The Weakening Peso

The topic of a weakening peso is not a desirable environment that does need to be hidden and justify it in order to look and tell everyone that it is alright, and there's nothing to fear about. , but rather, the fast explanation of a defeated currency if not abated is readily seen in the Venezuelan crisis which is on-going at the moment.

Giving the reason that it is not entirely negative, and there is nothing to panic, is seemingly like hiding the bad  scenarios of a depreciated currency of a country as now experienced by Venezuela, where truth is,  the reality of a bad currency which is confronting the Philippines right now should be addressed promptly by our leaders and aver on relying on the strength of our Overseas workers dollar remittances to sustain this economy as basis.

A difficult viability of securing the peso thru OFWs.

It is true that the OFW dollar remittances sustains and buffers the fast decline of the peso against the dollar,  but by using it as a source of our defense "alone" against the falling peso,  will set us to forget and neglect the appropriate important industries that  are actually the savior of our economy to give  strength to our exports.

For many years we have maintained a sluggish growth in defending our peso  due to our small manufacturing capability, that ever since,  the advent and results of OFW remittances has replaced the role of export industry as the lead sector to sustain foreign reserves for the country.

By the rise of foreign overseas  Filipinos, and discovering its potential for gaining foreign  reserves, we have shifted attention to spur growth in manufacturing into sending more of our people for jobs abroad and leaving this sector at its own will to grow.

All industries matters for a rich economy

Though we seek the best for the country, it is important that all corners of industries shall be attended and assisted by the government through incentives, promotion and lessening regulations that would spur growth in them.

Manufacturing must grow in the Philippines, where in this area we are found as be very weak, in terms of  our capability to produce for the world, and rightly considered uncompetitive  compared with our neighbors and counterparts in the region. That instead of growth, we have experienced decrease in the period of June 2017 of only 11.87 billion, compared in the same period last year of 12.12 billion USD in 2016,

It is  found that we are low in high technology products in the country where the bulk of our  imports goes to transport and machinery products, telecommunication and specialized equipment, where the inequality has been found ever since. More so, upon seeing these deficiencies in our local manufacturing, the government should introduce catalyst and primers to initialize the industry of machinery and transport that would would reverse the situation in trade.

Our importation of capital equipment must have shown us already means to open the sector and gain progressively parts and machinery in the country.

Manufactruing

the government should focus more on manufacturing  as this will create jobs and increase our capability for exports that will subject to avert the falling peso.