The peso depreciated again to P59 against the US dollar on Tuesday, the highest in over two years and the fifth time in recent days as the Russia-Ukraine war escalated and signs of political instability in the country arose.

The local currency weakened from Monday’s closing level at P58.99 per dollar, after hitting a high of P59 and a low of P58.95 per dollar, according to the Bankers Association of the Philippines.

Last 21 November, the peso had settled at the 59 level after global media reported Ukrainian attacks on Russia using US-made long-range missiles.

Tuesday’s closing level for the peso also matched the figure recorded in the early days of October 2022.

BBC reported Russia has retaliated against Ukraine through nearly 1,500 missile attacks, while the latter’s military targeted an oil depot in Moscow.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said investors sought more US dollars as a safe haven amid the geopolitically-driven economic uncertainties.

While current US President Joe Biden supports Ukraine, Ricafort said investors could be anticipating a better economy under incoming and re-elected president Donald Trump who promised lower corporate income tax to American firms and high tariffs on imports.

“He wants to impose an additional 10 percent tariff on imported goods from China and 25 percent tariffs on products from Mexico and Canada,” he said.

Ricafort added the peso depreciated after “local political noises” were reported over the weekend.

Hired killer’s commitment

Vice President Sara Duterte has delivered remarks describing how she presumably got the commitment of a hired killer to kill President Ferdinand Marcos Jr., First Lady Liza Araneta-Marcos, and House Speaker Martin Romualdez if anything fatal happens to her. This has prompted calls from some lawmakers to investigate her as they deem her statements as death threats.

Earlier, she had resigned as Department of Education secretary following corruption allegations.

Since she resigned as DepEd chief she has been attacking Marcos and his allies, saying the President especially hasn’t done anything significant to improve the welfare of the poor. This tirades by the Vice President has increased with Congress probing alleged misuse of funds by both the Office of the Vice President and DepEd.