Facing a historic currency slump and surging inflation, President Ferdinand Marcos Jr. has called on the public to remain calm.
In a recent interview in Muntinlupa City, the Chief Executive addressed the Philippine peso closing at a record low of ₱64.17 against the US dollar. He stressed that the administration is prepared to utilize national resources, such as foreign exchange reserves, to safeguard the currency.
“Do not take it with alarm. Don’t panic,” Marcos stated, attributing the economic pressure largely to escalating global oil costs.
The continuous depreciation of the local currency increases the cost of imported goods, especially fuel, which directly impacts electricity, transportation, and overall consumer prices. This comes as the national inflation rate climbed to 7.2% in September, up from 6.1% the previous month, according to data from the Philippine Statistics Authority.
While noting that the government has minimal influence over international oil markets, the President emphasized that domestic food costs can be managed through direct intervention.
“It’s basically oil we can do nothing about. Food, we can,” Marcos remarked, adding that the administration is exploring all available avenues to relieve the financial pressure on Filipino households.