Diokno: Peso still within target range
Budget Secretary Benjamin Diokno on Friday said there was nothing to worry about the depreciation of the peso against the US currency since the peso-dollar exchange rate was still within the government target range of P48-P52 to a dollar.
Diokno said the peso depreciation also favored overseas Filipino workers (OFWs) and the country’s exporters.
“I’m not worried about the peso depreciation … And right now our target, we’ll relax it a little bit. It’s up to … P48-P52, I think. That’s our target,” Diokno told reporters in Malacañang.
“My position has been that let’s leave it to the market. Right now, a peso depreciation favors more than half of the Filipinos because of overseas Filipino remittances,” he added.
On July 3, the peso slid to P50.545:$1, an almost 11-year-low. On Friday, it further weakened to P50.65.
“You know, whenever you have a peso depreciation, that is favorable to our exports sector, which will then create more jobs,” Diokno said.
“The families of OFWs like this … because that will increase their purchasing power,” he added.
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