President Ferdinand Marcos Jr. of the Philippines has reaffirmed the government’s commitment to supporting the country’s currency following the peso’s recent decline to a record low. Speaking to reporters in Manila on Wednesday, Marcos emphasized that authorities will continue to take all necessary measures to prevent further depreciation of the peso.

The peso fell to 64.20 against the U.S. dollar on Tuesday, marking a fresh low amid ongoing challenges. Despite this, it recovered slightly in the following days, closing at 64.025 on Wednesday and improving further to 63.84 on Thursday. Marcos assured the public that the government’s policy is to defend the peso “as hard as we possibly can,” underscoring efforts to stabilize the currency amid global and domestic pressures.

This renewed stance comes after earlier comments by Marcos in March when he acknowledged limitations in defending the currency against market forces driving the dollar’s strength. Since then, the central bank has taken a series of measures including four interest rate hikes—with a notable 50-basis-point increase last month—to bolster the peso. Additionally, the government has utilized parts of its foreign currency reserves to curb the peso’s decline. Both Marcos and Bangko Sentral ng Pilipinas Governor Eli Remolona have publicly expressed their support for the currency.

Despite these interventions, the peso has depreciated more than 8 percent against the dollar year-to-date, reflecting persistent external and domestic economic pressures. Experts caution that while the president’s pledge may help strengthen market sentiment, it may not be sufficient to fully reverse the currency’s downward trend. Jonathan Ravales, senior adviser at Reyes Tacandong & Co. in Manila, noted that the peso’s weakness is unlikely to be stemmed solely by statements of support.

As the government continues to monitor the situation, its strategy includes further monetary policy actions and interventions aimed at stabilizing the currency while managing broader economic risks. In this context, Marcos urged the public not to panic, signaling a focus on maintaining confidence amid ongoing volatility in the foreign exchange market.