The Philippine peso has fallen to 60.8 per dollar, extending a sharp decline of more than 5% in March. The drop comes as geopolitical tensions disrupt global energy supply, hitting the Philippines particularly hard due to its reliance on imported oil.

With around 98% of its oil coming from the Gulf, rising prices and supply uncertainty have forced the government to declare a national energy emergency. While the central bank is stepping in to reduce volatility, the currency remains under pressure as external risks continue to build.