The Philippine peso could potentially drop to its all-time low of 59 against the US dollar if geopolitical tensions and uncertainties surrounding the upcoming US elections persist, according to Bangko Sentral ng Pilipinas Governor Eli Remolona Jr.

In an interview at the International Monetary Fund and World Bank annual meetings in Washington, Remolona stated that while the possibility of reaching 59 exists, its likelihood remains uncertain. He stressed that ongoing risks and uncertainties could gradually push the peso to this level.

The central bank's concerns reflect a growing awareness of external factors that could impact the Philippine economy and currency stability.