The Philippine peso weakened past 62 per dollar on Friday, breaching a level some analysts had flagged as potentially prompting authorities to step in to support the currency.

The peso fell as much as 0.6% to a record low of 62.25, surpassing its previous trough of 61.995 reached earlier this month. Higher crude prices have added to the pressure, threatening to widen the Philippines' current-account deficit as the country relies on imports for almost all its oil needs.

The currency's decline reflects broader regional trends, with elevated oil prices weighing on emerging market currencies across Asia. Analysts suggest the Bangko Sentral ng Pilipinas may intervene if the peso continues to weaken beyond key thresholds.

Bloomberg Markets reported the developments, noting that the peso's slide underscores growing concerns about the Philippines' external balance amid persistent inflationary pressures from energy costs.