MANILA, Philippines — January 22, 2026 — President Ferdinand “Bongbong” Marcos Jr. does not want the Philippine peso to weaken further to P60 against the US dollar, Malacañang said Thursday, as the local currency continued to hover near historic lows.

Palace Press Officer Undersecretary Claire Castro explained in a briefing that a slide to P60 would have serious economic consequences, particularly on the country’s debt burden. “Kapag tumaas ng P60, bumaba yung value ng peso, definitely mag-i-increase yung debt natin. Because yung palitan, tataas,” Castro said. She added, “Ayaw po sana, ayaw po ng Pangulo na umabot pa ito sa P60 na palitan so abangan natin kung ano yung mapag-uusapan ng BSP patungkol dun.”

The peso closed at P59.46 to the dollar on January 15, surpassing the previous record low of P59.44 just a day earlier. Economists noted that the weakness of the peso has been driven by strong demand for dollars, global market volatility, and concerns over inflationary pressures. Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso’s depreciation reflected external factors such as higher US interest rates and geopolitical uncertainties.

Malacañang emphasized that Marcos is closely coordinating with the Bangko Sentral ng Pilipinas (BSP) to monitor the situation. Castro clarified that while the President is concerned about the peso’s decline, the BSP remains focused on preventing excessive volatility rather than targeting a specific exchange rate. “The BSP is more focused on preventing excessive volatility in the peso rather than targeting a specific exchange rate level,” she said.

A weaker peso increases the cost of imports, particularly fuel, energy, and pharmaceutical products, which could feed into broader inflation and weigh heavily on household spending. Analysts warned that if the peso breaches the P60 mark, it could trigger higher debt servicing costs for the government and further strain the economy.

Despite the currency’s recent slide, the peso managed to recover slightly after Marcos signaled his concern. Data from the Bankers’ Association of the Philippines showed the peso closed at P59.16 per dollar on January 22, its strongest finish in two weeks. Economists suggested that the President’s remarks may have helped stabilize market sentiment.

Marcos recently met with BSP Governor Eli Remolona Jr. in Malacañang to discuss the central bank’s policy actions, including its decision to reduce interest rates, and to review the country’s economic outlook. The Palace reiterated that while the administration is determined to prevent the peso from hitting P60, there is currently no urgent need for direct intervention in the foreign exchange market.

The peso’s performance remains a critical issue for the Marcos administration as it seeks to balance economic stability with global market challenges. For now, the President’s stance reflects a clear message: the government will not allow the peso to slide to P60 against the dollar.

Can Words Hold the Peso

Presidential words can steady nerves. When Ferdinand Marcos Jr. says P60 is unacceptable, markets hear intent. Signaling coordination with the Bangko Sentral ng Pilipinas can slow panic, temper speculation, and buy time. Confidence matters in volatile moments.

But currencies move on action, not preference. Interest rates, inflation control, debt management, and dollar demand decide direction. Filipinos feel peso weakness in fuel, food, and medicine, not in brief rebounds. Reassurance without policy follow-through fades fast.

Stability needs tools, not talk. If words set the line, what concrete moves will defend it before households pay the price of waiting?