Malacañang on Monday said the government and the Bangko Sentral ng Pilipinas (BSP) are working together to help stabilize the peso and protect the purchasing power of Filipinos amid pressure from global economic and geopolitical developments.
Palace Press Officer Claire Castro gave the assurance after BSP Governor Eli Remolona Jr. said an exchange rate of P63.50 to $1 may still be acceptable under current conditions.
Castro said the Palace trusts the BSP and the economic team in managing the country’s macroeconomic stability, especially as external risks continue to affect currencies and prices.
“Ang economic team po kasi at ang BSP po ay nagtatrabaho in sync in maintaining macroeconomic stability and safeguarding the purchasing power of the Filipinos,” Castro said during a Malacañang briefing.
She said the government must take all possible steps to prevent further depreciation of the peso.
“So lahat na makakaya ay dapat na gawin para mapigilan ang pagbaba ng value ng peso,” she added.
The Palace said the peso’s weakness is being influenced by global developments, including the continuing conflict in the Middle East, which has raised concerns over oil prices, market sentiment, and broader financial conditions.
Castro also defended Remolona’s compensation package, saying the BSP is allowed under its charter to set its own salary structure.
She cited Republic Act No. 7653, or the New Central Bank Act, which allows the central bank to establish its compensation system based on job evaluation studies and salary rate surveys.
“Ang BSP po ay allowed po under its charter to set its own salary structure,” Castro said.
“So, iyan po ay ayon naman po sa kanilang charter,” she added.
Remolona was reported as the highest-paid government official in the country, with gross annual compensation of around P52.756 million based on Commission on Audit data.
Malacañang said the focus remains on maintaining economic stability and ensuring that Filipinos are shielded from the impact of currency weakness on prices and household expenses.