Ramon Jacinto Explains Why Pres. Duterte is Not to Blame for the Weakening Peso

Presidential adviser on economic affairs Ramon Jacinto revealed in an interview with the media that the weakening peso should not be blamed on President Rodrigo Duterte's administration's war against drugs.

The Presidential adviser was quoted as aying "I don’t think the deterioration of the peso is really a result of what he’s been doing, it’s the world market too," Jacinto said.

According to the economist the Philippine Peso is falling because of imports ahead of the country's Christmas season which already started when the month of September came in.

Meanwhile Director of Stock Exchange Vivian Yuchengco said that the drop in the Philippine Peso is "not caused by Duterte's mouth" but the strengthening US economy.

The PSE Director claims that peso is still overhauled and may fall up to P50 to US dollar. The last timet that the Peso currency reached the P50 USD mark was during the year 2005-2006.

Presidential adviser on Economic Affairs Ramon Jacinto also claimed that the President is becoming more independent in its foreign policy. The veteran economist was quoted as saying "Traditionally, we’ve always been dependent to the States…we don’t have to depend now on any country,” he said.

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