By Alex P. Vidal
“I made my money by selling too soon.”—Bernard Baruch
IT’S a waste of time to debate whether Ferdinand Alexander “Sandro” Araneta Marcos III or Sandro Marcos, the 28-year-old congressman son of President Ferdinand “Bongbong Marcos Jr. was correct when he uttered the now (in)famous line, “the peso is weak because the dollar is strong.”
For purposes of conversation, it’s alright to once in a while discuss it while it’s still the talk of the town.
His apologists in the social media (there are a horde of them, be warned), meanwhile, assert that greenhorn congressman Marcos was “correct.”
“Pinag isipan ‘yan ng malalim bago niya sinabi (he studied it thoroughly before saying it),” one of the congressman’s defender hollered in TikTok. “They misread his intelligent explanation.”
For critics of the young congressman and his family, the presidential son “made a fool of himself.”
He appeared smart before he opened his mouth, some them roared.
Meanwhile, while they were debating, the Philippine peso further slumped to an astonishing low as of this writing: US$1=P59.
It could hit P60 to US$1 before the end of the year, according to some economic experts.
Only last week, it was floating at US$1=P58.888 when I last visited the remittance center in Queens.
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In his explanation, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco Dakila Jr. said it is expected.
“The current movement of the peso is expected as it largely reflects the strengthening of the dollar given the monetary policy tightening cycle of the US Fed,” he explained.
“Now, concerns over the Ukraine-Russia conflict and its protracted impact on global supply chains, global growth uncertainty, and elevated global inflation also continue to drive investors towards the US dollar as a safe haven asset.”
Economists have attributed this to the greenback’s strength, amplified by the US Federal Reserve’s aggressive actions against inflation. The Fed hiked rates by 75 basis points or three-quarters of a percentage point for the third time
It looks like the Philippine peso will not stabilize and will continue to fare poorly in the world of foreign exchange (Forex) this year whether somebody from a prominent family will say something hilarious about it.
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IF the taxpayers oppose the decision of heavy spending high government officials like former President Rodrigo Duterte to use their money as “confidential” funds, who will be held accountable?
The answer is no one. Nobody will be made to liquidate the money. Because it’s “confidential” it will up to the former president where and how to “disburse” the funds.
This is the trouble when a country is ruled by a dominant and arrogant leader who doesn’t want to be criticized and subjected to scrutiny.
This has been proven when Mr. Duterte managed to get away with murder after the Annual Financial Report of the Commission on Audit on national government agencies disclosed that he “spent” P4.5 billion and confidential and intelligence funds for 2021 alone.
Now that he is no longer the president, how can he be made to explain where did he spend the public funds?
We don’t need to be an accountant to figure out the entire amount of P4.5 billion taxpayers money could not have gone entirely to public service.
For lack of evidence, we can’t accuse someone of pocketing the public funds that could have been used to feed millions of poor and build their shelters; funds that could have been appropriated for public health program and salary hike of teachers and other underpaid civil servants.
But we believe no one walks a saint in public service. But anyone who has tasted power can always pretend to be saint.
(The author, who is now based in New York City, used to be the editor of two local dailies in Iloilo.—Ed)
