The country’s chief economist said the recent weakening of the peso should be viewed positively, adding that this augured well for the local manufacturing sector and would help generate badly needed jobs.
Economic Planning Secretary Arsenio Balisacan said the Philippine economy stood to gain from a modest depreciation of the peso against the US dollar.
With the weaker peso, Balisacan said imported goods become more expensive, thereby boosting demand for locally produced merchandise.
“What many people do not understanding is that when the peso falls, domestic industries become more productive,” he told reporters Friday.
The peso, which weakened by about 8 percent against the greenback last year, has sustained its downtrend.
It touched the 45-to-a-dollar territory last week for the first time since 2010.
The depreciation was attributed mainly to the US Federal Reserve’s easing of its stimulus program for the US economy, which has shown signs of improvement.
The tapering of the stimulus measure, done through heavy monthly purchases of bonds, has led to a dumping of emerging market assets in favor of dollar-denominated ones.
Emerging markets’ currencies, including the Philippine peso, have depreciated as a consequence. -Michelle V. Remo, Philippine Daily Inquirer
Read more: http://business.inquirer.net/160807/neda-says-ph-to-gain-from-weak-peso#ixzz2r024H0e8
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September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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