MANILA – The Philippine peso further depreciated on Monday to yet another historic low versus the US dollar.
According to the website of the Bankers Association of the Philippines, the peso closed at P62.86 to $1 at the end of Monday’s trading. The peso even weakened to as low as P62.875 during intraday trading.
A weaker peso is expected to make oil purchases even more expensive as the commodity is purchased with dollars. The depreciation is also expected to impact the country’s sovereign debt, of which a third is owed to foreign creditors.
Prior to the attack of the US and Israel against Iran at the end of February, the peso was on a winning streak, clawing back to P57.665 on Feb. 27. Since the start of the US-Iran war, the peso has depreciated by P5.21, or 9 percent, against the dollar.
More details to follow.