Malacañang said President Ferdinand Marcos Jr. does not want the peso to weaken to P60 against the US dollar, warning that such a level could push up the country’s debt.
Palace Press Officer Undersecretary Claire Castro said a weaker peso would increase debt due to exchange rate effects.
“Kapag tumaas ng P60, bumaba yung value ng peso, definitely mag-i-increase yung debt natin. Because yung palitan, tataas,” Castro said.
She added that the President hopes the peso will not reach the P60 level and that the government is awaiting discussions by the Bangko Sentral ng Pilipinas on the matter.
The peso closed at P59.46:$1 on January 15, breaching the previous record low of P59.44:$1 recorded a day earlier.
Economists earlier said the peso’s weakness was partly driven by market expectations of a possible policy rate cut by the BSP, alongside global factors affecting the US dollar.
