Philippine peso drops to P60 against dollar after energy emergency declaration

?The Philippine peso depreciated against the US dollar, back to the P60:$1 level, on Wednesday, following the declaration of a national energy emergency and the activation of a whole-of-government response to ensure energy supply stability amid the armed conflict in the Middle East.

The local currency lost 15 centavos to close at P60.1:$1 from Tuesday’s finish of P59.95:$1. It hit an intraday low of P60.133:$1, and an intraday high of P59.888:$1.

READ: How Filipinos are affected by the peso-dollar exchange rate

Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort attributed Wednesday’s depreciation to the declaration of a national energy emergency amid the continuous hikes in pump prices, which could in turn bring the inflation rate to double-digit levels.

Under Executive Order 110, President Ferdinand “Bongbong” Marcos Jr. also ordered the adoption of a Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) for affected sectors.

This activates a whole-of-government response to ensure energy supply stability, support key sectors such as transport, agriculture, and micro, small, and medium enterprises (MSMEs), and protect Filipinos amid global oil supply disruptions.

Department of Economy, Planning, and Development (DepDev) Secretary Arsenio Balisacan earlier warned the country’s inflation rate could shoot up to double-digit levels as diesel prices are seen to grow 176% to P162.50 per liter in May should crude hit $200 per barrel, the “most severe scenario.”

Inflation clocked in at 2.4% in February, the fastest in 13 months since the 2.9% in January 2025, due mainly to higher prices of food, non-alcoholic beverages, and housing and utilities. –NB, GMA Integrated News