Peso rise needs to be smoother

08 Nov, 2010

Philippine Finance Secretary Cesar Purisima said on Saturday the appreciation of the peso needs to be managed more smoothly so as not to hurt the incomes of the large population of Philippine workers abroad. Purisima also said that he country's exports would remain strong as long as the peso moves in tandem with the currencies of other emerging Asian nations such as Thailand and Indonesia.
"So long as the band of our currency is consistent with what other countries are doing, I believe our exports will continue to be strong." Purisima said a US proposal for setting a numerical target on current account balances was meant chiefly to start discussions for co-ordinated global action.
"I think it's less than a number but more a framework upon which global co-ordination action can be gauged. The thing I like about what US Treasury Secretary (Timothy) Geithner did is that he floated a trial balloon, an idea that people can start modifying so that we can ultimately come up with something that is acceptable to everyone."

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