MANILA - Budget Secretary Benjamin Diokno said Friday he was "not worried" over the peso's decline against the dollar, adding it would boost the purchasing power of overseas Filipinos' families.

The peso weakened further on Friday to P50.624, hovering at its lowest levels in 11 years as imports outpaced exports and borrowing costs around the world began to rise.

"A peso depreciation favors more than half of Filipinos because of the OFWs. I'm not worried about the peso depreciating," Diokno told reporters.

The peso's fall will also increase the value of export earnings, potentially leading to more jobs in industries that earn in dollars, he said.

"We are not too dependent on foreign loans because of the inflow of BPO (business process outsourcing) income and also the overseas Filipino remittances," he said.

• READ: 'Don't stress' over peso fall, says BSP Governor