The Central Bank of the Philippines intervened to prop up the peso after it fell below the psychological level of 60 per dollar, amid pressure from soaring energy prices and tensions in the Middle East.
March 16, 2569 at 10.39:XNUMX a.m. Bloomberg reported that The Philippine peso weakened, approaching a key psychological level of 60 pesos per US dollar. This led to the Philippine central bank having to intervene to manage the currency and stabilize the market.
In Monday's trading, the peso weakened as much as 0.3% to 59.94 pesos per dollar, near its all-time low, before recovering somewhat after Philippine central bank governor Eli Remolona Jr. revealed the central bank had intervened in the foreign exchange market.
Remolona told Bloomberg that...
"Given the weakening dollar, I believe market intervention could help the peso strengthen back below 60 per dollar."
This move reflects the peso's vulnerability to rising energy prices, a significant risk for investors tracking Philippine assets, given the country's heavy reliance on fuel imports.
Meanwhile, Brent crude oil prices rose more than 1% to around $104 per barrel, marking the fourth consecutive day of increases as the conflict in Iran shows no signs of easing. This has driven concerns about energy costs to pressure the currencies of oil-importing countries like the Philippines.
refer : bloomberg.com
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