MANILA, Philippines — Malacañang cited geopolitical tensions, looming effects of the El Nino, and political noise in the depreciation of the Philippine peso’s value.
This comes after the Philippine peso slid to a new historic low of P63 against the US dollar.
In a press briefing, Palace Press Officer Claire Castro said the Middle East conflict continues to be the primary driver affecting emerging market currencies worldwide.
“Currently, we know that the crisis in the Middle East persists, and we pray for it to come to an end. It is truly affecting the country's economy,” she said.
