Philippine President Ferdinand Marcos stated on Wednesday that authorities will take every possible measure to defend the national currency after the peso weakened to a new record low this week.
Speaking to reporters in Manila, Marcos sought to calm public concern following a meeting he held with the central bank and key government officials a day earlier. He emphasized that the administration remains committed to stabilizing the currency.
“We will continue to do all that we can to make sure that the value of the peso does not continue to go down,” Marcos said. “People can take solace in the fact that our policy toward the peso is to continue to defend the peso as hard as we possibly can.”
The Philippine peso fell to a record low of 64.20 per dollar on Tuesday.
Addressing the broader economic pressures driving the currency’s decline, Marcos urged the public to remain calm. He attributed the depreciation directly to external commodity shocks.
“Don’t panic. It is an effect of rising prices of oil and consequently the rising prices of fuel, and its effect on the economy,” he said. He added that the nation maintains “healthy” foreign exchange reserves to weather the ongoing financial strain.
