Last week, the peso-dollar exchange slid to its all-time low of P62 to the US dollar, prompting a wave of concern among economists.
The sliding of the peso has been seen as a symptom, a cause, and an effect of the continued backsliding of the Philippine economy.
Indeed, times have never looked so bleak for the average Filipino.
For one, the claims of some sectors that a weaker peso benefit families of overseas Filipino workers (OFWs) represents not only a shortsighted but, even, an unrealistic vision of the current situation.
Even as the government claims that inflation rates have eased to 6.4 percent last June, the situation at the market is much, much worse. The fact remains that prices of basic goods and commodities still remain a burden for the average Filipino consumer.
Dollar remittances - one of the Philippines' main sources of hard currency - remain at the mercy of global political and economic tensions.
Trust and confidence among the business sector in our government remains weak, as the Marcos Jr. administration has displayed a lack of willingness to tackle our country’s economic woes.
Not to mention the mishandling of the trillion-peso flood control scandal, which has seen only perceived enemies of the administration receiving the long arm of the law while the real masterminds remain at liberty.
Political instability leads to economic instability, and vice versa. It’s a vicious cycle where the losers are ultimately the Filipino people.
#OpinYonLaguna #Editorial #EconomyPh