An independent economist, Sonny Africa, has sharply criticized President Ferdinand Marcos Jr.’s recent attempts to calm public anxiety regarding the Philippine peso’s record-breaking depreciation. While the President attributes the currency's slide to external factors like geopolitical instability and oil price fluctuations, Africa argues that these excuses overlook a deeper, structural failure within the national economy. According to Africa, the peso is struggling primarily because the domestic economy is fundamentally weak, hampered by a reliance on imports and a consistent trade imbalance that forces the country to spend more than it earns in foreign currency.

The strain is already evident in the daily lives of Filipinos, who are grappling with skyrocketing utility bills and soaring inflation. Energy officials have acknowledged that the weak peso is driving up the costs of essential fuel and electricity, creating a compounding crisis as the country enters the holiday season. Rather than relying on foreign exchange reserves to defend the currency, Africa suggests that the administration must pivot toward long-term solutions, such as revitalizing local agriculture and investing in domestic industrialization. He warns that by downplaying the severity of the situation without implementing substantive reforms, the government risks ignoring the mounting distress of millions of families struggling to keep up with the cost of living.