Diokno says peso’s weakness “temporary”

February 14, 2018

Budget Secretary Benjamin Diokno allayed concerns on Wednesday the depreciation of the peso against the US dollar, saying it is just "temporary".

In a press conference Wednesday, Diokno said the Development Budget Coordinating Committee has actually widened its foreign exchange rate target for this year.

"We have actually widened the rate from I think 49 to 51 (to the US dollar). We have made it to 48 to 52 to allow us some elbow room. So to me, this is just temporary," he said.

He said overseas Filipino workers and their families as well as exporters are winners with the peso weakening.

"The importers are losers. If you belong to the Prada, Ferragamo crowd and you'll have to travel abroad, you're sorry. You are a loser," Diokno said.

"When you pursue a policy, it's what's the greatest good for the greatest number. I won't be too concerned with the movement of the exchange rate at the moment," he added.

The Philippine peso breached 52 level to the US dollar on Tuesday. On Wednesday, it closed at P52.12 against the dollar.

Diokno also expressed belief the price of oil in the world market is expected to go down as more manufacturers are now producing electric vehicles. Celerina Monte/DMS