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Peso’s sharp drop vs dollar reflects a ‘perfect storm’
March 03, 2026
|Business Mirror
THE Philippine peso’s sharp drop against the dollar on Monday reflects a “perfect storm” amid the “risk-off” sentiment from Middle East tensions and higher oil prices.
Data from the Bankers’ Association of the Philippines (BAP) showed the local currency closed at P58.2 per $1 on Monday.
The peso plunged by 53 centavos from its previous finish of P57.665 on Friday, February 27,2026.
“The peso’s sharp drop reflects a perfect storm—stronger US dollar expectations, risk-off sentiment from Middle East tensions, and higher oil prices, which hurt oil-importing countries like the Philippines,” Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co. said in a Viber message on Monday.
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