Peso Hits All-Time Low: Breaks Previous Record

The Philippine peso plunged to a historic low on Tuesday, closing at P58.90 against the US dollar, surpassing its previous record. This marks the weakest level for the local currency since data collection began. Analysts attribute the decline to global economic pressures, including aggressive interest rate hikes by the US Federal Reserve and persistent inflation. The central bank has signaled potential intervention to stabilize the market.