Manila: Malaca±ang announced its proactive steps in addressing the peso's ongoing depreciation, as it collaborates closely with the Bangko Sentral ng Pilipinas (BSP) and the country's economic team. This development comes in the wake of the peso hitting an unprecedented low of PHP59.22 against the US dollar.
According to Philippines News Agency, Palace Press Officer Claire Castro confirmed that a meeting is scheduled for Thursday to discuss the matter. She stated, "We are working with the BSP and the economic team, and they will meet tomorrow," in response to inquiries about the Palace's stance on the peso's recent slump.
The central bank's Monetary Board, responsible for policy-making, is also set to hold its final rate-setting session for the year on Thursday. The Philippine peso's decline to PHP59.22 against the U.S. dollar marks its lowest recorded level.
Analysts have pointed to the strengthening U.S. dollar and waning local confidence as contributing factors to the peso's weakness. When questioned about the administration's concerns regarding the potential inflationary pressure due to the weaker peso, especially with the holiday season approaching, Castro indicated that the issue will be addressed in the upcoming meeting. She remarked, "We'll see. This will likely be discussed tomorrow."
