Philippine Peso Falls to New Record Low on Rate View, Outflow

The Philippine peso slid past a long-defended red line for the currency to an all-time low, as the central bank signaled more tolerance for weakness.

The peso dropped as much as 0.5% through 59-per-dollar on Tuesday, a level that had held firm since 2022. The currency is the worst performer in Southeast Asia this month, weighed by the prospect of more interest-rate cuts and further stock outflows.