Presidential adviser on economic affairs Ramon Jacinto said on Tuesday that weakening peso should not be solely blamed on President Duterte's bloody war against drugs.
“I don’t think the deterioration of the peso is really a result of what he’s been doing, it’s the world market too,” Jacinto told the ANC round table discussion “Doing Business Under the New Normal.”
Jacinto added that the Philippine peso is falling because of imports ahead of the Christmas season.
Meanwhile, the director of Philippine Stock Exchange (PSE) Vivian Yuchengco said in the same discussion that the drop in the peso is "not caused by President Duterte's mouth" but by the stronger U.S. economy.
The PSE director said the Philippine peso is still overvalued and may fall to up to P50 to the U.S. dollar. The peso fell to 48.245 against the U.S. dollar on Tuesday.
Jacinto also said the Philippines is becoming more independent in its foreign policy.
According to him: “Traditionally, we’ve always been dependent to the States…we don’t have to depend now on any country.”
Source: filipinoinfo
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