Philippine Peso Plunges amid the Oil Disruptions due to the Middle East War
PESO – The Philippine currency dropped a historic low at P60.1 for 1 U.S. Dollar amid the ongoing war in the Middle East.
The ongoing war in the Middle East do not only affect the countries which are directly involved such as Iran, Israel, and the United States. Several other nations including the Philippines are feeling the impact of the war which caused oil supply disruptions in many nations.
The joint airstrike of U.S. and Israel against Iran led to the death of Iranian Supreme Leader Ayatollah Khamenei and several officials of the government of Iran. The authorities vowed to avenge the death of their officials and as well as several civilians.
Amid U.S. President Donald Trump warning Iran of a much harder attack if they will disrupt the global oil flow, Iran warned the world to be ready for oil at $200 per barrel. The Iranian officials also claimed that negotiations with U.S. are no longer part of their agenda.
Amid the ongoing war in the Middle East, the Philippine Peso plunged a historic low as it closed at ₱60.10 against the US dollar on March 19, 2026. While the weakening of the Peso against the U.S. Dollar could increase the income of countless Filipinos who earn dollars, it is reportedly not a good indication of the country’s economy.
Peso falling at P60.1 = 1 USD marks the weakest level ever recorded. During the intraday trading, the Philippine currency even slipped to ₱60.40 before recovering slightly. Based on a post of News5, prior to the recent record, Peso was at P59.52.
The weakening of the Philippine currency against the U.S. Dollar is reportedly caused by the global oil prices as well as the escalating geopolitical tensions in the Middle East. The situation has reportedly pushed many investors to consider the U.S. Dollar as a haven amid the situation.
Reportedly, the impact of the weakening of Peso against Dollar will be mainly felt in the soaring coasts of imported goods and fuel. Such situation has the capacity to boost inflation in the next months. The Philippine currency sliding past P60 indicates the vulnerability of the economy of the Philippines to external shocks and analysts believe that the situation calls on the government to protect the consumers amid the situation.
The United States previously claimed that it is communicating with Iran — which Iran immediately turned down when an official said that they do not see a need to communicate with the U.S. According to Iranian Foreign Minister Abbas Araghchi, they were talking with the Americans when U.S. attacked them.
Amid the ongoing war in the Middle East, Pres. Bongbong Marcos claimed that food and petroleum supplies are allegedly not a problem in the Philippines.