Weak peso benefits PH economy, says economist-lawmaker
The depreciation of the peso these past few months had a positive impact on the Philippine economy, said House of Representatives’ resident economist, Albay 2nd district Rep. Joey Salceda.
During a media briefing, Salceda explained that the weakening peso boosted OFW remittances and the Business Process Outsourcing (BPO) industry, which contributed to the economy’s 7.6% Q3 expansion.
Salceda said that OFW remittance figures jumped to $2.72 billion in August, or near the end of the third quarter.
Likewise, the representative noted that there are 1.5 million freelancers with foreign employers that must be accounted for in full in the national income accounts. He said he would ask the Philippine Statistics Authority (PSA) regarding the sector’s total output.
At the end of the media briefing, the economist and lawmaker projected that the Philippine peso may yet hit the P62- level against the US dollar, depending on the actions of the US Federal Government.
The peso closed at P57.34 against the dollar on Monday, November 14.
