Politics · Philippines Bureau
Palace pledges economic action as peso hits fresh record low
The Philippine government has committed to addressing economic challenges following the peso's decline to P62.565 against the US dollar, marking a new low for the currency. Officials vowed to pursue measures aimed at stabilizing the economy and supporting the peso's recovery.
LSN Philippines ·
MANILA — Malacañang said Thursday the government remains focused on strengthening the country's economy as the Philippine peso weakened to an unprecedented P62.565 against the dollar.
The currency depreciated by 16.5 centavos during trading, according to data from the Bankers Association of the Philippines. The new record low underscores mounting pressure on the peso amid broader economic headwinds affecting the regional market.
Government officials did not detail specific remedial measures but indicated that policymakers would continue pursuing strategies to shore up economic performance. The commitment comes as the currency's sustained weakness raises concerns about inflation, import costs, and overall financial stability.
The peso's deterioration reflects challenges facing the Philippine economy, which economists have attributed to various factors including capital outflows and global market volatility. Officials acknowledged the need for coordinated efforts to restore investor confidence and stabilize the local currency.