Malacañang on Thursday cautioned that while the Philippine peso remains broadly stable, crossing the ₱60-per-US-dollar threshold could carry serious economic consequences, including higher government debt.
Communications Undersecretary and Palace Press Officer Claire Castro said President Ferdinand “Bongbong” Marcos Jr. is keeping a close watch on the currency amid global market uncertainties and profit-taking in the local bourse.
“Kapag tumaas po kasi ng 60 pesos, bumaba iyong value ng peso, definitely mag-i-increase iyong debt natin because iyong palitan po ay tataas,” Castro said.
The peso closed at 59.26 on Wednesday, strengthening from 59.45 the previous day. It traded between 59.23 and 59.26, averaging 59.32. Analysts attributed the recent appreciation to a weaker US dollar and strong demand for Philippine government global bonds worth $2.75 billion.
Castro noted that the Bangko Sentral ng Pilipinas (BSP) is prepared to step in if necessary, but emphasized that the administration’s priority is to prevent the peso from breaching the ₱60 level.
“Ayaw po sana, ayaw po ng Pangulo na umabot pa ito sa 60 pesos na palitan,” she said, warning that such a scenario would not be favorable for the peso and could broadly impact the economy.
Despite volatility earlier in January, the peso has largely held near the 59-level, supported by global bond sales and other stabilizing measures.
The Palace added that inflation remains under control and assured that the government continues to monitor financial market risks, with corrective actions ready to be implemented when needed.