Peso Sinks to Record Low 60.55:$1 as War Fears Linger | INQToday
Why It Matters
A weaker peso and surging fuel prices threaten inflation, consumer spending and investor confidence, forcing policymakers to weigh regulatory changes and fiscal relief that could reshape the energy sector. Meanwhile, maritime incidents with China and political friction at home raise geopolitical and governance risks that could further unsettle markets and trade.
Summary
The Philippine peso plunged to a record low of 60.55 per US dollar as investors fled to safe-haven assets amid lingering fears over the Middle East conflict, driving local fuel costs to multi-week highs. The slump has intensified domestic pressure on the Marcos administration, with Senate and House lawmakers, transport groups and protesters calling to repeal the 1997 oil deregulation law, remove VAT on fuel and roll back pump prices. Lawmakers and petitioners also clashed over an impeachment probe into Vice President Sarah Duterte, while the Armed Forces reported a near-collision between a Philippine navy vessel and a Chinese warship near Pag-asa Island, underscoring regional tensions. Daily economic strains were highlighted by a nationwide transport strike and rising diesel prices approaching 140 pesos per liter, stoking public unrest and calls for policy intervention.
Comments
Want to join the conversation?
Loading comments...