Marcos Won’t Spend All Reserves on Peso as War Rocks Markets

Philippine President Ferdinand Marcos Jr. signaled that his government will tolerate weakness in the peso, saying there is a limit to their defense of the currency as market forces drive up the dollar.

“I think it would be even futile to try to spend all our foreign reserves on defending the peso,” he said in an exclusive interview with Bloomberg Television’s Haslinda Amin in Manila on Tuesday. “We also recognize there’s only so much you can do because the dollar’s going to move the way it does.”