Philippine President Marcos pledged to "do everything possible" to defend the Philippine peso.

As the Philippine peso fell to a record low this week, Philippine President Ferdinand Marcos Jr. pledged that Philippine authorities will do everything possible to defend the peso exchange rate. In Manila on Wednesday, the day after meeting with central bank and key government officials, Marcos told reporters: "We will continue to do everything we can to ensure that the value of the peso does not continue to fall." He said: "The public can rest assured that our policy on the peso is to defend it as firmly as possible." As countries such as the Philippines face soaring import costs, elevated oil prices are exacerbating the declines in most Asian emerging market currencies. The Philippine peso has fallen more than 8% so far this year, making it Asia's worst-performing currency. Marcos urged Filipinos "not to panic." He said: "This is the result of rising oil prices, which in turn drive up fuel prices and affect the economy."