Why has the Philippines’ peso plunged to a record low?

The Philippine’s peso is hovering at historic lows amid a confluence of economic challenges at home and geopolitical turmoil abroad.On Friday, the currency hit an all-time low of 62.71 to the United States dollar.Recommended Stories list of 4 itemslist 1 of 4Entertainment over policy? White House arcade games ignite backlashlist 2 of 4Mladic’s body arrives to full military honours in Serbialist 3 of 4Arsenal sell Martinelli to Al-Hilal in post-transfer deadline day deallist 4 of 4Argentina’s Milei threatens sanctions over Falklands oil drillingend of listHere’s everything you need to know about the plunging value of the currency:What has been happening with the peso?The peso has been on a downward trajectory since the start of the year, losing about 6 percent of its value against the US dollar since January 1.The currency has broken several records over the past few months amid rising oil prices and other negative headwinds from the US-Israel war on Iran.The peso hit a record low of 61.847 to the US dollar on July 24, before falling further to 62.265 last Friday.The peso has continued its slide this week, closing at 62.565 on Wednesday and sinking to 62.71 on Friday.Why has the pes...