Marcos Economic Team Speaks on Peso-Dollar Exchange Rates
MARCOS ECONOMIC TEAM – The Development Budget Coordination Committee said that peso is expected to strengthen vs. the dollar starting in 2023.
The Filipinos have seen the weakening of the Philippine Peso against the dollar for several weeks now. It earned different reactions from the people. In some Pinoys, it sparked worries that it will result in a continuous increase in the prices of goods and commodities in the country.
In the case of overseas Filipino workers (OFWs), their families are receiving higher amounts now as one United States (US) dollar is equivalent to at least P54. The situation quite gives relief to many Filipinos working abroad and their families here in the Philippines but they are also not saving much because of the high prices of goods and commodities now.
Several OFWs are concerned that those who have no loved ones working abroad are greatly affected by the situation. Recently, based on a report on ABS-CBN News, Pres. Bongbong Marcos economic team members spoke about the possible date when Peso will stabilize and strengthen against Dollar.
According to the report, the Development Budget Coordination Committee which is composed of Marcos economic team members expressed that Peso is expected to strengthen against the dollar starting in 2023. However, with regards to the inflation rate, the team admitted that it would hard to pull it down.
The team expressed that the possible year, when the inflation rate will be reduced, is 2024. With regards to the economic growth of the Philippines, it is eyed to hit between 6.5 to 7.5 percent this year.
Based on the report, some OFWs are calling on the present administration to make their time away from their families worth it by lowering the prices of goods and commodities in the country so they can get bigger amounts from what they earn abroad.
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