The Philippine peso closed at P63.06 per US dollar on Thursday, falling 19 centavos and breaching the P63 level for the first time, with an intraday record low of P63.15. The move followed hot US inflation data that reinforced expectations the Federal Reserve will keep rates higher for longer, alongside high US Treasury yields and elevated crude oil prices. Gross international reserves fell 8.3% to $99.997 billion in the nine months to September, the lowest in three years and the seventh straight monthly annual decline. BSP Governor Eli Remolona said the central bank does not defend the peso at a specific level and intervenes only to smooth inflationary swings, and the BSP has raised its key rate by 75 bps since April to 5%, with its next meeting on Oct. 22. Analysts expect the peso to stay volatile and tilted to the weaker side in the near term.
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- $1 : P63 . 06 | Philstar . com
This opinion column argues that the peso's fast depreciation reflects an economic policy failure, not only the Middle East crisis, El Niño and 'political noise' cited by the Palace. It says public debt has passed the prudential 60% threshold, gross international reserves cover only about eight months of imports, and involuntary hunger rose to 22% of the population in an SWS survey. The column also criticises Sen. Panfilo Lacson for accusing Taguig City of ghost projects, fake land titles and illegal reclamation without producing fully documented evidence, and calls for corruption allegations to be backed by proof.
- Oil surges to $110 per barrel for the first time since May
Tech stocks lost more than $1 trillion in value on Friday as oil hit a five-month high, with the Nasdaq 100 down 2.5% and about 7% below the record it set only last week, while the Philadelphia semiconductor index fell 3.8% for its eighth straight daily loss, the longest such streak since 2008. Brent crude topped $110 a barrel intraday and closed the week at $109.86, its highest close since May 19, while U.S. crude jumped 3.5% to $101.41, the first time WTI crossed $100 since September. Energy prices have climbed since late February, when the U.S. and Israel attacked Iran and the Strait of Hormuz closed, and a Russia-Ukraine escalation has hit Russian refining capacity, pushing diesel prices up even faster than gasoline. President Donald Trump is focused on diesel costs ahead of the Nov. 3 midterms, but his Russian diesel deal has yet to show any actual barrels reaching the global market, and a bill to block it has little chance in the Republican-controlled House. Investors also questioned when massive AI spending would pay off, as CoreWeave and Nebuius were the Nasdaq 100's worst performers that day, and a day earlier analyst Ed Yardeni cut his year-end S&P 500 target to 7,900 fro
- Oil surges to $110 per barrel for the first time since May
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- Philippine peso hits fresh record low - Xinhua
The Philippine peso closed at 63.06 per U.S. dollar on Thursday, beating the previous record low of 62.90 set on Oct. 8 and marking its 27th record low this year, according to the Bankers Association of the Philippines. In early trading it weakened to 63.15, surpassing the previous intraday record of 62.925. Ruben Asuncion, chief economist at Union Bank of the Philippines, blamed stronger U.S. inflation: the U.S. CPI rose 0.6% from August and 3.7% from a year earlier, above the 3.6% forecast. This has fueled expectations that the Federal Reserve will keep borrowing costs high, lifting the dollar and Treasury yields and dampening appetite for emerging-market currencies. Investors are betting on another rate hike at the Fed's Oct. 27-28 policy meeting.
- Philippine peso hits fresh record low - Xinhua
The Philippine peso closed at 63.06 per US dollar on Thursday, weaker than the previous record low of 62.90 on October 8, marking its 27th record low this year, according to the Bankers Association of the Philippines. It touched 63.15 in early trading. Ruben Asuncion, chief economist at Union Bank of the Philippines, linked the decline to stronger US inflation, which has raised expectations that the Federal Reserve will keep borrowing costs high, boosting the dollar and Treasury yields and dampening appetite for emerging-market currencies. US consumer prices rose 3.7% from a year earlier, above the 3.6% forecast, and investors are betting on another rate hike at the Oct. 27-28 policy meeting.
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