The Philippine peso fell to a record low against the dollar as oil prices climbed, putting more pressure on the central bank to take action.

The Philippine central bank said it will be less aggressive in fighting inflation as economic growth slows, while President Ferdinand Marcos Jr. pledged to ramp up fiscal support.

The Philippines’ plan for a massive increase in state borrowing to revive the economy could backfire by crowding out the private sector, analysts say.

The Philippine government plans to borrow 3.3 trillion pesos ($54 billion) next year, up by a fifth, as it seeks to revitalize an economy rocked by the Middle East conflict and a corruption scandal.

The Philippine government plans to borrow 3.3 trillion pesos ($54 billion) next year, up by a fifth, as it seeks to revitalize an economy rocked by the conflict in the Middle East and a corruption scandal.

The Philippine central bank has limited room to increase its policy rate further after the country’s economic slump deepened in the second quarter, according to economists.

Philippine economic growth unexpectedly slumped in the second quarter as consumers cut back and investment shrank, prompting officials to pledge more state spending to spur a rebound. The peso fell.

Philippine economic growth dramatically slowed in the second quarter, defying expectations of a pickup, as the protracted Middle East conflict stokes inflation and drags down consumer spending and investment.

The Philippine central bank said it’s ready for a policy rate move if needed, as inflation in July remained way above its tolerance range even after slowing for a third month.

Manila Electric Co., the Philippines’ largest power distributor, was ordered by the regulator to refund 9.5 billion pesos ($156 million), representing excess charges to customers.

The Philippines plans to change the way it prices local-currency bonds by removing the impact of withholding tax, a shift that may saddle some existing investors in the nation’s $230 billion market with losses, according to people familiar with the matter.

Philippine exports rose to a record in June on the back of strong electronics demand and a weak peso.

Philippine banks have set aside the most funds for potential loan losses since at least 2008, bracing for defaults as the Middle East conflict weighs on an already weak economy.

The Philippines risks delaying planned reductions to its budget deficit if President Ferdinand Marcos Jr.’s tax relief proposals don’t come with revenue-generating measures, debt watchers said.

The Philippine central bank intervened in a small way to defend the peso last week, Governor Eli Remolona said, as the currency weakened to a record low.

Philippine President Ferdinand Marcos Jr. laid down his economic priorities in his annual address to Congress Monday, focusing on Filipino consumers battered by high prices due to the Iran War.

The Philippine central bank intervened in a small way to defend the peso last week, Governor Eli Remolona said, as the currency weakened to a record low.

A year ago, Philippines President Ferdinand Marcos Jr.’s annual address to Congress shocked the nation with revelations of billions of dollars of graft involving flood-control schemes. The disclosure triggered an economic slump as projects slowed and consumers and businesses cut spending.

US President Donald Trump assured Philippine leader Ferdinand Marcos Jr. that he would take up Manila’s concerns when he meets with Chinese President Xi Jinping, the Southeast Asian nation said.

The Philippine central bank intervened in the foreign-exchange market as the peso fell to a record low, joining India in protecting currencies hit by surging oil prices.