MALACAÑANG will step up implementation of measures to shield vulnerable sectors from the expected spike in cost of living as the peso further weakened, dropping to a record low of 62.5 against the dollar last Wednesday.
Quoting the Office of Executive Secretary (OES), Palace Press Officer Claire Castro said the Marcos administration is ready to address the inflationary effects of higher foreign exchange on food, business, and logistics.
She said the government will continue to implement the expanded Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) initiatives, which includes providing cash aid and fuel subsidies to certain sectors.
Launched in March through Executive Order (EO) No. 110, the UPLIFT initiative aims to cushion Filipinos from the economic impact of the Middle East crisis, which resulted into higher global pump prices.
‘Under UPLIFT, the government has already begun reprioritizing spending, reducing non-essential expenditures and directing resources toward sectors affected by rising prices,’ Castro said.
The measures are augmented by the Marcos administration’s Zero Balance billing policy in hospitals managed by the Department of Health and 20 per kilo rice program.
‘The administration’s approach is focused on fiscal discipline and more efficient use of public funds. This means reviewing spending proposals carefully and prioritizing programs that have high economic and social returns,’ Castro said.
She said the Marcos administration is also making sure government funds are used efficiently to reduce unnecessary costs and increase savings as recommended by the Bangko Sentral ng Pilipinas (BSP).
‘The administration’s approach is focused on fiscal discipline and more efficient use of public funds. This means reviewing spending proposals carefully and prioritizing programs that have high economic and social returns,’ Castro said.
Last week, BSP Governor Eli M. Remolona Jr. said the government can help strengthen the peso by reducing its borrowings abroad to fill in the gaps in its annual budget.
The peso further weakened for the fourth consecutive day on August 2, 2026 because of a stronger dollar and rising global oil prices.
The OES is confident BSP will act decisively to keep the value of peso stable.