From the Inquirer: Two influential government officials — a senator with a strong anticrime advocacy and the country’s top financial regulator — want incoming lawmakers to make it easier for authorities to examine bank deposits for evidence of potential wrongdoing.
Related: Lacson Bill Removes Bank Secrecy Act Protection for Gov’t Officials, Employees
Continue reading “Revisions to deposit secrecy law may yet see the light [Inquirer]”
We should all worry that the NEDA Director General and the DBM Secretary (as earlier announced) are not worried about the weak peso.
For one, our offshore debt stands at US$73.1 billion. In July 2016, or exactly two years ago, the peso-US dollar rate was PhP47.30 per US$1. Now, it has shrunk to an all-time low at PhP53.40 per US$1.
We don’t need to be rocket scientists to realize that right off, we have to pay an extra PhP445.9 billion with the PhP6.1 difference.
Add to that the fact that the manufacturing sector imports a great portion of their raw materials.
Pray tell me if we shouldn’t be concerned.
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