Philippine Peso Advances to Strongest Since 2023 on Dollar, Oil

The Philippine peso rose to its strongest level in almost two years against the dollar, buoyed by weakness in the US currency and oil prices.

The peso gained 0.2% to around 55.17 per dollar on Monday, the highest since August 2023, as the greenback is weighed down by growing concerns over the US fiscal gap. Low crude oil prices are also benefiting the Philippines, a net fuel importer, and could help narrow its balance-of-payments deficit.