MANILA, Philippines — Ferdinand Marcos Jr. said the government will not use all its foreign reserves to defend the peso, which recently weakened to around P60 per US dollar.
In an interview with Bloomberg News, Marcos said it would be pointless to spend all reserves trying to control the currency, noting that global dollar movements are beyond the country’s control.
The peso hit a record low on Monday before slightly recovering to P59.95 the next day.
Marcos also admitted it will be difficult for the Philippines to achieve its target of 8% economic growth by 2028, especially with the ongoing conflict in the Middle East affecting oil prices and global markets.
He said economic targets may need to be adjusted, as the situation has a bigger impact on middle- and lower-income countries.
Despite this, Marcos remains optimistic the economy can still grow around 6% by the end of his term, supported by increased investments, a more skilled workforce, and improvements in business conditions and digitalization.