As the Philippine peso fell to an all-time low this week, Philippine President Ferdinand Marcos Jr. promised that the Philippine authorities would do everything possible to defend the peso exchange rate. In Manila on Wednesday, the day after meeting with central bank and government officials, Marcos told reporters: “We will continue to do everything we can to ensure that the peso does not continue to fall in value.” “People can rest assured that our policy on the peso is to defend the peso as firmly as possible,” he said. As countries such as the Philippines face soaring import costs, high oil prices are exacerbating the decline in most Asian emerging market currencies. The Philippine peso has accumulated a cumulative decline of more than 8% this year, making it the worst performing currency in Asia. Marcos urged the Filipino people to “not panic.” He said, “This is a result of rising oil prices, which in turn has led to higher fuel prices and an impact on the economy.”

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