President Ferdinand "Bongbong" Marcos Jr. Called on Filipinos to stay calm as the peso continued to lose value against the US dollar. The currency exchange rate hit a new low on October 28, 2026, according to official data. The peso fell to 58.30 per dollar, marking a significant drop from earlier in the year.
The central bank reported that inflation remained elevated, with prices rising by 5.2% year-on-year. This has raised worries among businesses and consumers about the purchasing power of the peso. Marcos emphasized the need for patience, stating that economic policies are being carefully managed.
The peso's decline follows a series of monetary policy adjustments aimed at stabilizing the economy. Earlier this year, the central bank raised interest rates to curb inflation, but the peso continued to weaken. Analysts note that external factors, including global market volatility, have also contributed to the currency's instability.
The situation has sparked discussions about the long-term impact on trade and investment. Some experts warn that the depreciation could affect export competitiveness and increase import costs. However, the government has not announced any immediate measures to intervene in the foreign exchange market.
