A senior Philippine government official said that Philippine President Marcos expects the Bank of the Philippines to intervene depending on the circumstances to contain fluctuations in the peso exchange rate against the US dollar. Claire Castro, Deputy Minister of Communications at the Philippine Presidential Office, said at the presidential office's regular press conference that the weakening peso is due to the overall strengthening of the US dollar and the rise in international oil prices. “Looking ahead, we expect the Bank of the Philippines to act decisively on the basis of existing data and to intervene if necessary to reduce exchange rate fluctuations.” Castro display She added that the executive branch of the government is making efforts to strictly abide by fiscal discipline and improve the efficiency of the use of public funds.

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