Marcos cites futility of spending all foreign reserves to defend peso

MANILA, Philippines — The government will not use all its foreign reserves to defend the Philippine peso, which recently dipped to P60 per US dollar,  President Ferdinand R. Marcos Jr. said on Tuesday. In an exclusive interview with Bloomberg News, Marcos said: “I think it would be even futile to try to spend all our foreign reserves on defending the peso.” READ: Peso hits new low, sinks further below 60:$1 “We also recognize that there’s only so much you can do because the dollar’s going to move the way it does,” he added. The peso on Monday slipped to a […]... Keep on reading: Marcos cites futility of spending all foreign reserves to defend peso

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