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Peso depreciation ‘alarming’ — VP Robredo

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By Raymund Antonio

Vice President Leni Robredo raised concerns on Thursday over the Philippine peso depreciation to a 12-year-low against the United States dollar.

The peso has breached the P53 to $1 level, its weakest performance in 12 years.

Vice President Leni Robredo spoke before members and fellow alumni of the UP Junior Finance Association (UP JFA) during the organization's 50th anniversary ball held on Saturday, May 5, 2018, in Taguig City.

Vice President Leni Robredo (OVP / MANILA BULLETIN)

“Kailangan itong masusing pag-aralan kung bakit nagkaganito… Maraming mga trabaho iyong maaapektuhan, maraming mga pangangilangan, iyong pang-araw araw ng mga mamamayan, lalo na ng mahihirap na hindi na nila maabot,” she said in an interview.

(This should be seriously studied why it came to this. Many jobs will be affected. Many daily needs of the people, especially of the poor, will not be met.)

The Vice President found it “alarming” that the depreciation of the peso happened too fast and it reached the lowest level.

“Kasi baka sa lalong madaling panahon kailangan itong ma-arrest kasi kung hindi, kung tuloy tuloy ito,” she stressed.

(At the soonest time, this needs to be arrested because if not, it would continue.)

This was her response when asked to react on the continued weakening of the peso on the sidelines of the opening of the Istorya ng Pag-asa Gallery in Bacolod City.

Robredo, a former Camarines Sur representative, said questions surrounding the peso depreciation must be answered soon.

The Vice President pressed for answers directly from the government itself.

“Marami kasi siyang bagay kung bakit ganoon. Maraming spekulasyon kung bakit ganoon pero ang tingin ko ang nasa pinaka nasa posisyon para sumagot nito [ay] iyong pamahalaan,” she said.

(There are many reasons why it happened. There are many speculations why it came to that, but I think the one in the position to answer it is the government.)

“Iyong pakiramdam ko mas lalong mahirap na nagse-speculate kasi puwedeng iyong spekulasyon hindi naman tama o hindi totoo. Kaya iyong hinihigi natin na ano iyong paliwanag bakit ganito?” Robredo added.

(I feel it is more difficult to speculate because the speculation could be true or not. That is why we are asking for an explanation.)

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