Marcos urges calm as peso stabilizes after historic weakness

MANILA — President Marcos sought to reassure Filipinos on Wednesday as the Philippine peso demonstrated a modest recovery from its recent historic lows, closing at P64.025 against the US dollar. The currency rebounded 14.5 centavos from its opening level of P64.08, marking relief after seven consecutive sessions of record-low closings that had sparked concern among consumers and business sectors.

The presidential directive to remain calm reflected government efforts to manage public perception amid currency pressures that have affected inflation and purchasing power across the archipelago. Officials have attributed the peso's weakness to broader regional and global economic headwinds, including interest rate differentials and capital flows.

Financial analysts and the Bangko Sentral ng Pilipinas have been monitoring the situation closely, with experts noting that structural factors continue to influence the currency's performance. The central bank has employed various policy measures to stabilize the peso and manage volatility in foreign exchange markets.

The modest recovery on Wednesday provided a glimmer of stability after weeks of downward pressure on the currency, though analysts cautioned that broader economic conditions remained uncertain. Observers are closely watching for sustained improvement or renewed weakness in coming sessions.