Ping Lacson Expresses Reaction to Sandro Marcos Peso is Weak Statement
Former senator Panfilo “Ping” Lacson expresses his reactions towards the statement of Sandro Marcos saying ‘peso is weak’.
Ilocos Norte Representative and presidential son recently claimed that the Philippine peso is currently weak not because it is a weak currency but because other currencies like the US dollar are so strong now. He claims that the US dollar is regarded as the safest or most stable currency, particularly during times of crisis.
“The peso is not weak, because the peso is weak. The peso is weak because the dollar is strong. The dollar is strong for two reasons: kapag may krisis po sa ating mundo and the impression that investors, consumers, and shareholders get is that the dollar is the safest currency to get against all other currencies,” said the young Marcos.
“So ang nangyayari ay lahat ng mga tao kapag may krisis ay bumibili ng dollar. Kapag binibili ‘yong dollar, ang demanda ng dollar tumataas, which means against other currencies it becomes stronger,” he added.
Marcos said that the Philippine peso is still “stabilized,” or stable, as compared to other foreign currencies, despite the peso’s decline versus the US dollar. His assessment of the peso’s devaluation also elicited conflicting responses from online users.
Some people appeared to agree with his idea, while others appeared to be perplexed by it. Former senator Ping Lacson is one of the people who responded on his statement.
In a tweet, Lacson simplified the explanation, stating that: “The peso is weak because the US$, SG$, HK$, Japan Yen, NT$, GBP, AED, CHf, and other currencies are strong’.
READ ALSO: Economist Lauds Sandro Marcos Over ‘Weak Peso’ Statement
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