Strong peso a cause for concern — Aquino

President Benigno Aquino III on Thursday said the rapidly rising value of the peso against the dollar is a cause for concern as it impacts on the exports sector and remittances of Overseas Filipino Workers (OFWs). "There is cause for concern. There has to be some stability in terms of the exchange rate," Aquino said in a press briefing in Isabela. The general weakness of the US dollar in the world market and the strong flow of foreign exchange into the country have pushed the peso higher against the US currency. "That of course negatively impacts our exports sector which is rebounding already and contributing a lot to the national economy. That also negatively impacts our remittances of OFWs," he said. Aquino, however, said the peso-dollar rate of 41:$1 by the end of the year as projected by the British-owned Hongkong and Shanghai Banking Corporation (HSBC) may not be possible. "Perhaps not this year," the President said. The Bangko Sentral ng Pilipinas "has been doing its job well" in achieving stability in the peso-dollar rate and in keeping the peso within the 43:$1 to 44:$1 band, according to him. "There's a little bit of comfort at the 43 to 44 level," the President added. — VS, GMANews.TV