THE diminishing value of the Philippine peso versus the US dollar and other currencies has again bubbled to the top of the stew of public conversation in the past week. Driven partly by misunderstanding of the topic and partly by irresponsible politicizing of the issue by some parties, the focus on the “weak peso” is causing some to worry that the country is experiencing some form of economic crisis.
It is not. The value of the country’s currency is obviously not a matter that can be wholly disregarded, but we are obliged to point out – and not for the first time – that the present state of the peso is not nearly as fragile or dangerous to the Philippines’ well-being as it may seem.
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