TUCP seeks changes in econ policies

Published by rudy Date posted on May 7, 2010

TRADE Union Congress of the Philippines (TUCP) has urged the government to seize the opportunities brought about by fresh cooperation forged by economically-thriving Association of South East Asian Nations (Asean) sub-region and the countries of Japan and China even as the world recovers from the effects of the global financial crisis last year.

“As I see it, we really have to further solidify our ties through the Asean with our giant neighbors — Japan and China. Presently, Japan is the world’s second largest economy and China poses to dislodge Japan. Whichever, Asean will have the second and third largest trading partners with vast markets,” Anthony B. Sasin said.

In line with its economic position, TUCP wants government agencies such as the National Economic and Development Authority (Neda), Monetary Board and the Department of Finance to study and consider changing the present policies of pegging the value of the country’s currency with the US dollar.

“I don’t see anymore the long-term viability of pegging the value of the Philippine peso to the US dollar because of the fact that the green buck had ceased to be a reliable storage of value. We cannot continue to rely on the erstwhile economic might of the US. The truth is glaring: the 21st century is the Asian century. It’s our time now — our own Pax Asiana, and we must claim it,” Sasin said.

The TUCP Party-list nominee suggested that the government must further open and liberalize the financial system and monetary interchangeability between and among Asean, Japanese and Chinese currencies for easier currency exchange and utilization and reduction of transaction costs. (CPM)

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