The Philippine peso neared a record low against the US dollar on Wednesday, closing at P61.745:$1, a 7 centavo depreciation from the previous day. This decline is attributed to uncertainties in the Middle East stemming from mixed signals between the US, Iran, and Israel, according to Rizal Commercial Banking Corp. chief economist Michael Ricafort. While the peso showed some stability potentially due to market interventions and anticipated Bangko Sentral ng Pilipinas rate hikes, it remains vulnerable. Future support may come from increased overseas Filipino worker remittances and tuition payments as the new school year approaches in June.