𝐆𝐨𝐯 𝐆𝐨𝐧𝐳𝐚𝐠𝐚: “𝐈𝐭’𝐬 𝐭𝐡𝐞 𝐬𝐡𝐢𝐩…𝐚𝐧𝐠 𝐬𝐚𝐤𝐲𝐚𝐧 𝐧𝐚𝐭𝐨𝐧𝐠 𝐭𝐚𝐧𝐚𝐧 𝐮𝐠 𝐚𝐬𝐚 𝐭𝐚 𝐩𝐚𝐝𝐮𝐧𝐠,” 𝐨𝐧 𝐃𝐝𝐎’𝐬 𝟐𝟎𝟐𝟑-𝟐𝟎𝟐𝟓 𝐄𝐋𝐀 𝐥𝐚𝐮𝐧𝐜𝐡𝐢𝐧𝐠

Davao de Oro— “It’s the boat, it’s the ship, the very vehicle nga sakyan natong tanan ug asa ta padung... we need your utmost cooperation, we need your prayers nga magkahiusa gyud ta nga mapadayun natong smooth-sailing ang pagpadagan sa atong barko hangtud muabot ta didtu sa 2025,” Gov. Dorothy Montejo-Gonzaga Gonzaga said as she led the ceremonial launching and signing of the pledge and commitment of support for the 2023–2025 Executive-Legislative Agenda (ELA) on October 10, 2022.

The ELA 2023-2025 is a term-based strategic plan of the executive-legislative department for the next three years that would bring significant changes to the lives of the people of Davao de Oro. It is the blueprint or guide toward the direction of progress and development in the province. This consisted of the proposed programs, projects, and activities (PPAs) for the province focusing on five (5) governance sectors such as social services, economic development and poverty reduction, physical and infrastructure development, environmental management, and local administration and financial management.

"The ELA is the very document containing sa mga nasabutan nga pagplastar ug implementar nga mga proyekto ug serbisyo sa probinsya. This is our very document to you, dear people, kung asa mo dal-on ni Gov Dot-dot ug Vice Gov Tyron apil ang mga board members ug atong department heads," Gov. Gonzaga said.

Governor Gonzaga congratulated the technical working group and the Sangguniang Panlalawigan headed by Vice Governor Uy, who lent their time and efforts in scrutinizing the prioritized programs even with the limited funds and resources to come. She also extended gratitude to the employees and the people of Davao de Oro for sending their sentiments that led to the realization of ELA.

“Kani napahitabo tungod kamo mismo nagpakabana, nitingog mo nga mao ni ato atimanon. Mag-ampo mi nga atoa gyud ning masunod, magampo pud mi nga kamo magpabiling magbinantayon,” Gov. Gonzaga said.

Vice Governor Uy, Sangguniang Panlalawigan members, department heads, national government agencies (NGAs), and employees joined the governor in fully supporting the vision, mission, and goals of the provincial government.

Meanwhile, DILG Provincial Director Noel C. Duarte said that every public servant should serve the people with integrity, trust, and a sense of commitment.

“Today, we will be forging our commitment as government public servants. We must live with the vision of the province... responsive to the needs of every Dabawenyos," PD Duarte said. (𝐽. 𝐹𝑒𝑟𝑛𝑎𝑛𝑑𝑒𝑧, 𝑃ℎ𝑜𝑡𝑜𝑠 𝑏𝑦 𝐴 . 𝐷𝑎𝑦𝑎𝑜)

PH reserves down to $95-B

by Lee C. Chipongian, Manila Bulletin

In defending the peso vis-à-vis the strong US dollar, the country’s foreign exchange reserves has fallen to a 30-month low of $95.014 billion as of end-September this year, the Bangko Sentral ng Pilipinas (BSP) reported over the weekend.

Based on BSP data, the gross international reserves (GIR) has lost $5.84 billion since June 1 when the local currency started to rapidly depreciate from P52.4 to P55.02 versus the greenback by June 30.

The GIR is BSP’s war chest against speculative attacks against the peso. Speculative attacks on currencies occur when there is excessive, large volume of foreign exchange selling in the hope that the central bank will run out of reserves and thus a currency crisis will ensue, and speculators with a foreign currency hoard will be able to dictate market price.

Bank teller counting P1,000 bills/Bloomberg photo

It was in July when the GIR first dropped to below the $100 billion level after peaking at $108.79 billion in December 2021.

In July and August, the BSP recorded the exchange rate at P54, P55 and P56. The peso broke its 2004 record low of P56.45 in September. It was also in September when the peso also breached P57, P58 and P59 which was its new all-time low.

The BSP insisted it does not target an exchange rate but it will intervene in the spot market to ease pressures off the peso. The Monetary Board has already raised the policy rate by a cumulative 225 basis points (bps) to smoothen exchange rate volatilities.

Along with the BSP rate hikes, the central bank has been releasing foreign reserves to curb further peso depreciation. However, the central bank’s exchange rate policy continue to support a freely floating exchange rate system where the BSP leaves it to market forces to dictate the exchange rate level.

The BSP will only enter the spot market to ensure “order and temper destabilizing swings” in the peso-US dollar rate. And, if needed, the BSP will release US dollar liquidity to supply legitimate demands for foreign currency.

After dropping to below the $100 billion level in July, the GIR continued to decline to $97.44 billion in August and $95.01 billion in September.

The current GIR was $11.58 billion lower compared to same period in September 2021.

At $95.01 billion, the BSP still consider this level as “more than adequate external liquidity buffer” which was equivalent to 7.6 months’ worth of imports of goods and payments of services and primary income. It was also about 6.8 times the country’s short-term external debt based on original maturity and 4.1 times based on residual maturity.

From August’s GIR of $97.44 billion, the reserves declined by $2.43 billion month-on-month. According to the BSP, the month-on-month decrease “reflected mainly the National Government’s payments of its foreign currency debt obligations and downward adjustment in the value of the BSP’s gold holdings due to the decrease in the price of gold in the international market.”

The GIR is composed of BSP’s reserve assets as foreign investments, gold reserves, foreign exchange, reserve position in the International Monetary Fund or IMF, and special drawing rights.

In September, BSP’s managed foreign investments amounted to $80.62 billion, down from August’s $82.73 billion and from same period last year’s $89.70 billion.

Gold holdings also dropped to $8.33 billion in September versus $8.53 billion previously, and from $8.85 billion same time in 2021. The foreign exchange component of the GIR in September totaled $1.67 billion, down from the previous month’s $1.77 billion.

Last Sept. 16, the Monetary Board approved revised external accounts to reflect the latest developments in the international environment.

The BSP revised the GIR projection lower to $99 billion in 2022 from its previous estimate of $105 billion.

Basically, the GIR is BSP’s foreign assets invested in foreign-issued securities, monetary gold, and foreign exchange. The emerging 2022 GIR is equivalent to 7.5 months import cover, lower than the previous forecast of eight months of import cover.

Precious Paula Nicole pops off as the Philippines’ first Drag Race Superstar

by Manila Bulletin Entertainment

After an exciting two months of Pinoy-flavored mini and maxi challenges, fierce runway looks, and regular doses of drama, Precious Paula Nicole bested 11 other Filipino drag queens to become the Philippines’ first-ever Drag Race Superstar.

The hit global drag phenomenon “Drag Race Philippines” historic first season premiered on August
17, 2022, on discovery+, HBO GO, and WOW Presents Plus featuring 12 of the fiercest, most
fabulous Filipino drag artists from all over the world competing for the crown.

The Precious Bicolana Queen and member of the drag group “Divine Divas”, first entered the werk
room in a campy ensemble reflective of her playful personality. From the beginning of the competition, she showcased true creativity, uniqueness, nerve, and talent which helped her gain the title of president and number one competitor at the Ru-lections.

Her ‘Regine Velasquez’ performance garnered praise from the “Asia’s Songbird” herself during the OPM Divas: The Rusical and her Pearl of the Orient Seas look proved that she could serve eleganza extravaganza.

Quickly enough, Precious Paula Nicole became a crowd favorite especially when her heart shone through during Twinning! as she transformed her youngest brother into a drag queen. She not only showcased the best of Pinoy drag but also embodied the Filipino spirit of unconditional love and dedication to
family.

“Life is precious and so are we. Let’s continue to inspire and let’s continue to love”, said Precious
Paula Nicole in the finale of “Drag Race Philippines” Season One.

The other finalists also served their remarkable talent and tenacity. Eva Le Queen, best known for
her Snatch Game performance as comedian Rufa Mae Quinto, brought out the Tampalpukean in
every viewer, gaining the respect of many for her poise and wisdom. Marina Summers, a fan-
favorite who served sultry summer looks, charmed the country with her wit and humor. Finally,
Xilhouete, respectable drag mother to many, wow-ed the fans with not just couture-inspired looks
but also her determination and will to be worthy of one of the spots in the finale.

In the finale, viewers were welcomed by the S1 queens of “Drag Race Philippines” and an electric
performance by “Drag Race Philippines” host, Paolo Ballesteros.

The Miss Congeniality title was bestowed to Lady Morgana before the final four showdowns. Kicking off the final lip sync battles were Eva Le Queen and Precious Paula Nicole followed by Marina Summers and Xilhouete.

It ultimately came down to Precious Paula Nicole and Marina Summers who performed Sirena by Gloc-
9 for the crown. Precious Paula Nicole secured her victory, receiving a one-year supply of ONE/SIZE
beauty cosmetics by Patrick Starrr and P1,000,000 powered by Kumu.

With its healthy dose of creativity, ingenuity, and drama, the first season of “Drag Race Philippines”
has garnered global attention. Though the season may have ended, fans can rewatch all episodes
on discovery+, HBO Go, and WOW Presents Plus.

“Drag Race Philippines” is produced in the Philippines by Fullhouse Asia Production Studios, Inc in
conjunction with World of Wonder Productions, Inc. Fenton Bailey, Randy Barbato, Tom Campbell,
and RuPaul Charles serving as executive producers on the series.

Download and subscribe to discovery+ available across multiple platforms, including connected
TVs, web, mobile, and tablets. For the latest updates and promos, follow discovery+ on Facebook,
Instagram, and Twitter. “Drag Race Philippines” is also available on HBO GO.

Subscribe to HBO GO online at https://www.hbogoasia.ph/ or the mobile app via the App Store or Play Store. Or access HBO GO via Cignal, Globe, and Skycable. Follow HBO GO on Facebook, Twitter and Instagram.

Palace to launch programs vs fake news, says Garafil

by Argyll Cyrus Geducos, Manila Bulletin

The Office of the Press Secretary (OPS) said that it will be implementing programs to combat the spread of fake news in the country after recognizing that the circulation of erroneous content is a problem that must be resolved.

Office of the Press Secretary officer-in-charge Undersecretary Cheloy Garafil (RTVM Screenshot)

OPS officer-in-charge Undersecretary Cheloy Garafil said this after a new Pulse Asia survey showed that 9 of 10 Filipino adults think the proliferation of fake news in the country is a problem.

In a press briefing, Garafil agreed that spreading fake news is a serious issue that needs to be addressed.

She said the OPS would come out with programs to combat fake news.

“Ito po ay isang seryosong bagay na tututukan ng OPS. Kaya nga ngayon, Sir, meron kaming mga programa na ile-lay-down in the coming days (This is a serious issue that the OPS is looking into. That’s why we will be laying down programs in the coming days),” she said.

“We will let you know kasi gusto rin talaga natin na ma-address itong mga problema ng fake news (because we also want to address this problem about fake news),” she added.

Last month, former Press Secretary Trixie Cruz-Angeles said the OPS was willing to work with Congress to push for legislation to address the spread of disinformation and fake news.

She said this after she admitted that there was no budget yet for efforts to fight misinformation in her office’s proposed budget for 2023.

“Nagbigay rin tayo ng suporta sa Kongreso para sa panukalang batas sa paglaban sa fake news at disinformation (We showed our support to Congress for a proposed law against fake news and disinformation),” Angeles said on September 2.

“Handang magbigay at magsumite ang ating opisina ng suhestiyon at impormasyon na kinakailangan para makamtan natin ang ‘whole-of-government’ approach kontra fake news (Our office is prepared to give suggestions and information necessary to achieve a ‘whole-of-government’ approach against fake news),” she added.

Serious security breach as hacker takes over NDRRMC’s Facebook page

by Martin Sadongdong, Manila Bulletin

An official social media account of the government’s primary inter-agency council on disaster response has been hacked on Tuesday afternoon, Oct. 11, raising questions as to the capability of the government to deter cyber attacks.

Cybercriminals have many different reasons, methods, and connections to commit cybercrime. A look into their mind and see how White Hat Hackers use that knowledge to protect your system.

The National Disaster Risk Reduction and Management Council (NDRRMC) announced that its official Facebook page was hacked around 3 p.m.

“Necessary arrangements are in place to retrieve our account and investigate the matter. We uphold data privacy and security, alongside the welfare of the members of the NDRRMC,” it said in a press statement.

The hacking incident occured just as Tropical Depression “Maymay” was headed towards Luzon and threatened to pound provinces. The NDRRMC, which often posts warnings and updates on impending calamities, made its last Facebook post last October 4.

The NDRRMC apologized for “any inconvenience or confusion” that the incident might bring to the public and its stakeholders.

This was not the first time that the NDRRMC was targeted by hackers.

Ten months ago, the official Twitter account of the Office of Civil Defense (OCD) — the implementing agency of the NDRRMC — had also been hacked.

The OCD’s verified Twitter account @civildefensePH posted at least five tweets about cryptocurrency and bitcoin on the Twitter pages of billionaire businessman Elon Musk and his aerospace company, SpaceX, on the midnight of Nov. 14, 2021.

The hacker also changed the OCD’s Twitter handle from “Office of Civil Defense” to “Elon Muskx,” as well as its profile picture to the photo that was the same as Musk’s Twitter profile.

It was not immediately clear whether or not the hacker that controlled the OCD Twitter page in 2021 was the same hacker that attacked the Facebook page of the NDRRMC since the Council offered very little details on the recent hacking incident.

LOOK! Angela Lansbury as Mrs. Potts singing ‘Beauty and the Beast’

by Robert Requintina

Beauty and the Beast (Walt Disney Facebook)

After the CBS series “Murder, She Wrote,” Hollywood star Angela Lansbury appeared in another memorable project in Disney’s “Beauty and the Beast” in 1991.

Angela was the voice of Mrs. Potts in the blockbuster animated feature flick, which until now, remains the first-ever movie nominated for Best Picture at the prestigious Oscar Awards.

Mrs. Potts is a supporting character in “Beauty and the Beast.” She is the castle’s head housekeeper who was transformed into an enchanted teapot once the Enchantress placed her curse.

Angela was the voice of Mrs. Potts in the original version, while Emma Thompson was in the live-action remake.

Angela died on Tuesday, Oct. 11, her children announced. She was 96.

“The children of Dame Angela Lansbury are sad to announce that their mother died peacefully in her sleep at home in Los Angeles at 1:30 a.m. today, Tuesday, October 11, 2022, just five days shy of her 97th birthday,” said her family in a statement.

“In addition to her three children, Anthony, Deirdre and David, she is survived by three grandchildren, Peter, Katherine and Ian, plus five great grandchildren and her brother, producer Edgar Lansbury.

Angela was perhaps best known for playing dauntless mystery novelist Jessica Fletcher on “Murder, She Wrote” on CBS for 12 years.

After tropical depression Maymay, another cyclone may enter PAR on Oct. 13 — PAGASA

by Ellalyn De Vera-Ruiz

(PAGASA / FACEBOOK)

The Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) continues to monitor a tropical depression east of Southern Luzon as it may enter the country’s area of responsibility on Thursday, Oct. 13.

The tropical depression, with maximum sustained winds of up to 45 kilometers per hour (kph) and gusts of up to 55 kph, was last observed at a distance of 2,020 kilometers east of Southern Luzon, according to PAGASA’s 11 a.m. advisory on Thursday.

It was moving northeastward at a speed of 20 kph.

“The tropical depression is forecast to decelerate as it moves generally north-northeastward in the next 12 hours before turning northward to northwestward while gaining speed. On the track forecast, the tropical depression may enter the PAR region on Thursday (Oct. 13) morning or afternoon. Afterwards, the tropical cyclone will move generally westward towards extreme Northern Luzon,” PAGASA said.

Based on initial analysis, the tropical depression may enter the Philippine area of responsibility (PAR) on Thursday and approach the country’s landmass on Sunday, Oct. 16, said PAGASA Weather Division chief Jun Galang.

The next tropical cyclone will be named “Neneng.”

Galang added that PAGASA is not ruling out the possibility of a landfall over Northern Luzon or Central Luzon.

“Current track and intensity forecast shows that there is a high likelihood that tropical cyclone wind signals will be hoisted over Batanes and several provinces in Northern Luzon. The highest possible wind signal that may be hoisted is TCWS #2 (tropical cyclone wind signal number 2,” PAGASA said.

The State weather bureau pointed out that the passage of the tropical cyclone over extreme Northern Luzon may bring heavy rainfall over the area beginning Saturday, Oct. 15.

Aside from this tropical cyclone, a tropical depression with the local name “Maymay” is being monitored as it may make landfall over Aurora province or northern Quezon province by Wednesday, Oct. 12.

Circulation near Palawan has potential to become cyclone

Galang said PAGASA is also monitoring a circulation west of Palawan that may also form into a tropical cyclone.

However, it may only affect some portions of Palawan as it will eventually move away from the country. 

BSP wants stronger email cybersecurity for banks, non-banks

by Lee C. Chipongian, Manila Bulletin

The Bangko Sentral ng Pilipinas (BSP) has issued recommendations for all its supervised financial institutions (BSFIs) to reinforce email security controls to effectively block persistent cyberthreats such as business email compromise (BEC), spam, phishing, ransomware and other malware attacks.

In a memo (Memorandum No. M-2022-043), signed by BSP Deputy Governor Chuchi G. Fonacier last Oct. 7, the BSP wants banks to adopt six recommendations for a “robust and layered security controls” as well as industry best practices already laid out in existing BSP rules and regulations on cybersecurity.

But to further enhance email security, Fonacier said BSFIs should adopt, as warranted, the security controls and best practices in safeguarding both incoming and outgoing emails.

In addition, she said BSFIs are expected to promptly report to the BSP any major email-related cyber incidents and crimes as per BSP’s rules on event-driven report and notification (EDRN) and report on crimes and losses (RCL). “In certain instances, BSFIs may need to seek assistance and cooperate with appropriate law enforcement authorities for prompt resolution of cybercrime cases, especially if cases involve public safety and security, pursuant to the Cybercrime Prevention Act of 2012 and other relevant laws and regulations,” said Fonacier.

The BSP recognizes that in the digital transformation initiatives, email is the primary means of communication in core business operations from marketing and sales, and customer support services, to logistics and supplier contracting, among others.

Fonacier said email is also used as one of the main verification and authentication factors linked to a bank, financial, or e-payment account in providing electronic payments and financial services (EPFS).

“Given the central role of email in digital communications, cyberthreats ranging from spam, phishing, ransomware and other malware attacks targeting email platforms and communications continue to confront BSFIs,” said Fonacier.

BEC has been identified as the “most prevalent and costly cyberattacks for financial clients globally”. BEC is a type of cyberattack that utilizes seemingly legitimate email accounts from another organization to fraudulently trick employees of another business into giving their credentials, money, personal information, financial details or other sensitive data, said the BSP.

According to Fonacier, most BEC attacks leverage on spoofing of a corporate or individual’s identity whereby the email address of the legitimate sender is impersonated to mislead the recipient on the sender of the email, thereby making the fraud attempt more effective.

To counter BEC and other email-related cyberattacks, the BSP recommends BSFIs to adopt the following email security controls such as “to identify and cascade whether a virus or malware infection may spread by just opening or selecting an email.”

“While this is not true for most email clients, an assessment should be conducted on the current email platform and version used especially if it enables scripting or automatic downloads and execution, which may heighten the risk of infection,” said the BSP.

Another recommendation to all BSFIs is to always inspect the email header information such as: “Received from (sender) and By (receiver)”; the “From” information which shows the sender’s name and email address; the “Reply-To” which refers to the email address that will receive replies to the email; and “Return-Path” defines where bounced emails will be processed.

The BSP also strongly advises to scrutinize the content of the email. “Phishing emails oftentimes have generic greetings and contain unfamiliar links or attachments or unsolicited requests for personal information. These emails are also unexpected and usually contain a sense of urgency that pushes the recipient to act quickly. It is advisable not to click any attachments or links unless the communication is verified,” said the BSP.

The central bank also recommends the strict adoption of the following email security controls: contact the sender of the message through a different/trusted channel to verify the validity of the email; provide guidance on how to report and handle suspicious or malicious emails based on the entity’s policies; and conduct regular phishing simulations or exercises.

Heat waves will make regions uninhabitable

“There are clear limits beyond which people exposed to extreme heat and humidity cannot survive,” the report said. File Photo

By Agence France-Presse October 12, 2022 

HEAT waves will become so extreme in certain regions of the world within decades that human life there will be unsustainable, the United Nations and the Red Cross said Monday (Tuesday in Manila).

Heat waves are predicted to "exceed human physiological and social limits" in the Sahel, the Horn of Africa and south and southwest Asia, with extreme events triggering "large-scale suffering and loss of life," the organizations said.

Heat wave catastrophes this year in countries like Somalia and Pakistan foreshadow a future with deadlier, more frequent and more intense heat-related humanitarian emergencies, they warned in a joint report.

The UN's Office for the Coordination of Humanitarian Affairs (OCHA) and the International Federation of Red Cross and Red Crescent Societies (IFRC) released the report in advance of next month's COP27 climate change summit in Egypt.

"We don't want to dramatize it, but clearly the data shows that it does lead toward a very bleak future," said IFRC Secretary-General Jagan Chapagain.

They said aggressive steps needed to be taken immediately to avert potentially recurrent heat disasters, listing steps that could mitigate the worst effects of extreme heat.

Limits of survival

"There are clear limits beyond which people exposed to extreme heat and humidity cannot survive," the report said.

"There are also likely to be levels of extreme heat beyond which societies may find it practically impossible to deliver effective adaptation for all.

"On current trajectories, heat waves could meet and exceed these physiological and social limits in the coming decades, including in regions such as the Sahel and south and southwest Asia."

It warned that the impact of this would be "large-scale suffering and loss of life, population movements and further entrenched inequality."

The report said extreme heat was a "silent killer," claiming thousands of lives each year as the deadliest weather-related hazard — and the dangers were set to grow at an "alarming rate" due to climate change.

According to a study cited by the report, the number of poor people living in extreme heat conditions in urban areas will jump by 700 percent by 2050, particularly in West Africa and Southeast Asia.

"Projected future death rates from extreme heat are staggeringly high — comparable in magnitude by the end of the century to all cancers or all infectious diseases — and staggeringly unequal," the report said.

Agricultural workers, children, the elderly, and pregnant and breastfeeding women are at higher risk of illness and death, the report claimed.

"As the climate crisis goes unchecked, extreme weather events, such as heat waves and floods, are hitting the most vulnerable people the hardest," said UN humanitarian chief Martin Griffiths.

"The humanitarian system is not equipped to handle crisis of this scale on our own."

'Previously unimaginable'

Chapagain urged countries at COP27 to invest in climate adaptation and mitigation in the regions most at risk.

CHA and the IFRC suggested five main steps to help combat the impact of extreme heat waves, including providing early information to help people and authorities react in time, and finding new ways of financing local-level action.

They also included humanitarian organizations testing more "thermally appropriate" emergency shelter and "cooling centers," while getting communities to alter their development planning to take account of likely extreme heat impacts.

OCHA and the IFRC said there were limits to extreme heat adaptation measures.

Some, such as increasing energy-intensive air-conditioning, are costly, environmentally unsustainable and contribute themselves to climate change.

If emissions of the greenhouse gases which cause climate change are not aggressively reduced, the world will face "previously unimaginable levels of extreme heat."

Sandro comments on weak peso, offers advice to Pinoys

by Ellson Quismorio, Manila Bulletin 

Ilocos Norte 1st district Rep. Sandro Marcos recently wore his economist’s hat to comment on the weakening Philippine peso.

Ilocos Norte 1st district Rep. Sandro Marcos
(Contributed photo)

“I would like to make one thing clear…the peso is not weak because the peso is weak. The peso is weak because the dollar is strong,” Marcos told local reporters in his district during a recent press briefing.

According to him, the United States (US) dollar is viewed as the safest or most stable currency, especially if there’s a crisis.

“Ang nangyayari ay lahat ng mga tao kapag may krisis ay bumibili ng dollar. Kapag binibili yung dollar, ang demanda ng dollar tumataas (What happens is, whenever there’s a crisis, people purchase dollars. And this results to the rise in then dollar’s demand). Which means, againts other currencies, it becomes stronger,” explained Marcos, who in 2017 earned his master’s degree in Development Studies from the London School of Economics and Political Science.

Despite the weakening of the Philippine peso against the US dollar, the senior deputy majority leader argued that the local currency is still “stabilized” against other currencies in the world.

On Monday, Oct. 10, the peso slid to its lowest level of P59 against the greenback.

“What can we do about it? On the bright side, madami tayong OFWs dito sa Ilocos (we have a lot of overseas Filipino workers here in Ilocos). So ang remittances na pinapadala nila na dollar value ay mas mataas (So they send more remittances here), so the remittances are worth more,” the Ilocano said.

Marcos also noted that the Philippines has “a significant amount of dollar reserves”. Thus, he said, “An option would be, potentially, to sell off the dollar reserves to be able to taper. Tataas pa rin yung value nung dollar pero hindi gaano kalaki (the dollar will still go up in value, but not as much).”

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But he later admitted that selling off local dollar reserves might not make much a difference, simply because it’s not as big compared to other countries.

“So I think the best piece of advice would just be to sit back and hold tight. What the national government I know is doing is to focus on food security because as we are a net importer of certain goods and services, we have to make sure that domestically, we are able to produce that,” the presidential son said.