Why has the Philippines’ peso plunged to a record low?

The Philippine peso hit a record low of 62.71 to the US dollar, losing about 6% of its value since the beginning of the year. This decline is attributed to negative economic trends, including rising oil prices and the impact of the US-Israel war on Iran, which disrupted oil supplies. Philippine importers are forced to convert more pesos into dollars to purchase oil, driving down the value of the local currency.