Diokno urges gov’t action, not advice, as peso weakens

The government can not merely instruct the people to avoid panicking without providing a concrete plan to address issues pertaining to market prices and the weakening value of the Philippine Peso, a lawmaker said.

In a statement on Friday, Akbayan Party-List Rep. Chel Diokno called on the administration of President Ferdinand “Bongbong” Marcos Jr. to detail its plans to resolve the ongoing financial crisis which has directly affected the purchasing power of Filipinos.

While acknowledging that assurance was needed, the lawmaker stressed that such pronouncements should coincide with effective actions which allowed individuals to provide the needs of their respective households.

“Filipino families are already stretching their incomes to cover basic needs. The government must lay out clear concrete measures to address these economic pressures and ease the burden on ordinary households,” Diokno said.

“Every time the peso weakens and prices rise, families can afford less with what they earn. The government must act to protect their purchasing power and ensure that basic necessities remain within reach,” he added.

Diokno’s statement serves as a direct response to Marcos’ recent “don’t panic” remark when questioned regarding the historic decline of the peso’s value in the world market.

“First of all, do not take it with alarm. Don’t panic. It is still an effect of the rising prices of oil and fuel and its impact on the economy,” he said.

Marcos said that there were policies put in place to cushion the peso from further depreciating in value, while also noting that foreign exchange reserves remained “healthy.”

“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,” the President said.

Marcos admitted that while they can “do nothing” about the issues related to fuel, the government had the ability to circumvent concerns related to basic goods such as food.

The Philippine Peso dropped to a record low of P64.17 last Tuesday, 27 October.

Poor economic plan

In a separate statement, ACT Teachers Partylist Rep. Antonio Tinio said that the weakening value of peso could be attributed to the Marcos administration’s failure to provide a solid economic blueprint.

Tinio stressed that the lack of action towards the concerning development further risked the interest of foreign investors in the country, and increased the burden on ordinary Filipinos due to high daily expenses.

“Don’t panic? The administration is posturing itself as in control of the situation despite analysts predicting that the depreciation of the peso could continue into 2027,” the lawmaker said.

“The root cause of the stagnating economy was the lack of industrialization and a developed agriculture. In short, it is because of the failure of the administration’s overall economic plan,” he added.