PRESIDENT Ferdinand Marcos Jr. and his economic managers are “constantly monitoring” the continued depreciation of the Philippine peso against the US dollar, Malacañang said on Tuesday.
The peso plummeted to a new low of 58.99 against the US dollar, while the local stock market entered bear territory Tuesday on the increasingly hawkish tone of the US Federal Reserve that led to sell-off in global equities. (Full story on B4)
“The President is in constant touch with the economic team and they are closely monitoring this,” said Press Secretary Trixie Cruz-Angeles in a Palace briefing, when asked if the weakening of the Philippine peso was discussed during the 9th Cabinet meeting presided by Marcos at Malacañan Palace in Manila on Tuesday morning.
The meeting focused on the government’s response to Typhoon Karding as well as on the administration’s economic growth strategy.
The peso’s rapid depreciation was not among the issues tackled during Marcos’ meeting with his Cabinet, Cruz-Angeles said, but added that the President closely monitors the currency movements “on a regular basis.”
To date, the Philippine peso is trading at the 58-level against the US dollar after starting the year at 51-level.
The peso slipped to its new record low on Sept. 23 after closing at P58.50 a dollar.
On Monday, the International Monetary Fund (IMF) slashed its 2022 growth forecast for the Philippines from 6.7 percent to 6.5 percent due to the impact of the global economic slowdown.
Marcos’ economic team lowered its growth expectations for this year to 6.5 percent from 7.5 percent.
The IMF also noted that its growth forecast for the Philippines in 2023 is at 5 percent.
The Palace said the President and the Cabinet discussed several initiatives to improve the skills of the workforce, the Palace said on Tuesday.
Cruz-Angeles said developing the competitiveness of the country’s workforce will help the Marcos administration fulfill its goal of transforming the Philippine economy.
Cruz-Angeles noted that the Department of Labor and Employment (DOLE), the Technical Education and Skills Development Authority (TESDA), and the Commission on Higher Education (CHED) presented to Marcos several reforms that would strengthen human capital development.
During the New York Stock Exchange Economic Forum held in New York City on Sept. 20 (Manila time), Marcos emphasized the need to focus more on honing students’ skills to make them ready as they enter the workforce.
Marcos made the statement, as he acknowledged that Filipino workers are the country’s “best asset,” especially in sustaining economic transformation and growth.”