Malacañang: “The President is in constant touch with the economic team and they are closely monitoring this.”
MALACAÑANG — The Palace said on Tuesday that President Ferdinand “Bongbong” Marcos Jr. is closely monitoring the value of the local currency against the US dollar.
Press Secretary Trixie Cruz-Angeles said at a press briefing that the matter wasn’t discussed during the 9th Cabinet meeting, but the President has been regularly monitoring this.
The Press Secretary also said that President Bongbong Marcos is in constant touch with the economic team.
“The President is in constant touch with the economic team and they are closely monitoring this. As you know naman, the inflation rate isn’t due to any local factors. It’s really about the exchange rate,” Cruz-Angeles said. “But, it is a matter for the President, which the President closely monitors on a regular basis.“
According to a report on Manila Bulletin last September 25, BSP officials reiterated that the central bank still does not target a peso level despite its open foreign exchange (FX) market intervention to temper exchange rate spiral.
BSP Deputy Governor Francisco G. Dakila Jr. said that the Bangko Sentral ng Pilipinas “do not try to forecast the level of the peso” and refrain from projecting the movement of the peso because it is “market-determined”.
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Based on the report, Dakila is confident that the BSP decision last September 22 to raise the benchmark rate by another 50 basis points to 4.25% was enough to not only manage the high inflation path but also ease the local currency’s exchange rate pressures.
“The judgment is that the policy rate decision (on September 22) was sufficient to help bring back the inflation path to a target-consistent behavior,” the BSP official said.
Based on Bankers Association of the Philippines (BAP), Here is the US Dollar to Philippine Peso exchange rate for today, September 27, 2022:
1 USD = PHP 58.99
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