MARCH 19, 2026 — The peso has crashed past the psychological barrier of ₱60 to the dollar, its weakest level in history, as global oil prices surged following Iran’s threats to strike Gulf energy facilities. This sharp depreciation is already rattling markets and has already hit the public at the gas pump, in grocery aisles, and in their monthly bills.

The Philippine peso opened Thursday at ₱59.9:$1 but quickly slid to ₱60.4:$1, marking its lowest point ever. This collapse was triggered by Brent crude spiking over $108 per barrel, after Iran’s Pars gas field was struck. Tehran has since warned that oil and gas sites in Saudi Arabia, the UAE, and Qatar are “direct and legitimate targets.”

For us, this isn’t just a headline — it’s a gut punch. Every liter of gasoline and diesel we consume is imported, and when the peso weakens while oil prices soar, we pay double. Economists warn inflation could climb past 7% if the Middle East conflict drags on.

Meanwhile, the Bangko Sentral ng Pilipinas (BSP) has already stepped in to defend the peso, with Governor Eli Remolona admitting, “Since the dollar is down, I assume some intervention can push the peso back down below 60.”

This peso plunge exposes how vulnerable we are to global shocks. We rely heavily on imported fuel, yet we have no serious long-term plan to shield ourselves from oil wars. Every time the Middle East sneezes, the Philippines catches a fever.

The question now is whether our leaders will treat this as a wake-up call or just another crisis to patch up until the next one explodes.

(Image: Philippine News Agency)