The peso’s purchasing power hit another record low in March as the price shock wrought by the war in the Middle East further eroded Filipinos’ ability to spend the local currency. The latest data from the Philippine Statistics Authority (PSA), released on Tuesday, April 7, showed that the...
The Philippines is facing an inflationary shock that could spill over to slower economic growth, potential job losses, and more capital market outflows amid a prolonged Middle East conflict, according to the World Bank. The global oil price and supply shock wrought by the war in Iran would “raise...
If the war in the Middle East prolongs and global oil prices continue to skyrocket, the Philippine peso could breach the ₱61:$1 level in the second quarter of 2026 and even hit as low as ₱62 to ₱64 against the United States (US) dollar. “Our base case forecasts for the US dollar-Philippine...
Multilateral lenders including the Asian Development Bank (ADB), the International Monetary Fund (IMF), and the World Bank Group (WBG) are moving to provide immediate financing and coordinated support to countries reeling from the economic fallout of the Middle East war. In a statement on...
Singapore-based United Overseas Bank Ltd. (UOB) expects the Bangko Sentral ng Pilipinas (BSP) to keep key interest rates unchanged this year, despite rising risks to growth and inflation from the ongoing war in the Middle East. “Amid persistent uncertainty over the Middle East conflict, we expect...
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...
Investors’ risk-off sentiment amid rising oil prices continued to lift the United States (US) dollar, while the Philippine peso remained on the losing end, plummeting anew to a level approaching the ₱61-per-dollar mark. The peso fell to another record low against the US dollar for the third...
Singapore-based DBS Bank Ltd stated that the Philippine peso is emerging as one of Asia’s most vulnerable currencies as deepening global oil crisis exposes the nation’s heavy reliance on imported energy and the lack of government subsidies. DBS wrote in a commentary published last Friday that...
The peso tumbled to a fresh record low on Friday, March 27, breaching the 60.5-level as geopolitical tensions in the Middle East intensified and the central bank signaled it sees no immediate need to defend the currency. The peso weakened to ₱60.55 per dollar, surpassing the previous historic low...
President Marcos has cited the futility of spending the country 's foreign reserves to defend the Philippine peso, which recently further weakened, hitting a new record low of P60.30 against the US dollar. In an interview with Bloomberg, Marcos stressed that the dollar 's movement is...
Members of the Samahan ng Progresibong Kabataan (SPARK) on Thursday, Feb. 26, gathered at Mandaluyong City Police Station to denounce the alleged unjust arrest of two activists during the People Power anniversary protests in EDSA Ortigas on Feb. 25. The group called for the immediate release of...
The Armed Forces of the Philippines (AFP) has placed its troops on red alert ahead of the commemoration of the 40th anniversary of the EDSA People Power Revolution on Wednesday, Feb. 25. AFP spokesperson Col. Francel Padilla said the military will augment police personnel in ensuring the peaceful...
