Philippine peso hits record low of ₱64.17 against US dollar

The Philippine peso reached a historic low of ₱64.17 against the US dollar on October 27, marking a period of continuous depreciation. The currency's decline follows several days of record-low closing rates, driven by rising oil prices and a strong US dollar.

President Ferdinand Marcos Jr. urged the public not to panic, stating that the government has the necessary means to defend the local currency. He noted that the country’s foreign exchange reserves remain healthy and will be utilized to support the peso.

While the central bank recently raised its key policy rate to combat inflation, President Marcos emphasized that monetary measures alone have limited effectiveness against supply-side inflation. He stated that while the government has little control over international oil prices, it is working to manage food prices to mitigate the impact on citizens.