Cong. Sandro Marcos, I would like to make one thing clear also

by Nimfa Estrellado Opinion, Straight Talk October 12, 2022 Sandro Marcos Senior Deputy Majority Leader and Ilocos Norte 1st District Rep. F...

by Nimfa Estrellado
Opinion, Straight Talk
October 12, 2022

Sandro Marcos

Senior Deputy Majority Leader and Ilocos Norte 1st District Rep. Ferdinand Alexander “Sandro” Marcos, commented on the Philippine peso's depreciation against the US dollar.

He said peso is weak not because it’s weak: Dollar is just strong now.



“Ang nangyayari ay lahat ng mga tao kapag may krisis ay bumibili ng dollar. Kapag binibili yung dollar, ang demanda ng dollar tumataas. Which means, againts other currencies, it becomes stronger,” Marcos explained.

The Philippine peso fell to a new low of P59 to $1 on October 10. The strengthening of the US dollar has caused other countries' currencies to fall in value.



Prices for all basic commodities and petroleum products would rise if the peso dropped. Even when exchange rates are high, a weaker peso means more poverty. Overseas Filipino Worker (OFWs) receive dollars, but they also exchange them, causing the peso to weaken.

Yes, he is partially right. This year, all Asian currencies have depreciated against the dollar, as the dollar has remained extremely strong, even when compared to European currencies. Not all Asian currencies, however, have depreciated in the same way. The Indonesian Rupiah has depreciated half as fast as the Philippine Peso. That is, the Peso is weak in comparison to our sea neighbors.



However, stating the obvious as if it is not already a fact. People will not struggle to understand this. But he tries to sound smart, as if it's difficult to understand and know everything, making it appear as if he's saying something of substance when it's all a bunch of nothing.

I'd be more impressed if he could find a solution or anything, rather than simply accepting our peso's plight as weak.

To think that he is still reading on his response, which means that his father and his advisers have no economic plan to stop or slow the fall of the peso. From the frying pan into the fire of the previous administration and into the dark abyss of this new one, as the saying goes.

He should be able to explain why our peso is one of the weakest performing currencies in Asean and why foreign direct investment is down 64% in a 14-month period, the lowest in 14 years.

Let's all brace for the coming hard impact on the economy of our country.

The Ilocos Norte 1st District Rep: “What can we do about it? On the bright side, madami tayong OFWs dito sa Ilocos. So ang remittances na pinapadala nila na dollar value ay mas mataas, so the remittances are worth more.”

So, what's the point? What Filipinos urgently demand now is a reduction in the prices of basic commodities and petroleum products.

You cannot rely on OFW remittances to solve our country's currency depreciation and economic inflation. It would have been preferable if you had at least mentioned our government's action plans to address the problem. Rather than sending a message that what is happening now is a case of it is what it is.

I WOULD LIKE TO MAKE ONE THING CLEAR ALSO... Sandro, the peso is also weak due to the vulnerability of our industries, and our economic system is unstable in many ways, and we all know how the economy, if not lacking, is complex and not helpful in many ways. The question is, what are your plans for a strong peso and economy?

The weaker peso would contribute to higher overall inflation and erode the peso's purchasing power relative to the US dollar because more pesos would be required to pay the same amount in US dollars. This will show an outright deterioration in the purchasing power of the peso.

How do you make the peso stronger? Reduce inflation, reduce or eliminate imports, and buy our own products!

Because the economies of other countries are stronger than ours, the dollar will naturally boost. Yes, the economy is based on the output of its people, not just the president.

The Philippines' unemployment rate reached a three-month high in May, while job quality deteriorated despite increased economic activity, according to data from the Philippine Statistics Authority (PSA).

Another reason for inflation is corporate greed. A recession could occur as a result of politically motivated corporate greed and asshats claiming the economy is failing. Employment is skyrocketing, and no one can produce or stock goods fast enough.

Interest rate hikes by the Fed may help to control inflation. This has a knock-on effect on interest rates in foreign banking systems and currency values relative to the dollar.

Converted amount is high, but basic commodities is higher. Make some measures to lessen the impact of inflation. Help the people.