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Solons downplay peso decline

Lawmakers downplayed yesterday the dropping of the Philippine peso to a seven-year low and the plummeting stock market, saying that there were “eternal factors” involved and that President Duterte should not be solely blamed for the supposed loss of investors’ confidence in the country.

Iloilo Rep. Jerry Trenas and AKO BICOL partylist Rep. Rodel Batocabe, president of the House partylist coalition bloc, expressed confidence that the President’s economic managers will be able to address the current “economic storms”.

“There are other external regional factors affecting us. I believe our financial managers are highly competent and they will be able to help us weather through any economic storms with all our support,” he said after the US dollar rose to 48.26 pesos, which was reportedly the peso’s weakest level against the US dollar since September 2009.

Batocabe refused to believe that the President’s inconsistent statements, the supposed summary killings of drug suspects and pushers as well as the Chief Executive’s comments against the United States and the European Union fired up the economic instability.

“It is a very myopic and simplistic view to blame Duterte’s statements to the peso fall and plummeting stock markets.

The culprits here are caused by external factors such as anticipation of the monetary policy tightening of US markets which resulted to speculations,” he said.

“Let us stop connecting patriotic statements and defending our interests against former colonial powers as a cause of our economic woes,” he added.

Reports said the investors are concerned about the President’s policies, including its war against drugs as well as its outbursts against the United States, United Nations and EU. (Charissa M. Luci)

  • Marzan Rodesan