Politics · Philippines Bureau
Marcos Urges Calm as Philippine Peso Reaches Historic Low
President Ferdinand Marcos Jr. sought to reassure Filipinos Wednesday as the peso weakened to a record low against the US dollar. The currency slide has raised concerns among consumers and businesses already grappling with inflationary pressures.
LSN Philippines ·
MANILA — President Ferdinand Marcos Jr. called for public calm Wednesday as the Philippine peso tumbled to an unprecedented low of 64 per US dollar, marking a significant depreciation of the nation's currency.
The peso's continued weakness has sparked concern among ordinary Filipinos and the business community, with many worried about the impact on import costs, remittance values, and purchasing power. The currency slide comes amid broader regional economic pressures and global market volatility.
Presidential statements urging citizens not to panic suggested growing attention to the peso's performance as a potential flashpoint for public anxiety. Officials have typically sought to frame currency movements within longer-term economic contexts rather than immediate alarm.
The development underscores ongoing challenges facing the Philippine economy as policymakers balance competing priorities including currency stability, inflation management, and economic growth. The Bangko Sentral ng Pilipinas and economic authorities continue monitoring the situation.