Marcos hit over ‘don’t panic’ remark on Philippine peso breaching 64:1$

MANILA, Philippines —The Bagong Alyansang Makabayan (Bayan) coalition on Wednesday blasted President Ferdinand Marcos Jr. over his remarks on the continued depreciation of the Philippine peso.

The group accused the president and his administration of lack of plans in handling this worsening crisis.

Bayan’s view came after Marcos earlier told the public not to panic as the government is already doing everything it can to keep the value of peso from going down further.

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“‘Don’t panic’ is a privileged statement from someone who does not have to deal with rising prices and high interest rates,” Bayan President Renato Reyes Jr. said in a statement.

“It is the reaction coming from an incompetent and insensitive regime that does not acknowledge the internal weakness of our economy, and conveniently blames only external factors, as if the current government is totally blameless,” he noted.

“Marcos Jr. has no plan for the Filipino people should the crisis get worse. He is busy with budget insertions and pork barrel allocations,” he observed.

The peso breached another record low of 64.17 against the greenback—occuring just eight days after it broke the 63-per-dollar level. /apl