MANILA – Vice President Leni Robredo on Thursday called on the government's economic managers to explain the "alarming" rate of peso depreciation.
The Philippine peso closed at P53.27 on Thursday, it’s weakest in 12 years.
Robredo said it was hard to speculate so she would like the government to explain why peso hit its 12-year low.
“Alarming siya kasi ganito kabilis, ganito kababa iyong inabot, at kailangan natin ng paliwanag kung bakit nagkakaganito,” Robredo told reporters.
(This is alarming because it’s happening this fast and has reached this low. And we need an explanation why.)
“Mas lalong mahirap na nag-i-speculate kasi puwedeng iyong ispekulasyon hindi naman tama o hindi totoo. Kaya iyong hinihingi natin na ano iyong paliwanag bakit ganito?,” she said.
(It’s more difficult to speculate because our speculations may be wrong, that’s why we’re asking for an explanation.)
“Tingin ko iyong pinaka-higit na epekto nito, ano iyong epekto niya sa pang-araw-araw na pagbuhay ng ordinaryong Pilipino. Medyo nakakabahala, nakakabahala na ganito kabilis,” she said.
The government's economic managers earlier downplayed concerns, saying that a stronger dollar was good for Overseas Foreign Workers' remittances, exports and dollar-earning Business Process Outsourcing (BPO) companies.