By Ditas B Lopez, Bloomberg
Philippine President Ferdinand R. Marcos Jr. said authorities will do all they can to defend the peso as the currency weakened to a new record low this week.
“We will continue to do all that we can to make sure that the value of the peso does not continue to go down,” Mr. Marcos told reporters in Manila on Wednesday, a day after meeting with central bank and key government officials.
“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.”
“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 also said.
The nation has “healthy” foreign exchange reserves, he said.
The peso fell to a record low of 64.20 per dollar on Tuesday. — Bloomberg
