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PIA Press Release
2007/04/13

Commentary: Economic matters

Koronadal, South Cotabato (13 April) -- The Philippine peso has been going strong.

The strengthening peso results in the government’s better social services like health, education and infrastructure development for the Filipino people, and lower fiscal debt.

The peso hit a six-year record high of P47.95 to a dollar on Tuesday and remained at the P47 territory yesterday. It closed at P47.96 after briefly hitting new high of P47.90 in early trading.

The Department of Finance (DOF) said that every unit appreciation of the peso cuts the national government’s outstanding debt by P33.1 billion and in turn saves the government P4.2 billion in debt servicing.

Moreover, a stronger peso makes imported goods cheaper, encouraging many companies to increase their importation. This subsequently allows the Bureau of Customs, a major contributor to the government’s revenue collection, to rack up bigger import duties.

The government aims at trimming the budget gap to P63 billion, or 0.9% of the Gross Domestic Product (GDP), this year from an eight-year low of P64.8 billion, or 1% of GDP in 2005.

PGMA’s economic team cites the stronger peso as one proof of the economic gains of the administration.

We pray that the steady growth of the economy coupled with the stronger peso will be sustained as we rally behind the administration’s campaign of good governance. (

Manila (13 April) -- PIA 12) [top]

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