Middle East to happen, but because it is beyond the government's control, development such as the peso declining to this extent is expected until the war is over.
"Hindi po natin nais na ganito. Hindi po ninais ng Pangulo na magkaroon ng gulo sa Middle East (We do not want this situation. The President did not want conflict in the Middle East)," Castro said.
"So, talaga pong ito ang maaaring kahihinatnan hanggang hindi po napipigil ang tensyon o ang sigalot sa Middle East (So this is what we can expect as long as the tension or conflict in the Middle East is not resolved),"Castro added.
The Palace official also said that the new development is concerning, but made an assurance that the President and this administration are keen on doing everything possible to manage the situation.
The Philippine peso fell to P60.69 against dollar on Monday, March 30. It was the seventh time this month that the peso fell to a record low.

Related Tags

President Marcos Philippine peso US dollar Middle East tension 2026
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