Economist and former Misamis Oriental Vice Governor Joey Pelaez warned that continued weakness of the Philippine peso against the U.S. dollar degrades the purchasing power of ordinary consumers.
Pelaez explained that currency depreciation increases import costs for fuel, electricity, basic food items, and pharmaceutical supplies.
While noting minor positive exchange gains for overseas worker remittances and the BPO sector, he called for strengthening local production to cushion households against imported inflation.
