Following the peso’s drop to more than 53 against the US dollar last week, former Finance Undersecretary Romeo Bernardo said a weak peso will benefit industries such as business process outsourcing (BPO), which earns in dollars and spends in pesos. The weak peso will boost the overall competitiveness of exports such as BPO services, and also boost the value of income from overseas remittances to families of Filipinos working abroad. Senator Sherwin Gatchalian, chair of the Senate Committee on Economic Affairs also defended the weak peso by saying that its depreciation against the greenback was largely because of rising interest rates in the US, and this was beyond the Philippine government’s control.
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