THE PESO rebounded against the US dollar on Wednesday, ending a seven-day streak of record low closes, after President Ferdinand R. Marcos, Jr. vowed to defend the local currency.
The local unit on Wednesday recovered by 14.5 centavos to close at P64.025 versus the greenback from its all-time low finish of P64.17 on Tuesday, Bankers Association of the Philippines data showed.
“We will continue to do all that we can to make sure that the value of the peso does not continue to go down, especially relative to the dollar,” Mr. Marcos told reporters on Wednesday.
“People can take solace in the fact that our policy towards the peso is to continue to defend the peso as hard as we possibly can. We have all the tools to defend the peso. We have all the means to defend the peso,” he said.
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