Filipinos may get some reprieve from the high cost of imports as the peso strengthened against the United States dollar on Thursday, according to data from the Bankers Association of the Philippines (BAP). Know more:
FILIPINOS may get some reprieve from the high cost of imports as the peso strengthened against the United States dollar on Thursday, according to data from the Bankers Association of the Philippines .
Ateneo de Manila University Department of Economics Chairperson Alvin P. Ang said this strengthening may be due to the slower interest rate hike in the US. On Thursday, the US Federal Reserve decided to increase interest rates by only 25 basis points. This raised the interest rate in the US to 4.5 to 4.75 percent.
“We must not be dependent too much globally,” Ang said. “Start local production capacity, [in] both food and manufacturing.”
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