The Philippine peso continued its decline Tuesday closing at a record low of ₱60.748 per one U.S. dollar.
This new level surpassed the previous all-time low of ₱60.69:$1 recorded on Monday March 30, marking consecutive daily depreciation.
Analysts attributed the peso’s weakening to persistent inflation rising import demand and investor caution regarding the country’s economic outlook.
Foreign exchange traders actively sold pesos anticipating further depreciation while monitoring domestic and global market indicators for potential stabilization.
The central bank may intervene in currency markets to slow the peso’s decline and support economic confidence among investors.
Importers expressed concern that the weaker peso will increase costs of goods especially petroleum electronics and raw materials for industries.
Local consumers may face higher prices for imported products causing further strain on household budgets and overall consumer spending patterns.
Economists recommended monitoring fiscal policies foreign investment flows and external trade balances to understand factors driving sustained peso depreciation trends.
Government agencies assured the public that steps are being evaluated to stabilize the currency and mitigate adverse impacts on economic growth.
Investors and businesses were advised to remain vigilant and consider hedging currency risks amid continued volatility in the Philippine peso market.
