NEW YORK — The Bangko Sentral ng Pilipinas (BSP) is considering raising interest rates as tensions in the Middle East continue to weigh on global markets and the Philippine currency, Malacañang said Monday.

Speaking at a press briefing at the Hilton Garden Inn here, Palace press officer and Presidential Communications Office Undersecretary Claire Castro said the central bank is studying a possible rate adjustment.

“According to the information I received, the BSP will be increasing interest rates. That’s what I know,” Castro said.

The Philippine peso weakened further against the US dollar, hitting P59.50 as of the close of trading on 9 March, according to the Bankers Association of the Philippines.

The figure surpassed the previous record low of P59.46 recorded on 15 January.

Castro said the government had anticipated pressure on the peso amid the geopolitical tensions in the Middle East but noted that measures are in place to address market volatility.

“Nakita po natin na ito ay talagang maaaring mangyari dahil sa nangyayari po na issue sa Middle East at mukhang ito po talaga ang consequence. At nadinig na rin po natin ang Bangko Sentral patungkol po dito. At kung magtutuloy-tuloy po ito, ay magkakaroon po talaga ng intervention. At ‘yan naman po ay sasang-ayunan din po ng pamahalaan,” she said.

She added that the government will support any intervention by the central bank should market conditions continue to deteriorate.