Gov’t urged to end ‘policy uncertainty;’ peso at weakest level

President Rodrigo Duterte and Senate Minority Leader Ralph Recto. INQUIRER FILE PHOTOS

Senator Ralph Recto said on Tuesday there should be more certainty in the Duterte administration’s policy pronouncements, particularly its foreign affairs policy, amid the continued weakening of the peso against the dollar.

The peso closed on Monday at 48.25 to a dollar, the weakest level since the close of 48.335 on Sept.15, 2009.

READ: Peso plunges to 7-yr low

Recto agreed that the peso was weakening not only due to the potential rate increase in the United States by the Feds in December but also domestic concerns.

The senator said the domestic concerns included “policy uncertainty re foreign affairs, extrajudicial killings, the declaration of state of lawlessness and other policy uncertainty.”

READ: Bad policies, not Duterte’s language, would imperil PH—Recto

“There must be more certainty,” Recto said.

He said these included treating the country’s allies well “while we improve relations with China.”

Recto also said the fight between President Rodrigo Duterte and Sen. Leila de Lima has been “tak(ing) away precious time from Congress to legislate better economic policies.”

He was referring to the ongoing word war between President Duterte and De Lima which have seen the Senate launching an investigation into the alleged extrajudicial killings of drug suspects in the government’s war on drugs as well as a House inquiry into the alleged drug trade links of De Lima with inmates at the national penitentiary.

Duterte also had been making controversial pronouncements regarding the US, even saying he would end joint patrols with the US in the South China Sea and calling for the departure of US Special Forces in Mindanao.

Last Monday, the President said he was not going to break ties with the US but will open alliances with China.IDL/rga