MARCOS ON WEAKENING PESO: ‘DON’T PANIC, WE HAVE THE MEANS TO DEFEND IT’
WATCH: President Bongbong Marcos urged Filipinos not to panic as the Philippine peso sank to a new record low of ₱64.17 against the US dollar on Tuesday, Oct. 27, breaching the ₱64 level for the first time.
Speaking to reporters at the New Bilibid Prison on Wednesday, Oct. 28, Marcos attributed the peso’s depreciation partly to rising global oil prices and a strengthening US dollar, assuring the public that the country’s foreign exchange reserves remained healthy.
“We have all the tools to defend the peso,” Marcos said, adding that the government was also working to bring down food prices amid inflationary pressures. |
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