Marcos criticized for dismissive stance on peso's weakening against dollar

MANILA — The Bagong Alyansang Makabayan (Bayan) coalition criticized President Ferdinand Marcos Jr. on Wednesday over his handling of the Philippine peso's continued weakness against the U.S. dollar, which has breached the 64-to-1 exchange rate threshold.

The umbrella organization of leftist and progressive groups contended that the president's public appeals for calm represent a failure to grapple seriously with the deepening economic crisis. Marcos had earlier urged Filipinos not to panic over the currency's performance, but Bayan countered that reassurances alone are insufficient without accompanying policy interventions.

The coalition's rebuke underscores growing concern among opposition voices that the administration has not articulated a comprehensive strategy to stabilize the peso or address the underlying factors contributing to its depreciation. The strengthening of the U.S. dollar globally and the Philippines' persistent trade deficit have placed sustained pressure on the local currency in recent months.

Bayan's statement reflects broader anxieties in the Philippines about the peso's weakness, which affects import costs, inflation, and the purchasing power of ordinary citizens. The group called for the government to implement targeted economic policies rather than rely solely on public messaging to manage market confidence.

The Marcos administration has not immediately responded to the coalition's accusations.