Since last July, just before the Presidents state of the country speech the stock market is down 7%
while the peso is up 11%. They have cut the interest rates a number of time even with inflation above the upper bands, 3.2% and 3.9% in November and December. They are forecasting two more rate cuts to try to spur the stock market. I think the peso will continue to raise at a rate faster than its neighbors because of so many people becoming OFW's. This of course will be at the expense of its exporters and domestic manufacturing. China gets its foreign reserves from exporting products. The Phillipines get most of its foreign reserves from exporting its people who then send remittances back to feed their families. This will only get worst and the government has no control because their are so many better opportunities outside of the Philippines. Many of the smartest Filipinos will leave permanently and petition for their families. Anybody coming here should factor in a much a higher peso and alot higher inflation. With so many OFW's their is also
a large tax leakage which is why you have a 12% vat tax. In the end things will blow up like the Mexico
currency crisis which is already starting to show with currency fixing for some sectors.
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