Peso rebounds 14.5 cents to P64.025 vs dollar
MANILA, Philippines — The Philippine peso, on Wednesday, October 28, closed at P64.025 to the dollar, ending a seven-day streak of record lows.
The peso recovered 14.5 centavos from an all-time low closing price of P64.17 the day before. Tuesday also saw the currency's lowest intraday value thus far, crashing to P64.2 before changing course.
In an ambush interview on Wednesday afternoon, President Ferdinand Marcos Jr. said that government's policy is to defend the peso as much as possible.
"People can take solace to the fact that our policy towards the peso is to continue to defend the peso as hard as possibly we can. We have all the tools to defend the peso. We have all the means to defend the peso," he said.
"Don't panic. It is an effect of still the rising prices of oil and subsequently the rising prices of fuel and its effect on the economy," Marcos also told the public.
The statement comes after a meeting with Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. and the country’s economic managers on Tuesday to discuss the central bank's interest rate hike. Remolona previously said the 50-basis point hike to 5.5% was not implemented to influence a particular exchange rate.
A more expensive dollar may affect the price of goods like fuel and certain food items because it is the currency with which these commodities are purchased in the world market.
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