Baghdad:Bukidnon Malacañang has attributed the recent depreciation of the Philippine peso against the U.S. dollar to external factors such as the global oil crisis, geopolitical tensions, and U.S. interest rates. The government has outlined measures to mitigate the impact on consumers.
According to Philippines News Agency, Palace Press Officer Claire Castro discussed the situation with reporters, acknowledging that the peso's decline to PHP64 per U.S. dollar is affecting the prices of basic commodities. The government is working with the Bangko Sentral ng Pilipinas (BSP) to address the situation and safeguard the economy.
Castro highlighted that the depreciation is due to factors beyond the control of the government or any individual, including the President. She mentioned global oil market pressures, tensions between the United States and Iran, U.S. interest rates, geopolitical conflicts, and international investor behavior as contributing factors. Japan and South Korea are also experiencing currency pressures amid the oil crisis.
To alleviate the impact of increasing fuel prices, the government is providing fuel subsidies to drivers and transport operators. Additionally, the Department of Trade and Industry is working with manufacturers to maintain the prices of basic necessities and prime commodities during the Christmas season.
Assistance programs under the Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) initiative are being implemented to support beneficiaries, including those of the Pantawid Pamilyang Pilipino Program and the Walang Gutom project. Castro emphasized the importance of government spending in stimulating economic activity, with the Department of Budget and Management ready to accelerate public spending.
Castro also dismissed criticism from the IBON Foundation regarding the administration's handling of domestic agriculture and industry development, labeling claims of government inaction as "fake news." She cited government support for farmers and fisherfolk, including a recent pump irrigation project in Ifugao and a PHP10-billion assistance program for farmers.
In April 2026, more than 4.17 million beneficiaries, including small rice farmers and registered corn and sugarcane farmers, received financial assistance of PHP2,325 each. Castro affirmed that the government is taking measures to support vulnerable sectors and sustain economic activity amidst rising costs.
