Marcos calls for calm after peso hits ₱64 per dollar
The Philippine president pledged continued efforts to defend the currency, which has repeatedly reached record lows in recent weeks.
President Ferdinand Marcos Jr. sought to reassure the Philippine public on October 28 after the peso fell to ₱64 per dollar, its first time at that level. He said the government would keep working to defend the currency.
Marcos linked the decline to rising oil prices, the resulting increase in fuel costs and the effects on the economy. He said the government had the tools and means to support the peso and would use its policy to defend it as strongly as possible.
The currency had faced pressure for several weeks, setting record lows repeatedly. Its Monday closing rate of ₱63.95 per dollar extended its losses to five consecutive trading days and was its 32nd record-low close of the year.
Marcos also said his administration was making every effort to reduce food prices.
