Malacañang affirmed that President Ferdinand “Bongbong” Marcos Jr. is regularly monitoring the value of the Philippine peso versus the US dollar.
Press Secretary Atty. Trixie Cruz-Angeles stated that the issue was not mentioned at the 9th Cabinet meeting. However, the President has been keeping a close eye on the matter.
“The President is in constant touch with the economic team and they are closely monitoring this. As you know naman, the inflation rate isn’t due to any local factors. It’s really about the exchange rate. But, it is a matter for the President, which the President closely monitors on a regular basis,” said Cruz-Angeles during a press briefing.
The local currency fell one centavo to a new all-time low of P58.5:$1, down from P58.49:$1 on Thursday, September 22. Friday’s finish was the fourth consecutive day that the peso plunged to new lows.
The Philippine peso plummeted to a new record low versus the US dollar on Friday, September 23 as predictions of aggressive monetary policy tightening in the US bolstered the greenback’s attraction.
