The continuing fall of the Peso creates further difficulty for the recovery of economy of the country. It would also mean high cost of living for everyone, and will hurt further industries, sooner people will be asking for more wage increase, and the government itself will adjust taxes to meet its obligations abroad. Thus, people will suffer more of this effect.
Solutions should be made urgently to stop further the falling our currency.
Industries must be strengthened locally to ease importations of products that we can built them locally. As needed, we must multiply them, and create more factories where we see we don't have domestically.
Some of these industries are machinery, metal, car making, advance technology products, communication devices, and all others which this country are lacking.
As remedy, we should encourage foreign partnerships on areas of industries that we are weak, to build them all here, and diminish excessive importations and fight trade imbalances as major objective of our economic policies.
Without massive industries in the country, it will be difficult then to survive our falling peso and further depress the government in meeting its financial obligations offshore.
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