Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr. reiterated that the recurring depreciation of peso should not be a cause of worry because of the country’s strong economic foundation.
Espenilla said strong macroeconomic fundamentals will continue to support the local currency despite hitting 11-year low value in the past weeks, PNA reported.
At present, the peso value is at P51.44.
“It will move up then down. It will not free fall, it will take care of itself because the economic fundamentals are strong,” Espenilla told local reporters who attended the On Q: FinTech Thought Leadership Roundtable Series of FINTQ, the Financial Technology arm of Voyager Innovations.
Espenilla previously said the weakening of local currency as due to deficit levels on account of rising importation, which reflects the rise in domestic economy.
National Economic and Development Authority previously said the weakening of peso can boost the buying powers of overseas Filipino workers (OFWs) and their families.
“It is going to make our exports more competitive, our OFWs remittances will be a boost to consumption spending which is also an economic driver, economic growth stimulus. It is also good for BPOs,” Pernia said.
