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Former DA secretary says PHP’s plunging against the USD is “not so bad”

What he said didn’t sound too smart to netizens who proceeded to criticize his stance

Former Department of Agriculture Secretary Emmanuel “Manny” Piñol was slammed by netizens after expressing optimism about the plunging of the Philippine peso against the US dollar.

On Tuesday, the PHP closed at P57, an all-time low and a cent lower than Monday’s P56.999:$1.

“Still on USD strengthening on Fed hike signals, plus import season is starting so more demand for USDs locally,” said Security Bank chief economist Robert Dan Roces in a mobile message.

However, the seasonal remittances from OFWs will cushion the impact of the PHP’s tanking.

“Peak remittance season is coming up, so it may help cap the weakening,” said Roces. “However, this still depends on how strong the USD will get given the Fed’s hike pace.”

But Piñol said that P57 isn’t so bad since it’s beneficial to OFWs.

“P57 To $1 Is Not Entirely Bad. It’s Good For Our OFWs & Local Food Producers. This Crisis Could Open Opportunities,” said Piñol in a Facebook post.

What he said didn’t sound too smart to netizens who proceeded to criticize his stance.

Piñol would like to see Filipinos explore new options amid the downfall of the PHP.

“We are facing a crisis. That’s a given and undeniable fact. So how do we handle it? rant? furrow? despair? We will lose if we have that mindset,” commented the former secretary.

One way is to stop relying on imports which according to him is a good strategy of “crisis management.”

“We have to explore opportunities to cushion or counter the adverse effect. Boosting local production and exports while lessening our dependence on importation are our options and opportunities. That’s crisis management.” he wrote.

Meanwhile, the inflation rate in the country eased to 6.3 percent in August.

Written by Charles Teves

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