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The Philippine peso dropped to a new
historic low against the US dollar on Monday amid the continuing crisis in the
Middle East, which caused crude prices to surge past US$100 a barrel.
The local currency closed at 59.50 per dollar
at the end of trading, weakening by 50 centavos from the previous close and
surpassing the earlier record low of 59.46 set on Jan. 15.
The peso also posted a new intraday low of 59.71
amid heavy trading.
The currency’s decline comes a day before
oil prices in the Philippines are set to rise, with diesel, the one used mostly
in public transportation, expected to hit a high of Php90 per liter.
With no end in sight to the Middle East conflict,
traders warn the currency could dip further as fuel prices continue to rise.
In a bid to beat the last day of filling-up
at current prices, many vehicles lined up at gas stations across the country,
while police officers were deployed to ensure motorists were not hoarding fuel or
were not asked to pay more for
As part of cost-saving measures, all government
offices started a four-day workweek starting today, and were told to use a
uniform setting of 24 degrees for all air-conditioners.
The public has also been advised to avoid
unnecessary travel to save up on fuel.
