Gov’t vows to address economic woes amid weakening peso

MANILA, Philippines — Malacañang on Thursday said the government will continue working to boost the country’s economy after the Philippine peso hit a new record low of P62.565 against the dollar.

The currency weakened 16.5 centavos and closed at P62.565according to data from the Bankers Association of the Philippines. 

READ: Peso falls to new record low 62.565:$1

At a briefing, Palace press officer Claire Castro allayed fears that this could drive up goods and basic commodity prices and disrupt investments.

“Even before alam natin kung ano ang nais ng Pangulo at ano ang nais ng administrasyon na ito: Lahat ng puwedeng gawing paraan upang mas tumaas ang ekonomiya, lumago ang ekonomiya,” she said.

(We already know what the President and this administration wants – To implement every possible measure to boost and grow the economy.)

Castro said it just so happens that the country is significantly affected by the Middle East crisis, especially since it is still relying on the region for crude oil supply.

“Pero hindi po natatapos ang pagtatrabaho ng gobyerno dahil nandiyan pa rin po ang UPLIFT [Unified Package for Livelihoods, Industry, Food, and Transport] kung saan binubusisi kung paano pa maiibsan ang mga nadadanas ng ating mga kababayan lalung-lalo na sa pagtaas ng mga presyo ng bilihin,” said Castro.

(However, the government’s work does not stop there, as UPLIFT [Unified Package for Livelihoods, Industry, Food, and Transport] remains in place to carefully study how to further alleviate the hardships faced by our fellow citizens, especially regarding the rising prices of commodities.)

“So, nakaagapay pa rin po ang gobyerno, nandiyan pa rin po iyong sinasabi nating bente pesos na bigas para sa ating mas nangangailangan, nandiyan pa rin po iyong umiiral natin na zero balance billing para sa DOH [Department of Health] hospitals at sa mga pili na LGU [local governmrnt unit] hospitals, nandiyan din po iyong mga libre na toll fee sa mga buses at sa mga nagde-deliver ng mga agricultural products,” she continued.

(So, the government continues to provide support; the twenty-peso rice program for the needy remains in place, as does the zero-balance billing policy in DOH hospitals and select LGU hospitals, along with toll fee exemptions for buses and vehicles delivering agricultural products.)

Castro said the administration’s economic team is yet to discuss proposals to trim non-essential spending amid the weak peso.

Citing a statement from the Office of the Executive Secretary, Castro said the Bangko Sentral ng Pilipinas was expected “to act decisively based on available data and intervene when necessary to reduce exchange rate volatility.”

“The administration’s approach is focused on fiscal discipline and more efficient use of public funds; this means reviewing spending proposals carefully and prioritizing programs that have high economic and social returns,” the office’ statement read. /gsg