Exporters have welcome the weakening of the Philippine peso, noting this will benefit the export sector specifically job-generating champion industries with rising market demand, thus makes the economy more competitive.
"The trend that shows the peso may continue to depreciate in the coming months to catch up with its peers in the region (can) help the Philippines stay competitive against its export-oriented neighbors," Philippine Exporters Confederation Inc. (Philexport) president Sergio Ortiz-Luis Jr. said.
The peso has been weakening beyond 45 per dollar for almost a month. The local unit finished at 45.15 on July 3.
Ortiz-Luis pointed out that 11 champion industries identified in the Philippine Export Development Plan (PEDP) 2014-2016 are expected to benefit from currency depreciation.
He identified these sectors, namely: processed fish, crustaceans and mollusks, processed fruit and vegetables, vegetable and animal oils, carpentry and joinery, non-ferrous metals, electronic components and boards, computers and peripheral equipment, measuring and testing equipment, motor vehicle parts and information technology business process outsourcing (IT-BPO) services.
These export products with growing demand for almost a decade are selected based on export value estimated at more than $1 billion and the potential to employ workers at an above-median level, he added.
