Marcos: Don't panic over peso fall to P64 per dollar

MANILA, Philippines — President Ferdinand Marcos Jr. urged the public not to panic after the peso weakened to P64 against the dollar for the first time.

"Don't panic. It is an effect of still the rising prices of oil and subsequently the rising prices of fuel and its effect on the economy," Marcos said Wednesday, October 28.

He said the government's policy is to defend the peso as much as possible.

"People can take solace to the fact that our policy towards the peso is to continue to defend the peso as hard as possibly we can. We have all the tools to defend the peso. We have all the means to defend the peso," Marcos said.

The President also said the government was doing everything it could to bring down food prices. 

The currency has been under sustained pressure in recent weeks, repeatedly hitting record lows against the dollar. On Monday alone, it closed at P63.95, marking the fifth straight trading day of decline and the 32nd record-low close this year. — Reports from Geraldine Santos