High oil prices put pressure as the Philippine peso falls below the 60 mark against the US dollar

Golden Ten Data reported on March 19 that the Philippine peso fell below the key level of 60 against the US dollar due to high oil prices dragging down the country's economic outlook. Although the Philippine central bank hinted at intervention when the exchange rate approached this level earlier this week, the peso continued to decline. The surge in oil prices caused by the Iran war is putting pressure on the currencies of net energy importing countries, mainly located in Asia. The depreciation of the peso increases the pressure on the central bank to strengthen its defense of the currency. Economists generally believe that the Philippines is one of the countries in the region most vulnerable to inflation and growth risks caused by high energy costs. A government spokesperson said in January that President Marcos does not want to see the peso fall to 60.