Philippine Peso Plummets Near Record Low Amid Severe Fuel Crisis

The Philippine peso has fallen sharply against the US dollar, with the USD/PHP exchange rate reaching 60.65, just shy of its all-time record high of 60.75. This decline is driven by a domestic energy crisis that has forced the closure of hundreds of fuel stations across the country. The crisis stems from the escalating conflict between the United States and Iran, which has severely disrupted global energy markets. As a major net importer of oil and gas from the Middle East, the Philippines is disproportionately vulnerable to supply shocks and price spikes. The resulting inflationary pressures and deteriorating trade balance have placed the peso under extreme selling pressure. Market participants are now closely monitoring potential intervention strategies from the Philippine central bank to stabilize the currency amid broader emerging market volatility.