FX.co ★ Philippine Peso Hovers Near Record Low

The Philippine peso traded near 60 per dollar, close to its record low, as elevated oil prices and supply disruptions in the Middle East continued to weigh on the economy. President Ferdinand Marcos Jr. has declared a national energy emergency, citing an imminent threat to the country’s energy supply and the need for urgent measures to protect the economy and essential public services. The Philippines, which depends almost entirely on oil imports from the Middle East and had only 45 days of inventory as of March 20, is among the first countries to formally declare such an emergency. Domestic fuel prices have more than doubled since the conflict began, intensifying inflationary pressures and dampening economic growth. The central bank, meanwhile, has confined its actions to smoothing currency volatility rather than defending any specific exchange-rate level. The peso has now fallen more than 4% this month, placing it among Asia’s worst-performing currencies.