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Measures to ease effects of strong peso

President Aquino said yesterday the government was already preparing measures to ease the effects of the strong peso on exporters and the overseas Filipino workers.

“We are aware of the effect of the appreciation of the peso not just to the electronics industry but to the export industry as a whole. Our economic managers are looking at ways to cushion our local industry on its impact,” the President said in a speech before the members of the Semiconductor and Electronics Industries in the Philippines Inc., the leading and largest organization of foreign and Filipino electronics companies in the Philippines.

“We also appeal to our neighboring countries to help mitigate its effects and will continue to do so in the Asia-Pacific Economic Cooperation senior officials’ meeting in Japan,” he said.

Earlier, the President the government would try to do the best it could to take advantage of the stronger peso amid the global concerns on the weakness of the dollar.

“This could be a good time to purchase capital goods to address the balance between the peso and the dollar,” Aquino said.

Aquino said this was one measure to try and remove the excess volumes of dollars in the country.

He said he had spoken with National Economic Development Authority Director General Cayetano Paderanga and Finance Secretary Cesar Purisima on the opportunities that would arise from having a strong peso.

“Maybe this is now the time for us to purchase capital goods that could be used, for instance, for infrastructure programs,” Aquino said.

But Aquino said it would be better for the finance department to work on the details “because a miscue in terms of policy pronouncement or slight misreading of the jargon will result into effects in the market.”

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