Peso weakens to 12-week low of P57.45:$1
The Philippine peso weakened for the eighth straight trading day on Thursday to mark its worst showing in 12 weeks, as the market factored in geopolitical tensions between Israel and Iran and the current levels of global crude prices.
The local currency closed at P57.45:$1, 47 centavos weaker than Wednesday's finish of P56.98:$1. This is the weakest close of the peso since March 26, 2025 when it finished at P57.69:$1.
Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort attributed Thursday's depreciation to the possible escalation of the Israel and Iran tensions to potentially involve the United States.
US President Donald Trump has declined to say if he had made any decision on whether to join Israel's campaign, saying he may or may not do it, adding that 'nobody knows what I'm going to do.'
'Some risk aversion or flight-to-quality recently due to the continued geopolitical risks in the Middle East, the conflict and retaliatory attacks between Israel and Iran since Friday,' Ricafort said.
He also noted the correction of the US dollar against major global currencies to a new one-week high from recent three-year lows, and the global crude oil prices that have hit the highest level since January this year.
Ricafort said the peso is expected to trade at P57.35 to P57.55 against the dollar on Friday, June 20, 2025, with the major six-month resistance at P57.55:$1 levels.
For its part, the Bangko Sentral ng Pilipinas (BSP) said it is developing a playbook for intervention, but it would take some time for the continuous depreciation of the peso to impact inflation and prompt it to intervene. — RSJ, GMA Integrated News
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