Weak peso not bad for Philippines: Diokno
The depreciation of the peso is not bad for the Philippines, one of the country’s economic managers said on Sunday. Amid worries that the weak peso was hurting the economy, Budget Secretary Benjamin Diokno said several sectors stand to benefit from a weaker peso. “For the nth time, as an economist, what we need is a competitive peso — not a strong peso; a STRONG peso does not mean STRONG economy; nor does a WEAK peso mean a WEAK economy,” Diokno said in a statement. Diokno said families of overseas Filipino workers, the business process outsourcing industry, export-oriented industries and companies that manufacture and sell products that compete with imported goods all stand to gain from a weaker peso. Read More @ http://news.abs-cbn.com/business/07/01/18/weak-peso-not-bad-for-philippines-diokno
Should we worry about the Philippine peso?
The Philippine peso has been dubbed Asia’s “most unloved” and “worst performing” currency after it fell to P53 to a dollar and traded at a 12-year low. What is driving the downtrend? Should people be worried? (READ: [OPINION] Why is the Philippine peso the weakest in ASEAN?) According to First Metro Investment Corporation, the investment banking arm of Metrobank, and the University of Asia & the Pacific (UA&P), the answer depends on the factors driving the peso’s weakness. Read more @ https://www.rappler.com/business/205831-worry-over-philippine-peso-depreciation
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