The peso hit a record low of 64 pesos against the dollar in intraday trading on Tuesday, October 27

In 2022 there was the option of an economist, and they seated a dropout instead.

To those saying this is just because the dollar got stronger: our currency is at an all-time low even against the Chinese yuan. Think about how much we import from China and that we pay in dollars or yuan.

It should be good for OFWs, but the cost of living is rising faster, so it doesn't help. 'Bagong Pilipinas' is so annoying. KASAMAAN and KADILIMAN, meaning Duterte and Marcos joined hands, so of course garbage came out of it. The people who said 'our manok won' are useless. Now just looking at the price of chicken hurts my pocket.

Can someone explain it ELI5? Why is this happening, and how does it affect ordinary citizens?