Some lawmakers hit economic managers amid quickening inflation, weak peso

RG Cruz, ABS-CBN News

Posted at Sep 12 2018 05:55 PM

MANILA - Some lawmakers on Wednesday criticized the administration's economic managers as more Filipinos bore the brunt of rising prices of goods and the depreciating peso.

Inflation rose to 6.4 percent in August, smashing independent and government forecasts. The Philippine peso also hovered at its lowest level since 2005, closing at P54.13 to a dollar on Wednesday.

“Ako I'll go back to school, kukuha ako ng economics ulit. Di ko maintindihan ang economics ng economic experts natin, 'yun daw pagbaba ng halaga ng pera natin mabuti para sa ekonomiya, iba ang natutunan ko," Buhay party-list Rep. Lito Atienza said. 

(I'll go back to school to take economics. I can't understand the economics of our economic experts saying that the depreciating peso is good for the economy. That's different from what I learned.)

Meanwhile, House Minority Leader Danilo Suarez pointed out that President Rodrigo Duterte still trusts Agriculture Secretary Manny Piñol amid calls for the latter to resign due to food supply issues.

“Sinabi ni Pangulong Duterte he still trusts Secretary Piñol," Suarez said. 

But analysts and economic managers said the weakening peso has a silver lining.

“Weaker peso should attract more foreign investments. This phase is a turbulence, but there’s a silver lining. You just have to wait it out," BDO chief market strategist Jonathan Ravelas has said.

Malacañang also said the President's economic managers were working on a draft executive order to tame inflation.