Manila, March 25 -- President Ferdinand R. Marcos Jr. has ruled out the aggressive use of the Philippines' foreign exchange reserves to defend the peso, describing the move as ineffective amid strong global forces driving the U.S. dollar.

In an exclusive interview with Bloomberg on Tuesday, Marcos stressed that while the government maintains a policy of supporting the peso within reasonable limits, spending the country's reserves to prop up the currency would be "futile."

Marcos cited geopolitical tensions in the Middle East as key drivers of a stronger U.S. dollar and behind the local currency's continued depreciation.

He also attributed the dollar's resilience not just to its traditional role as a safe-haven currency but also to the ...