Here are the reactions of some people online to this statement of Sandro Marcos about peso and dollar.
SANDRO MARCOS – Politician Sandro Marcos comments about peso and dollar and offers this advice to the people.
President Ferdinand Marcos Jr. has been closely monitoring the continued weakening of the Philippine peso versus the US dollar. He is in touch with the Economic Team. As of October 11, USD to PHP exchange rate is now at Php 59.02 to $1.00.
While it favored the remittances of the families of OFWs, the continued weakening is felt in the increasing prices of necessary goods and commodities of the people in the country. Some OFWs said that the money they send to their families seems to be just enough still because of the high costs.
And just recently, in an interview, the presidential son and Ilocos Norte 1st District Representative Ferdinand Alexander “Sandro” Marcos made comments about the matter that involved the peso and dollar.
He made “one thing clear”, accordingly, peso is not weak. In his statement, he believes that peso is only weak because the dollar is strong. He viewed the US dollar as the most stable currency.
The young Marcos added, “Ang nangyayari ay lahat ng mga tao kapag may krisis ay bumibili ng dollar. Kapag binibili yung dollar, ang demanda ng dollar tumataas. Which means, againts other currencies, it becomes stronger.”
He has a master’s degree in Development Studies from the London School of Economics and Political Science.
Since the Philippines has “a significant amount of dollar reserves”, he also expressed, “An option would be, potentially, to sell off the dollar reserves to be able to taper. Tataas pa rin yung value nung dollar pero hindi gaano kalaki.”
But netizens have a different take and reaction to his explanation.
From Twitter, here are some comments:
Magamit nga sa office logic ni Sandro…
“Wala tayong magagawa” is not the right response of a government against crisis.
…”sa classroom may batas” vibes.
The peso is weak because the government is weak. It is just that simple.
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