International oil prices continued to rise, the Philippine peso exchange rate fell to a new historical low, and the country's central bank is under pressure to increase its efforts to protect foreign exchange. The peso depreciated 0.1% against the US dollar to 61.83 on Friday, falling below the record low of 61.75 set at the end of April. Crude oil prices rose by more than 30% this month, hitting the currencies of Asian oil importers hard. The central banks of India and the Philippines have both interfered in the foreign exchange market this week. The government of Ferdinand Marcos Jr. stated that it believes that the central bank will act decisively to stabilize the peso exchange rate. Since this year, the peso has depreciated by nearly 5%, making it one of the worst performing currencies in Asia.

International oil prices continued to rise, the Philippine peso exchange rate fell to a new historical low, and the country's central bank is under pressure to increase its efforts to protect foreign exchange. The peso depreciated 0.1% against the US dollar to 61.83 on Friday, falling below the record low of 61.75 set at the end of April. Crude oil prices rose by more than 30% this month, hitting the currencies of Asian oil importers hard. The central banks of India and the Philippines have both interfered in the foreign exchange market this week. The government of Ferdinand Marcos Jr. stated that it believes that the central bank will act decisively to stabilize the peso exchange rate. Since this year, the peso has depreciated by nearly 5%, making it one of the worst performing currencies in Asia.