Malaca±ang: Malaca±ang on Tuesday expressed confidence in the country’s economic fundamentals despite the reported decline in the local stock market and the Philippine peso’s temporary depreciation. In a press briefing, Palace Press Officer Claire Castro said the value of the peso has started to stabilize.

According to Philippines News Agency, Castro emphasized that the administration remains optimistic about the country’s swift recovery. This optimism is rooted in the continued support from key economic drivers such as overseas Filipino workers (OFWs), business process outsourcing (BPO) companies, and local tourism. ‘Confident pa rin po na ito ay malalagpasan ng ating gobyerno (We are still confident that our government will overcome this),’ Castro stated when asked about the Palace’s confidence in restoring investor confidence amid recent developments.

Castro highlighted the importance of various sectors in sustaining economic growth. ‘Unang-una po dahil nandyan din ang tulong ng mga BPO, nandiyan din po ang tulong ng OFW, ang tourism, pati po ‘yung fast economic growth natin (First of all, there is also support from the BPOs, from the OFWs, from tourism, and our fast economic growth),’ she added. She also noted that short-term fluctuations in currency and market performance are normal, reassuring that the economic team will continue to monitor the situation and implement measures to sustain growth and maintain investor confidence.

Investors’ concerns about the depreciation of the Philippine peso against the US dollar have again led to a decline in the Philippine Stock Exchange index on October 27. The Philippine peso recently weakened further against the US dollar due to global interest rate hikes and investor caution.