Malacañang said President Ferdinand Marcos Jr. is closely monitoring the movement of the Philippine peso against the U.S. dollar, as the government seeks to avoid the exchange rate reaching ₱60 per dollar due to its potential negative impact on the economy.
Palace Press Officer Claire Castro said the government’s position remains that there is no immediate need for the Bangko Sentral ng Pilipinas to intervene despite the peso’s recent weakening.
Castro said the central bank continues to provide regular updates to Marcos and has assured the president it will act if intervention becomes necessary.
She clarified that the president does not want the peso-to-dollar exchange rate to reach ₱60, warning that such a level could have harmful effects on the country’s overall economic situation.
Castro said continued peso depreciation could affect the national currency’s stability and may lead to an increase in the cost of the Philippines’ debt.
She noted that a weaker peso can raise the peso value of foreign-denominated obligations, potentially adding pressure to government finances.
The Bangko Sentral ng Pilipinas, she said, is closely watching the peso’s movement and will base any future steps on the direction of the situation and its broader impact on the economy.
Officials did not provide further details on possible measures, but reiterated that the central bank remains prepared to respond if conditions worsen.
For now, the Palace emphasized that authorities are continuing to monitor developments in the foreign exchange market, with the president receiving updates as the peso fluctuates.
The government has not announced any immediate policy changes, maintaining that intervention decisions will depend on how the exchange rate trend affects economic stability in the coming months.
