The drop in peso is not caused by ‘Duterte’s mouth’ – Vivian Yuchengco
The weakening peso should not be solely blamed on the the Duterte administration’s bloody war against drugs, which has been criticized by both the U.S. and the European Union, presidential adviser on economic affairs Ramon Jacinto said on Tuesday.
“I don’t think the deterioration of the peso is really a result of what he’s been doing, it’s the world market too,” Jacinto told the ANC round table discussion “Doing Business Under the New Normal.” The Philippine peso is falling also because of imports ahead of the Christmas season, he added.
Vivian Yuchengco, the director of Philippine Stock Exchange, said in the same discussion that the drop in the peso is “not caused by (Duterte’s) mouth” but by the stronger U.S. economy.
Yuchengo said the Philippine peso is still overvalued and may fall to up to P50 to the U.S. dollar. The peso fell to 48.245 against the U.S. dollar on Tuesday.
Jacinto also said the Philippines is becoming more independent in its foreign policy. “Traditionally, we’ve always been dependent to the States…we don’t have to depend now on any country,” he said.