MANILA, Philippines — The Philippine peso plunged to a new record intraday low on Monday morning, March 9, 2026, as the escalating war in the Middle East continues to destabilize global markets and drive energy prices to historic levels.
- Record Low: The peso sank to an intraday low of 59.7 per US dollar in early morning trading.
- Depreciation: This represents a 70-centavo drop from its previous close.
- Historical Context: The slide broke the previous intraday record of 59.50 and fell significantly past the all-time low closing level of 59.46.
The local currency’s weakness is being driven by a “perfect storm” of global economic factors:
- Surging Energy Costs: With crude oil prices now surpassing $100 per barrel due to the Iran conflict, the Philippines—a net oil importer—faces a ballooning import bill, which puts heavy pressure on the peso.
- Safe-Haven Flight: Investors are fleeing emerging market currencies in favor of the US dollar, which is viewed as a “safe haven” during times of geopolitical war and economic uncertainty.
- Inflationary Fears: The combination of a weak peso and high oil prices is expected to drive Philippine inflation significantly higher, potentially forcing the Bangko Sentral ng Pilipinas (BSP) to intervene or hike interest rates.
Economists warn that if tensions in the Middle East do not ease, the peso could potentially test the 60:$1 psychological barrier. The government has already begun implementing emergency measures, such as a four-day workweek for executive offices, to help reduce fuel consumption and mitigate the economic impact of the crisis.
