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Koko Pimentel asks PCED: Explain why PH exchange rate continues to weaken

Philippines | National

Koko Pimentel asks PCED: Explain why PH exchange rate continues to weaken

By Mario Casayuran

Minority Leader Aquilino “Koko” Pimentel III challenged the Philippine Center for Economic Development (PCED) to review and explain why the Philippine exchange rate continues to weaken and the power of US dollar is getting stronger over other currencies in the world.

Pimentel threw the challenge in today’s hearing on the 2023 proposed budget by a Senate finance subcommittee.

“I am considering your agency to be the specialist, in the sense that you are not subscribing to one particular school of thought, but you are empowering your graduates...We should have people who are willing to think outside of the box,” Pimentel said.

PCED Executive Director Maria Joy Abrenica vowed to do their best as an agency tasked to strengthen research, primarily related to economics, and increase the supply of economic technicians in the bureaucracy.

PCED is asking an additional P28.6-million to its P27-million budget for 2023.

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