About 57 percent Filipino families said their well-being had not changed much with a stronger local currency, which appreciated from nearly 50 pesos against one dollar at the beginning of this year to 42.8 pesos against a dollar in this month, according to the result of a nationwide survey.
The Social Weather Stations (SWS) on Tuesday released the results of their recent survey in which 1,200 adults were polled in face-to-face interview in major cities across the Philippines. Only 13 percent respondents said they were living more comfortably with flatter peso-dollar exchange rate, while 28.7 percent said their life was adversely affected by a stronger peso.
"While a majority of families say their well-being has not changed much, the net effect of the stronger peso is negative in all areas and classes," the pollster said.
Peso has been on a steady rise this year, especially in recent months, repeatedly breaking peso-dollar exchange rate records. On Monday's forex trade closing, peso stood at 43 pesos against the dollar, up roughly 15 percent from the start of this year.
While a strong peso would ease the government's burden in terms of foreign debts, critics have urged the central bank to take solid measures to cure peso appreciation as a strong peso would also harm domestic export companies and shrink the income of millions of overseas Filipino workers, whose home-bound remittance has played a crucial part in the Philippine economy.
Source: Xinhua
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