Peso Devaluation - Boon or Bane?

[Jam]

The Philippine Peso is at its lowest in the last 7 years. While NEDA and some economists are touting that a weakening peso might be more advantageous to the country's economy, I certainly remember that back then, it raised the prices of electricity, milk, oil, fuel, spare parts, and other imported products. While it has been good to OFWs and their families as well as to exporters, it has been disadvantageous to families with local jobs and businesses due to the rising costs of foreign loan interests and imported goods. What's your take on this? Will you be significantly affected by the peso devaluation?

[Alexandoy]

When the currency of a country is devalued vis-à-vis the US dollar, that means you get more money if you earn in dollars. With that statement, it is clear that OFW (overseas Filipino workers) have the advantage when they send their earned dollars to their families in the Philippines. Another sector that benefits from the devaluation is the exporters because they sell their goods in dollars hence they get more. But on the contrary, it is a big disadvantage to importers who buy goods from abroad using dollars which means they pay more. When the currency of a country is devalued vis-à-vis the US dollar, that means you get more money if you earn in dollars. With that statement, it is clear that OFW (overseas Filipino workers) have the advantage when they send their earned dollars to their families in the Philippines. Another sector that benefits from the devaluation is the exporters because they sell their goods in dollars hence they get more. But on the contrary, it is a big disadvantage to importers who buy goods from abroad using dollars which means they pay more. When the currency of a country is devalued vis-à-vis the US dollar, that means you get more money if you earn in dollars. With that statement, it is clear that OFW (overseas Filipino workers) have the advantage when they send their earned dollars to their families in the Philippines. Another sector that benefits from the devaluation is the exporters because they sell their goods in dollars hence they get more. But on the contrary, it is a big disadvantage to importers who buy goods from abroad using dollars which means they pay more.