Peso record low: Ps51.65:$1, but is this market price?

Japan's borrowing costs hit a 30-year high after the US Fed chair used more hawkish rhetoric; oil prices are up again as hostilities resume in the Middle East.

The country is facing a myriad of difficulties as the war in the Middle East remains unresolved, with the IMF watching closely.

The oil price has surged to $82 a barrel amid disruption in the Strait of Hormuz as Iran responds with multiple missiles across the Middle East after the US and Israel launched strikes on Iran over the weekend; the UAE has closed its stock markets for two days.

Bangko Sentral ng Pilipinas spent an estimated $80 million trying to support the peso after it hit a new low.

As oil moves above $115 a barrel, Apac governments are scrambling to reduce energy demand as the OECD sees US inflation rising to 4.2% this year. Markets are bracing for more turmoil as the war escalates with the Houthis joining the fight.

The peso flirts with all-time depths but Filipinos are not panicking.