Aquino: Strong peso sign of improving economy
MANILA – President Benigno Simeon Aquino III said on Tuesday the continued strong showing of the Philippine peso is an indication that the economy is definitely improving.
The President made the statement after unveiling the Enhanced Business Name Registration System of the Department of Trade and Industry in Mandaluyong City.
The peso was pegged at P43.60 against the US dollar at the closing of the Philippine Dealing System on Monday.
Last Oct. 3, the peso was also up 21 centavos, closing at P43.67 against the US dollar as other major Asian currencies also appreciated.
“Undoubtedly, it is also a sign that the economy definitely is improving,” the President said.
As the peso continued its strong showing, the President said the Bangko Sentral ng Pilipinas (BSP), is doing the necessary steps to allay the fears of exporters and overseas Filipino workers on its uncertain impact on remittances and sending Philippine products abroad.
As it is, the President said inflation is quite manageable and there is no overheating of the economy.
“We are in a quite ideal situation where there is growth, inflation is moderate or controlled and the peso value is not subject to very wide fluctuations,” the President said.*PNA
