MALACAÑANG on Friday allayed fears over the depreciation of the peso which reached P50-a-dollar for the first time in eight years, saying that the situation is still “manageable.”
Presidential Spokesperson Ernesto Abella said that while the peso slipping to a level not seen since the 2008 global financial crisis is “an area of concern” for the government, the peso slump should not cause any worry.
“It’s an experience which all governments, all countries are experiencing. It’s still manageable,” Abella said, adding the peso’s weakness is in line with other currencies in the region with robust economic data in the US adding fuel to the dollar’s charge.
The peso lost P0.12 from the close of 49.86 a dollar on Wednesday. The peso opened Thursday’s trading at 49.95 and touched the 50-a-dollar level at one point before settling at 49.98 at the close.
It was the local currency’s weakest level in eight years, or since it traded at 49.99 a dollar on Nov. 20, 2008 at the height of the global financial crisis.