title PPP leader to address Philippine currency devaluation article article PPP Leader Aquino, who is seeking a second term in office in the wake of his impeachment, has promised to address the devaluation of the Philippine Peso, a central Philippine currency, to counter inflation.
Aquino said during a news conference with Philippine Prime Minister Benjamin Diokno on Tuesday that the peso would not be devalued by the central bank.
Aquinos plan was to be announced on Wednesday, according to news reports.
The peso is one of the most volatile in the world.
It has lost over 85 percent of its value since November last year and its value has fallen below 1,300 Philippine pesos ($11.90) since the election of Duterte as president in May.
A Philippine government official said Aquino would also address the issue of the value of the pesos, a country where foreign currency reserves are at their lowest levels in more than 40 years.
The currency was devalued on Monday by nearly 8 percent, and was down 7 percent from the same day last year.
According to Philippine currency experts, the devaluing of the Peso could create problems for Philippine companies in the months ahead.
The government plans to introduce a series of measures in its first months in office, including lowering the amount of money that companies can transfer from bank accounts to the Philippines, and making it harder to access foreign currency loans.