Marcos says 'don't panic' amid weakening peso

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President Ferdinand “Bongbong” Marcos Jr. on Wednesday allayed concerns as the Philippine peso hit a new historic low, breaching the P64:$1 level.

“Well, first of all, do not take it with alarm. Don't panic,” Marcos said in an ambush interview at the Bureau of Corrections in Muntinlupa City.

The President said that his government is trying to defend the peso “as hard as we possibly can.”

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

“And with that in mind, we will continue to do all that we can to make sure that the value of the peso does not continue to go down, especially relative to the dollar. The dollar is also becoming very strong. But nevertheless, we have the means, as I say,” he added.

The local currency sank to an intraday low of P64.18:$1, weaker than the 33rd record low of P64.17:$1 seen during Tuesday’s closing.

The local unit’s weakness came amid the continuous spike in global crude oil prices due to the Middle East crisis. —AOL, GMA News