Manila: Malaca±ang on Monday reported that the nation's economic managers and the Bangko Sentral ng Pilipinas (BSP) convened to deliberate on strategies to tackle economic challenges, including the depreciation of the Philippine peso, during a meeting last week.

According to Philippines News Agency, Palace Press Officer Claire Castro stated that the BSP emphasized the market-determined nature of the exchange rate while highlighting the country's robust foreign exchange reserves. "The Bangko Sentral ng Pilipinas allows the exchange rate to be determined by market forces. We continue to maintain robust reserves," Castro conveyed in a Palace press briefing.

Castro further explained the initiatives to stimulate economic growth, noting that inflation remains low and is expected to stay within the target range over the next two years, thereby driving domestic demand. The government also aims to boost private sector engagement and bolster investor confidence by reducing regulatory hurdles and unveiling new investment opportunities, especially in agriculture.

In addition, the economic managers underscored ongoing efforts to address flood control anomalies, with more arrests anticipated by the year's end. The government is also advancing reforms to enhance economic productivity and attract foreign direct investments through initiatives like the Public-Private Partnership Code and the CREATE MORE Act.

Efforts to expedite the reconstruction of vital infrastructure in calamity-stricken areas are also underway, aiming to revive economic activity and support livelihoods. Regarding the peso's outlook, Castro cited the country's low and stable inflation as a pivotal strength, recognized by Standard and Poor's when affirming the Philippines' BBB+ high investment grade rating with a positive outlook.

Castro concluded by noting that the high credit rating reflects strong investor confidence in President Ferdinand R. Marcos Jr.'s leadership.