The Philippine peso appreciated against its US counterpart for the past five trading days before losing steam on Thursday, but economists believe a stronger peso may not be all positive to the general public.
of P59:$1 several times last year. Central bank officials believe the “worst is over the for the strong dollar.”
“A stronger currency may translate to less imported inflation, a development that would benefit all Filipino consumers. On the flip side, however, a stronger currency would make our exports less attractive relative to competing peers,” he said in an emailed commentary.stood at $3.677 billion in November, as the country recorded $10.777 billion in imports, and while exports were $7.100 billion.
However, Rivera said overseas Filipino workers would lose in a stronger peso as the value of their foreign currency would be weaker in the Philippines. “It is net positive. Contrary to popular belief, the depreciation of the currency actually is positive for the Philippines because of one, you have around 70 million people who benefit from it,” he said in a separate briefing.
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