Marcos: Gov’t Accelerating Public Spending to Spur Economic Growth

MANILA, Philippines — President Ferdinand Marcos Jr. announced that the government is accelerating public spending to support the economy, as the Philippine peso hit a record low against the US dollar at P62.68. In a media interview in New Delhi, India, on Sunday, Marcos attributed the peso's record low primarily to inflation, which he said was triggered by ongoing international conflicts. The President explained that inflation has impacted the peso's depreciation. To spur economic growth, the government plans to increase investments in infrastructure and social services, aiming to revitalize the domestic economy and create jobs. The Philippine economy is facing several challenges, including global inflationary pressures and geopolitical uncertainties. The government intends to stabilize the economy through both fiscal and monetary policies.