Philippine Peso just hit an all-time low vs the dollar.

Emerging market currencies getting crushed as the dollar stays strong. Fed keeping rates higher for longer = pain for countries with dollar-denominated debt.

Philippines imports a lot (oil, food, machinery) so a weak peso means higher inflation for consumers there. Central bank will probably have to step in or hike rates to defend it.

This is the currency story playing out across Southeast Asia right now. Strong dollar environment isn't just a U.S. story—it ripples everywhere.