President Ferdinand 'Bongbong' Marcos Jr. reassures the public amid the peso's depreciation against the US dollar, stressing government efforts to defend the currency and manage inflation impacts.
President Ferdinand “Bongbong” Marcos Jr. addressed public concerns on Wednesday regarding the continued weakening of the Philippine peso, which recently hit a record low of 64 pesos to one US dollar. Speaking in an impromptu interview at the New Bilibid Prison in Muntinlupa City during the observance of the 32nd National Correctional Consciousness Week, the President advised Filipinos not to panic or take the currency’s decline alarmingly.
“First of all, do not take it with alarm. Don’t panic,” Marcos said. He assured that his administration is doing everything possible to defend the peso. “People can take solace in the fact that our policy towards the peso is to continue to defend the peso as hard as we possibly can. We have all the tools to defend the peso. We have all the means to defend the peso,” he emphasized.
The peso’s depreciation has been partly attributed to rising global crude oil prices amid the Middle East crisis, an issue that Marcos linked directly to the weakening currency. Despite this, he stated that the country’s foreign exchange reserves remain stable, serving as the backbone for interventions to support the peso.
Addressing inflation, Marcos acknowledged that the rising prices are largely supply-side driven. “Monetary measures can only go so far. We have to find other ways,” he said, noting that while the government can do little about oil prices, efforts are underway to reduce food costs.
Economic experts, including RCBC Chief Economist Michael Ricafort, warn that the peso’s decline could increase the country’s costs for oil imports and widen the trade deficit as well as the current account and balance of payments deficits.
The government remains committed to mitigating the inflationary pressures and ensuring the peso’s stability amid these challenging economic conditions.
Sources referenced:
- https://www.gmanetwork.com/news/balitambayan/balita/1007473/marcos-pinawi-ang-pangamba-sa-paghina-ng-halaga-ng-piso-don-t-panic/story/