Malacañang said the administration is studying additional measures to cushion the impact of the peso’s continued depreciation on Filipinos, as the local currency weakened to the P63-per-dollar level.
During a Palace press conference, Presidential Communications Office Undersecretary Claire Castro cited the ongoing crisis in the Middle East and the effects of El Niño as among the factors affecting the Philippine economy.
She said drought conditions in some areas had already affected farmers and fisherfolk, adding to the economic challenges faced by Filipinos.
Castro also warned that political noise and the spread of fake news could damage the country’s image and undermine efforts to attract investors.
“Parte ito ng maaaring makapagdulot ng pagtaas ng dolyar o pagbaba ng value ng peso, plus the political noise na intensyong isinasagawa para masira ang ginagawang pagsisikap na ginagawa ng administrasyon,” she said.
Castro said foreign exchange policies and the peso’s performance fall under the mandate of the Bangko Sentral ng Pilipinas.
She nevertheless assured the public that President Ferdinand R. Marcos Jr. and his administration remain focused on assessing the situation and identifying possible interventions to ease its impact on Filipinos.
“Ang Pangulo at ang administrasyon ay nakatutok po rito para mas magawan ng paraan at the same time para mapag-aralan pa kung ano pa ang maaaring epekto nito sa ating mga kababayan at kung ano pa ang puwedeng gawin ng ating administrasyon para ‘yung nadaranas ng ating mga kababayan ay ma-lessen, ma-mitigate ‘yung hirap ng ating mga kababayan,” Castro said.PNA
