The Financial Stability Coordination Council (FSCC) on Thursday reaffirmed the strength of the country’s financial system, citing well-capitalized and liquid banks, but warned that emerging risks could pose challenges to businesses and households if left unchecked.

Amid concern over the peso’s slide, exporters are reframing the narrative: depreciation is no longer a one-sided drag, but a broader source of gains.

The Philippine peso tumbled to a fresh record low on Thursday, breaching the P60-per-dollar mark, as escalating geopolitical tensions in the Middle East and surging oil prices rattled markets and drove investors toward the safety of the US dollar.