The Philippine peso slid to a record low against the dollar on Monday, closing at PHP 59.87, as rising oil prices and expectations of tighter US monetary policy weighed on the currency. Intervention by BSP prevented the peso from breaching the PHP 60‑a‑dollar mark.

Data from the Bankers Association of the Philippines showed the peso fell 13.5 centavos from Friday’s close of PHP 59.735, which was previously its record low. Year‑to‑date, the local currency has weakened by PHP 1.08 or 1.8% from PHP 58.79 at the end of 2025.

BSP Governor Eli M. Remolona, Jr. told Bloomberg News that the central bank had intervened to defend the peso. “Since the dollar is down, I assume some intervention can push the peso back below PHP 60,” he said, noting the bank steps in only to prevent depreciation from becoming inflationary.

Market analysts cite the Middle East conflict, higher crude oil prices and reduced expectations for US monetary easing as drivers of the peso’s weakness. Traders anticipate continued volatility, with some expecting a slide toward 59.95 and others projecting sideways trading as markets respond to potential hawkish signals from the Federal Reserve.