Solons: Be wary on peso’s runaway trend
10/31/2010Two solons yesterday called on President Aquino and the Bangko Sentral ng Pilipinas (BSP) to closely pay attention to the present monetary trend and immediately draw up “creative solutions” to arrest a runaway currency problem without resorting to currency control.
“A stronger currency should not be equated with good economy because it can be the opposite depending the prevailing economic trend. A runaway currency especially in a country that is largely dependent on the remittances of its migrant workers can be devastating,” said Ang Kasangga party-list Rep. Teodorico Haresco who was an economic analyst and a micro-entrepreneur before joining politics.
Davao City Rep. Karlo Alexei Nograles shared the same observation as he noted that the families of the estimated 11 million overseas Filipino workers (OFWs) and the estimated $4.7 a year export sector might fall into ruin if the peso’s ascent against the dollar becomes out of control.
He added that the country’s $7 billion a-year business process outsourcing (BPO) industry, also known as call centers, are also affected by the strengthening of the Philippine peso because they dollar-dependent just like the export sector..... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/nation/20101031nat4.html
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