Weakening peso more of an upside, says Philexport president

Michelle Ong, ABS-CBN News

Posted at Sep 19 2016 03:13 PM | Updated as of Sep 19 2016 03:49 PM

MANILA - The weakening Philippine peso has more of an upside for the Philippines as dollar earners like exporters, tourism companies, and the business process outsourcing sector benefit from it, Philippine Exporters Confederation Inc. president Sergio Ortiz-Luis said on Monday.

The peso closed at P47.82 versus the dollar at the end of Friday’s trading, but Ortiz-Luiz said even as the exchange rate nears the P48 to $1 rate, some feel the peso is still undervalued.

"The saying that a strong peso is a strong economy is no longer true," he said.

An estimated 12 million overseas Filipino workers and their families will benefit from a weaker peso, he added.

Philippine Chamber of Commerce and Industry president George Barcelon attributed the peso's depreciation to external reasons such as the looming US Federal Reserve rate hike.