The Philippines must brace for the possibility of a weaker peso, as much as P65 per 1USD said Albay Representative Joey Salceda on Wednesday, September 28.
The peso has been plunging against the dollar for the past months, setting new historic lows almost weekly.
Salceda said that in order for the country to cope with the grave changes, the Philippines should now take in the economic transformation that aims to essentially “encourage more direct foreign investments.”
The Albay representative further said that despite various laws that were already approved to cater to the change in foreign investment, such as Foreign Investments Act, CREATE Law, Public Services Act, and the Retail Liberalization Law, it can still be seen that investors are nowhere to be seen, if not, only a few of them.
“Binuksan na natin lahat ng pinto at bintana ng bahay, walang pumasok sa restaurant. Sarapan natin ang luto,” said Salceda in encouraging the government to improve the existing domestic issues to attract more foreign investors.
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