“The peso is weak because the dollar is strong.”
Sandro Marcos’ recent statement about the peso’s performance against the dollar has been all over the media as the subject of memes and jokes. Though he was correct about the dollar’s underlying strength, he conveyed a misleading picture of the country’s dilemma.
The peso continues to fall due to the projected reasons for our increasing reliance on imports since the 1950s, a lack of strong local industries to confront the post-pandemic slump, and a weakened economy in the host nations of overseas Filipinos.
The government must take the lead in boosting our domestic country and improving trade deficits by making exports more attractive.
They, too, must demonstrate greater and more rapid execution of government measures to increase supply, alleviate logistical limitations, and reduce inflation.
The peso is weak alongside the world’s currencies because the government has failed to support our domestic manufacturers in elevating their competence.
Hence, the country, as well as its people, require stronger solutions than having our enormous problems merely simplified.