The Philippine peso has depreciated past the critical 58-per-USD mark, exerting pressure on the central bank to bolster the currency. On Tuesday, the peso fell to 58.20 per USD, marking a 4.5% decline for the year. This situation has arisen even as the bank hinted at possible interest rate cuts by August, contrasting with the more cautious stances of Thailand and Indonesia. The drop in the Philippines’ dollar reserves by USD 1.4 bln in April, the most significant since September, underscores the challenges faced by emerging markets amid fluctuations in USD strength.