Peso continues rally, opens at P63.67:$1 on Friday

The Philippine peso extended its rebound to P63-to-one dollar level, opening stronger against the greenback on Friday.

The local currency opened Friday’s trading at P63.67:$1, from P63.85:$1 on Thursday’s close.

The peso’s recovery came after President Ferdinand Marcos “Bongbong” Marcos Jr. said the government has all the tools to prevent the Philippine currency from weakening further.

On Wednesday, Marcos sought to allay concerns after the peso hit a new record low against the US dollar.

“Well, first of all, do not take it with alarm. Don't panic,” the President said in an ambush interview at the New Bilibid Prison in Muntinlupa City for the observance of the 32nd National Correctional Consciousness Week.

He said his administration was defending the peso “as hard as we possibly can.”

“People can take solace in the fact that our policy towards the peso is to continue to defend the peso as hard as we possibly can. We have all the tools to defend the peso. We have all the means to defend the peso,” Marcos said. —VAL, GMA News