Marcos pledges support for peso as currency hits record lows

President Marcos said the government would take steps to stabilise the peso, urging the public and investors not to panic amid the currency's sharp depreciation. The peso has come under sustained pressure as crude oil prices have climbed, driving up the Philippines' import bill and straining foreign exchange reserves.

The currency weakness reflects broader economic headwinds facing the Southeast Asian nation. As a net oil importer, the Philippines is particularly vulnerable to surging energy costs, which have widened the country's current account deficit and pushed demand for US dollars higher.

The central bank has held multiple policy meetings to discuss support measures, while Marcos's administration has signalled it remains committed to defending the currency. Officials have indicated that steady economic fundamentals and foreign investment inflows should eventually provide support.

Analysts expect the peso's trajectory will largely depend on global oil market trends and the pace of US interest rate decisions, which influence capital flows to emerging markets. The currency's weakness has implications for Philippine importers and consumers, as it raises the cost of imported goods.