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MANILA, Philippines – The Philippine peso could weaken past the 64-per-dollar level if the Middle East conflict reescalates and oil prices reach new highs, MUFG Global Markets Research warned.
In a note to clients, the global bank said its baseline outlook still sees the peso gradually strengthening to 61 per dollar, assuming war de-escalation and US dollar softening.
READ: Yearender: Peso faces pressure heading into 2026
But it flagged risks of depreciation to the 62 to 64.50 range if the Iran conflict flares up again and pushes oil prices higher.
