Malacañang on Wednesday said it is closely coordinating with the Bangko Sentral ng Pilipinas (BSP) and the country’s economic team to address the peso’s continued depreciation, after the local currency hit a new all-time low of P59.22 against the US dollar.
Palace Press Officer Claire Castro said the matter will be tackled in a meeting scheduled on Thursday.
“We are working with the BSP and the economic team. At bukas po magkakaroon sila ng meeting (We are working with the BSP and the economic team, and they will meet tomorrow),” she said when asked about the Palace’s reaction to the peso’s fresh record low.
The central bank’s policy-making Monetary Board will also have its last rate setting for the year on Thursday.
The Philippine peso closed at P59.22 to the U.S. dollar on Tuesday, hitting its lowest level on record.
Analysts have attributed the peso’s weakness to a stronger U.S. dollar and softening local confidence.
Asked whether the administration is concerned that the weaker peso may further push up inflation ahead of the holiday season, Castro said the issue will be raised during the meeting.
“Tignan po natin. Malamang ay matatalakay ito bukas (We’ll see. This will likely be discussed tomorrow),” Castro said.
PIXABAY PHOTO