EDITORIAL - Support the peso

Each day the peso sets a new record, breaching levels unheard of even in the worst days of the Asian currency crisis. With the political storm in this country unlikely to die down soon, and no respite from soaring world oil prices, expect the peso to continue being battered. We’ll have to wait out this political storm, and there’s not much we can do about the resumption of hostilities in the Middle East, which has worsened the international oil supply problem. But we’re not completely helpless about the peso’s fall. We can prop up our own currency by reducing local demand for dollars.

There are certain sectors that won’t survive without greenbacks, but there are many others who don’t have that pressing need. We can’t appeal to foreign speculators, but the locals can stop contributing to the fall of their own currency. Short-term profits from hoarding Uncle Sam’s currency will be far outweighed by the consequences of a ruined economy. These Filipino speculators are sucking the blood out of their own ailing, emaciated body. If some of these speculators are in government, they should be sent to the lethal injection chamber for economic sabotage.

Apart from curbing currency speculation, Filipinos can start buying local products. Even if those imported goods are on sale or priced duty-free, they’re still bought with precious dollars. This could be a major sacrifice for Filipino lovers of everything imported, but it’s not a permanent deprivation. They might even discover that certain Philippine-made goods are superior to imported ones.

Finally, even with the political typhoon blowing across the land, there must be no letup in the government’s promotion of export products. The nation can’t keep relying on the remittances of overseas Filipino workers to boost dollar reserves. Every assistance must be extended to exporters – technology, financing, education, marketing. A strong export sector is the best way to prop up the currency and ensure sustained economic growth.

The peso is not yet Mickey Mouse money, but we may get there if we don’t act together to stop its slide.