It was not clear from the spokesperson’s account if the President was ordering the BSP to intervene to stop the peso’s fall or was simply indulging in wishful thinking. As a matter of formal policy, the country observes a market-determined exchange rate. Recall that the Asian Financial Crisis of 1997 happened because Thai monetary authorities were manipulating the exchange rate and keeping the baht overvalued. In June 2022, when the Marcos II administration took over, the public debt per capita stood at P115,304. But we will all be indulging in pure wishful thinking if we do not comprehensively address the structural weaknesses of our economy.

Source: Philippine Star January 28, 2026 16:43 UTC