The continued slump of the Philippine peso against the U.S. dollar, which recently reached a rate of P60.10 per dollar, is expected to increase the everyday expenses of ordinary Filipinos, according to Stratbase Group founder and Chief Executive Officer Prof. Victor Andres “Dindo” Manhit
The peso’s drop to P60.10 marks its lowest value, closing at an all-time low of P60.10 against the U.S. dollar on Thursday, March 19.
In an exclusive interview on DZRH's Damdaming Bayan, Manhit warned that the weakening peso could drive up the price of imported goods, including oil, further burdening the economy and daily life.
“Alam naman natin, na madami tayong ini-import, pati pagkain, mga kagamitan sa pang-araw-araw na kabuhayan. So, sa pagbagsak ng piso, tataas ang presyo rin dahil mamahal ang dolyar ang ating panggastos doon,” Manhit said.
While some sectors, such as overseas Filipino workers (OFWs), may benefit from a higher exchange rate for their remittances, most Filipinos are likely to feel the squeeze.
Manhit said that the survey conducted by Stratbase with Pulse Asia showed that the cost of daily essentials has increased, affecting the affordability of everyday living.
To ease the impact, Manhit suggested that the government implement mitigating interventions, such as temporarily reducing or removing taxes on oil and staple goods like rice, chicken, and pork. These measures, he said, could help lessen the financial burden on households.
“Double whammy. Kaya siguro ang nais natin sa pamahalaan is baka naman meron tayong sinasabing interventions, mitigating interventions,” he said.
When asked about the impact on the country’s foreign debt, Manhit noted that payments would become more expensive due to the weaker peso.
“Ang foreign na utang, of course maapektuhan ‘yan dahil mas mahal na ngayon para magbayad. Pero at least sa nakararami sa ating utang sa ating gobyerno ay yung tinatawag nating mga government bonds na mga in-peso naman,” he said.
“Sana nga lang this is pansamantala lamang dahil nga sa kaguluhan at sana pag nagtapos ang kaguluhan, bumaba ulit ang presyo at mag-appreciate naman ang peso natin kasi minsan matapos ang kaguluhan, sinisi dahil sa pagtaas, pero hindi rin naman bumababa,” he added.
