New york: The Philippine government is ready to intervene amid the weakening of the peso, Malaca±ang said on Monday (New York time). The assurance came after the Philippine peso closed at a record low of PHP59.50 against the US dollar at the end of Monday's trading.

According to Philippines News Agency, Palace Press Officer Claire Castro noted to reporters at Hilton Garden Inn that the peso's decline is partly due to tensions in the Middle East, which have affected global financial markets. Castro acknowledged that the ongoing issue in the Middle East is a significant factor contributing to the peso's depreciation and emphasized the government's readiness to intervene if the situation persists.

Castro further stated that if the peso's decline continues, there will indeed be government intervention, which will be supported by the administration. The government is actively coordinating with the Bangko Sentral ng Pilipinas to address the situation and discuss potential measures to stabilize the currency.

In line with standard monetary policy measures, an increase in interest rates may be implemented to help stabilize the peso. Castro confirmed that there are plans for an interest rate hike, which is in accordance with what is currently known about the government's strategy to address the currency's decline.