00:00The Philippine peso drops to a record low 61 pesos versus the U.S. dollar Tuesday, April 28th
00:06as the conflict in the Middle East continues. RCBC chief economist Michael Ricofort says the
00:12peso's weakening can be linked to what he describes as a lack of progress of U.S.-Iran peace efforts
00:17and the closure of the Strait of Hormuz. The peso's drop in value is projected to worsen
00:22inflation in the country, which the Banco Central forecasts to average 6.3% this year.
00:27This also makes imports such as oil more expensive, which are often paid for in U.S. dollars.
00:33Meantime, the Civil Aeronautics Board lowered the fuel surcharge from Level 19 to Level 18
00:37for early May. The fee is added to transportation costs to cover unpredictable fuel prices.
00:43But even with the lower surcharge level, it remains high compared to the January to March
00:49rate of Level 4. Domestic flights in the first half of May will feature surcharge rates ranging
00:54from P627 to P1,834. International flights will have surcharge rates ranging from P1,958.44
01:03to P14,561.87 depending on the country of destination.
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