Marcos accused of downplaying peso crisis as further decline looms

MANILA — ACT Teachers party-list Representative Antonio Tinio on Thursday accused President Ferdinand Marcos Jr. of minimizing the severity of the peso's decline to historic lows, characterizing the chief executive's public reassurances as defensive posturing.

Tinio challenged Marcos's recent "Don't panic" statement on the exchange rate, arguing that such remarks fail to address underlying economic concerns. The lawmaker pointed to assessments from financial analysts who project further depreciation of the Philippine currency in the coming months.

The peso has reached its weakest level on record against the US dollar, prompting debate among policymakers and economists over appropriate responses to the currency crisis. While the administration has sought to calm market sentiment, critics contend that minimizing the problem does little to address the factors driving the peso's deterioration.

Analysts attribute the currency weakness to various factors including capital outflows, interest rate differentials between Philippine and US markets, and broader regional economic pressures. Market observers expect continued downward pressure on the peso unless significant policy interventions or shifts in global conditions occur.