Lower peso vs dol­lar good for PH ex­ports, say

Sun.Star Davao - - BUSINESS -

THE cur­rent high ex­change rate value of the dol­lar against the peso poses a positive im­pact to the ex­port in­dus­try of the Philip­pines, said a Min­danao De­vel­op­ment Author­ity (Minda) of­fi­cial.

“The fluc­tu­a­tion of peso against dol­lar where we’ve seen peso de­pre­ci­a­tion is positive for our ex­port sec­tor at this time of the year where we’re able to ex­pect more rev­enues from the ex­port sec­tor be­cause of higher dol­lar value for many of our ex­port com­modi­ties,” Minda deputy ex­ec­u­tive di­rec­tor as­sis­tant sec­re­tary Romeo Mon­tene­gro said dur­ing the weekly press con­fer­ence at Habi at Kape last Wed­nes­day, De­cem­ber 6.

In ear­lier re­ports, in Davao City alone the value of ex­ports had in­creased by 14.17 per­cent as of the sec­ond quar­ter of the year to $570.64 mil­lion from only $499.82 mil­lion. Ba­nana re­mained to be the top ex­port com­mod­ity of the city fol­lowed

by co­conut oil, pineap­ples, des­ic­cated co­conut, and ba­nana chips.

These prod­ucts are usu­ally ex­ported to Ja­pan, China, Korea, the Nether­lands, United Arab Emi­rates, and the United States.

“Dur­ing this pe­riod of the year also, we have seen a bit of de­cel­er­a­tion of our im­ports. When you have higher ex­ports over im­ports, then you have higher dol­lar value as against peso, then def­i­nitely we ex­pect greater rev­enue,” Mon­tene­gro added.

As of 11:30 a.m. yes­ter­day, the peso ex­change rate of dol­lar is at P50.72.

In line with the high ex­change rate value of dol­lar over peso, he said the pur­chas­ing ca­pac­ity and do­mes­tic con­sump­tion of the Over­seas Filipino Workers (OFWs) will be ex­pected as well as more re­mit­tances will come for the rest of De­cem­ber un­til early next year.

“De­cem­ber is re­mit­tance sea­sons. We ex­pect more of our OFWs send­ing money home and that will def­i­nitely pro­pel higher pur­chas­ing ca­pac­ity for many of our Filipino and do­mes­tic con­sump­tion will again play an im­por­tant part in terms of over­all eco­nomic per­for­mance, way up to the early part of 2018,” he said.

Newspapers in English

Newspapers from Philippines

© PressReader. All rights reserved.