The Philippine peso has dropped to a record low of P63.15 against the US dollar during intraday trading on October 15.
Previously, the peso reached a low of P62.90 per dollar on October 8.
The decline in the peso's value is expected to increase oil prices, as oil is traded in dollars. This devaluation may also contribute to rising inflation in the country.
On the other hand, families of overseas Filipino workers (OFWs) may initially benefit from the stronger dollar, as they will receive more pesos for every dollar sent home. However, inflation could diminish their purchasing power.
Prior to the conflict involving the United States and Israel in Iran at the end of February, the peso was on an upward trajectory, peaking at P57.665 on February 27.