Marcos pledges accelerated spending to bolster Philippine economic growth

MANILA — President Ferdinand Marcos Jr. announced that the administration is increasing the pace of government spending to stimulate the Philippine economy, citing the need to counter external pressures on the local currency.

Speaking to journalists during a visit to New Delhi, India, on Sunday, Marcos attributed the peso's recent depreciation to inflationary pressures gripping the economy. The currency closed at P62.68 per US dollar, marking another low point for the peso amid broader economic headwinds.

The President linked current inflation challenges to geopolitical tensions, suggesting that external conflicts have contributed to the country's rising price levels. By accelerating government spending, the administration aims to sustain economic momentum and provide relief to Filipino consumers and businesses facing higher costs.

Government spending is seen as a key lever to support economic growth as the Philippines navigates inflation concerns and currency volatility affecting business operations and purchasing power across the region.