The Philippine peso has hit a new all-time low, breaching the 59.46:$1 mark. This level was reached on January 15, surpassing the previous record low of 59.44:$1 set the day before. According to Presidential Press Secretary Claire Castro, President Ferdinand Marcos Jr. does not want the peso to weaken to the P60 level against the US dollar. She warned that such a level could push up the country's debt. "When it reaches P60, the value of the peso will go down, definitely our debt will increase because of exchange rate effects," Castro said. She added that the President hopes the peso will not reach the P60 level and that the government is awaiting discussions by the Bangko Sentral ng Pilipinas (BSP) on the matter. Economists earlier said the peso's weakness was partly driven by market expectations of a possible policy rate cut by the BSP, alongside global factors affecting the US dollar.
