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Oil Price Rise Might Push Peso Back to 59:$1

Rising crude prices, driven by the Iran‑Israel conflict, could push the Philippine peso past the 59 per‑dollar threshold. MUFG forecasts the PHP trading between 58.5 and 59.5 if oil steadies around $90 a barrel, while JP Morgan sees a modest global drag but heightened Asian exposure. The peso, which rallied to 57 earlier this year, has already retreated to the 58 level as investors flee to safe‑haven assets. Higher import costs risk stalling the Bangko Sentral ng Pilipinas' easing cycle and nudging inflation toward the top of its target range.