August 4, 2011 3:09am CST
Why are the Chinese currency so diminished, and yet their country's economy is flourishing? They say that a weak currency is preferable for developing countries like say ours. A strong currency is supposed to make imports cheap. But why are the prices of local goods not declining? Why are the prices of utilities like electricities always going up? I believe that it is not entirely the faulf of strong or weak currency, but again it all boils down to corruption. Businesses are supposed to be not overpricing even when they are already profitting. Instatiable greed in cahoots with government officials who are also benefitting from these companies in these times when our people can barely buy what they need. OFWs struggling to earn in other countries see their remittances' value decline. I dont think we can expect our hardworking OFWs to find equivalent job in our country right now. We need to become a manufacturing-based country, providing millions of jobs. Not everybody can become call center operators. PNoy must balance the pros and cons but he should take notice that we are still a developing nation. There should be a trickle down effect in terms of prices of basic goods and utilities...tangible proof that a stronger currency is really good for the country and not just for the greedy and wealthy few. What I definitely agree on, is that the currency needs to be stable, because a fluctuating one is no good for any country.