{"id":170048,"date":"2018-07-09T20:21:34","date_gmt":"2018-07-10T00:21:34","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=170048"},"modified":"2018-07-09T20:21:34","modified_gmt":"2018-07-10T00:21:34","slug":"competitive-exchange-rate-beneficial-to-ph-pernia","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/07\/09\/competitive-exchange-rate-beneficial-to-ph-pernia\/","title":{"rendered":"Competitive exchange rate beneficial to PH: Pernia"},"content":{"rendered":"<figure id=\"attachment_139387\" aria-describedby=\"caption-attachment-139387\" style=\"width: 960px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/12\/NEDA-Director-General-Ernesto-Pernia.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-139387\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/12\/NEDA-Director-General-Ernesto-Pernia.jpg\" alt=\"FILE: \u201cIn fact, it\u2019s oscillating between PHP53.3 and PHP53.5. As long as it doesn\u2019t go beyond that, it\u2019s fine because there are many benefits from competitive exchange rate. Not a weak exchange rate, but a competitive exchange rate,\u201d Pernia said. (Photo: National Economic and Development Authority\/Facebook)\" width=\"960\" height=\"640\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/12\/NEDA-Director-General-Ernesto-Pernia.jpg 960w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/12\/NEDA-Director-General-Ernesto-Pernia-768x512.jpg 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><figcaption id=\"caption-attachment-139387\" class=\"wp-caption-text\">FILE: \u201cIn fact, it\u2019s oscillating between PHP53.3 and PHP53.5. As long as it doesn\u2019t go beyond that, it\u2019s fine because there are many benefits from competitive exchange rate. Not a weak exchange rate, but a competitive exchange rate,\u201d Pernia said. (<a href=\"https:\/\/www.facebook.com\/NEDAhq\/photos\/rpp.108479082221\/10155728532922222\/?type=3&amp;amp;theater\">Photo<\/a>: <a href=\"https:\/\/www.facebook.com\/NEDAhq\">National Economic and Development Authority\/Facebook<\/a>)<\/figcaption><\/figure>\n<p><strong>MANILA<\/strong>\u00a0&#8212; Filipinos should not worry about the peso\u2019s depreciation against the US currency as the competitive exchange rate is actually beneficial to the Philippines, Socioeconomic Planning Secretary Ernesto Pernia said in an interview over the weekend.<\/p>\n<p>\u201cIn fact, it\u2019s oscillating between PHP53.3 and PHP53.5. As long as it doesn\u2019t go beyond that, it\u2019s fine because there are many benefits from competitive exchange rate. Not a weak exchange rate, but a competitive exchange rate,\u201d Pernia said.<\/p>\n<p>Pernia pointed out a competitive exchange rate is good for exports, tourism, business process outsourcing (BPO) industry, families receiving remittances, and import-substituting industries.<\/p>\n<p>He said higher exports and tourism spending can narrow the country\u2019s trade deficit.<\/p>\n<p>\u201cOur services exports, there is no deficit, there is a surplus. It\u2019s the goods exports that are weak. Perhaps we need to ramp up tourism and other service exports to make up for the slow movement of our exports in the global market,\u201d he added.<\/p>\n<p>Pernia said the country imports capital goods it needs especially for the \u201cBuild, Build, Build\u201d infrastructure program and for the improvement of information communications technology (ICT), as well as raw materials for manufacturing.<\/p>\n<p>He attributed the rising trade deficit to protectionism and trade tension which was \u201cnot a good environment for exports.\u201d<\/p>\n<p>\u201cSo I think our manufacturing sector did well in May, including manufacturing industries, for exports so i think exports performance will improve in the coming months,\u201d he said.<\/p>\n<p>\u201cOur trade deficit will improve over the coming months, before the end of the year, as inflation will also taper off towards the end of the year,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MANILA\u00a0&#8212; Filipinos should not worry about the peso\u2019s depreciation against the US currency as the competitive exchange rate is actually &hellip;<\/p>\n","protected":false},"author":33,"featured_media":139387,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[14882,12460],"class_list":["post-170048","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business-process-outsourcing","tag-ernesto-pernia","mauthors-leslie-gatpolintan","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/170048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=170048"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/170048\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/139387"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=170048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=170048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=170048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}