Rising international oil prices have driven the Philippine peso to a new all-time low, putting increased pressure on the central bank to step up its currency defense efforts.

On Friday, the peso weakened 0.1% against the US dollar to close at 61.83, breaching the previous historic low of 61.75 recorded at the end of April.

The price of crude oil has surged more than 30% this month, severely impacting the currencies of Asian oil-importing nations. Both the Indian and Philippine central banks have intervened in the foreign exchange market this week.

The administration of President Ferdinand Marcos Jr. has stated its confidence that the central bank will take decisive action to stabilize the peso's exchange rate.

So far this year, the Philippine peso has depreciated by nearly 5%, placing it among the worst-performing currencies in Asia.