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Manila Bulletin devider Philippines devider National devider Peso sinks due to 'unusually strong' US dollar, Middle East crisis, Palace says

Peso sinks due to 'unusually strong' US dollar, Middle East crisis, Palace says

Published Apr 30, 2026 03:37 pm

At A Glance

  • The government attributed the weakening of peso to external factors such as the rising demand for US dollar and the ongoing conflict in the Middle East.
Malacañang said the Philippine peso breaching another record low value against US dollar was due to "unusually strong" dollar and the ongoing Middle East crisis.
In a Palace briefing on Thursday, April 30, Palace Press Officer and Communications Undersecretary said that the weakening of the peso was due to overlapping factors "mainly external to the Philippine economy."
Quoting Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan, Castro said "the peso depreciation reflects the rise of the demand for dollars faster than the supply of dollars.”
"Depreciation results from overlapping factors mainly external to the Philippine economy. There are two major ones; one is the unusually strong US dollar which is pulling capital toward US assets and away from emerging markets like the Philippines. This makes the peso weaker simply because the dollar is rising faster," Balisacan said in a statement read by Castro during the briefing.
"The other main factor is the sharp global oil price spikes combined with the country’s dependence on imports. This causes the country’s demand for dollars to spike, the trade and current account deficits to rise and in turn, the peso to weaken," Balisacan further stated.
Asked what measures the government is taking in order to stabilize the peso, the DEPDev chief said the Bangko Sentral ng Pilipinas (BSP) is the one mandated to ensure that the peso stabilizes and precent excessive volatility.
"First, it is the BSP, our central bank that has the institutional mandate to stabilize the peso and prevent excessive volatility. Its ammunition is sufficient to prevent excessive volatility," Balisacan said.
The peso breached to a fresh record low of P61.3 per US dollar on April 28.

Related Tags

Philippine peso US dollar Claire Castro Malacañang Arsenio Balisacan Middle East conflict DEPDev
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