IT’S TIME: PHILIPPINE CURRENCY REFORM

This topic contains 76 replies, has 15 voices, and was last updated by  adorme 7 years, 7 months ago.

Viewing 15 posts - 46 through 60 (of 77 total)
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  • #145815


    ©παςΗ
    Participant

    Ask the United States if they can lower their USD$, LoLz!

  • #145797


    Anonymous

    The question now is about …how to raise the value of Philippine peso (over dollar).We can raise our GDP,….. our number of resources of tax…. and standard of living by industrialization but by the value of the Philippine peso i think its the issue.

  • #145784


    BIO
    Participant

    You are not alone in your advocacy, Muriel. Check out the link below. This guy is going right to the grassroots. And that’s the idea: IF YOU SEE SOMETHING, SAY SOMETHING.

    http://www.henrymakow.com/filipino_puts_poverty_into_per.html

    I still say, no need to change the Philippine currency, just make it more valuable, like gold or black gold. How? By simply controlling the RATE OF PRODUCTION of gold or black gold. Just like POPULATION.

  • #145783


    ©παςΗ
    Participant

    Mr. Muriel, that still leaves us to the question, “Is the Philippine Currency Reform PRO-POOR?” By definition, pro-poor refers to uneducated/ illiterate people, can’t read and can’t write, and unemployed people living in shanty houses and raising children averaging to 6 to 10 each family. Overseas Filipino Workers aren’t considered as poor Filipinos because OFWs are literate, skilled and have the means for livelihood that’s why they are employed abroad. However you approach this Philippine Currency Reform, it is the poor that will be greatly affected, as Industrialization and Globalization has a great effect on the masses in the past. Look at how many companies have closed, even I were retrenched from work when the Philippines entered Globalization in the early 2000. People have learned from the past. Even I have learned my lesson that not all about technology, industrialization, and competing with the world are beneficiary to all. Sometimes the weak will suffer the more, that’s what I’m talking about in sacrificing a lot just to pursue your proposal. Now the question again – “Is your Philippine Currency Reform Pro – Poor? And how?” If the answer is nil, then I bet there’s a very slim chance your proposal will ever pass into a Bill because everything will be scrutinized and studied.

  • #145782


    muriel
    Participant

    Gentlemen, it’s my pleasure tto discuss with you all the PROJECT; PHILIPINE CURRNCY REFORM. Again, let me go straight to the point. Before we answer the qestiions raise in this discussion, we have to bring up this conversation into the next level. We need to bring the Philippine currency closer to the world’s ANCHOR MONEY. The dominatiion stabilization, and world’s total acceptance of this currency makes it an anchor money, thereby giving control of the world economy.
    Next, the CIRCULATION of this currency should be at least equal or closer to the ANCHOR MONEY Having a currency in the country that is acceptable to the world’s market as an acceptable medium of exchange gives a country an increased puchasing power, whereby, resulting to better economy and living standards.
    ECONOMIC PRINCIPLES: GOODS AND SERICES – Changing the Philippine currency closer or equal to the anchor money wil bring to the country this much needed goods and services giving this country work, jobs, and better quality of life, reducing and possibly removing the idea that OFW’s are modern hero’s of the country. This will reduce our worldwide major export which is now human beings.
    THE PROJECT: PHILIPPINE CURRENCY REFORM current objective is to sell this to the country population with an ulimate goal of getting a legislation in Philippine Senate to open an argument on the subject.

  • #145781


    Anonymous

    i guess we should deal more or focus more on the poverty level or poor people for they will be the will suffer after the progress and development of the nation, especially those illiterate ones.we have so many graduates waiting in line for better oppurtunities which will be given only through and by industrialization.these poor people will never provide us job but compromises from their inevitable crimes due to lack of money and job.many agriculture and tourism will help

  • #145777


    ©παςΗ
    Participant

    @Kingmaker, Mr. Muriel already answered that question “when”, and that “when” is “now”. That leaves us to the question of “how” which he expected us and our legislators to answer, LoLz!

    My question remains. Mr. Muriel, “Does the new currency value you are proposing shall be made readily available to the poor public? Could they be able to immediately convert their old peso coin to a higher value Philippine Dollar for instance to be used for their immediate needs? Or should we buy the new currency costing P40 pesos per Philippine Dollar?

    Please address this honestly Mr. Muriel. The people are tired of promises and hidden agendas. Because if the new system and currency will leave our poor people even more penniless, then I guess your PHILIPPINE CURRENCY REFORM will be no other than just money conversions taking away lots of Peso from our pockets.

  • #145773


    Anonymous

    NOTE: CHANGE, PRIORITIES AND CHOICE IS THE CONCEPT!REFORM IS CHANGING TO BETTER ONE.PHILIPPINE DOLLAR IS NOT BAD AFTER ALL., RIGHT?THEN THE QUESTION IS HOW AND WHEN.

  • #145772


    Rod
    Participant

    List of countries who previously usedPeso andconverted to another form of monetary denomination:
    BOLIVIA
    COSTA RICA
    ECUADOR
    EL SALVADOR
    GUATEMALA
    HONDURAS
    NICARAGUA
    PARAGUAY
    PERU
    VENEZUELA

    Aside from perhaps Venezuela (because of oil revenue), are any of these countries ahead of us economically?
    Should we convince Haiti to switch to another currency to end their poverty? What about Somalia so they can end their Piracy?
    Third World countries take note: The solution to your poverty is just acurrency change away!

    I still would like to know the new name of the Philippine Currency you are proposing.

  • #145771


    ©παςΗ
    Participant

    Mr. Muriel, if you can provide facts, then we’ll say that your proposal is not opinionated and not judgmental. Provide links to the groups that you claim your proposal is popular and successful. Prove that Philippine Peso is ailing and is the cause of all our suffering. Because as of this very moment, I cannot find even just a single article or post about your “Philippine Currency Reforms” on the web other than this thread. If you want your proposal popular and successful, you should be the one to post the facts here at your thread. Just provide the links here if you want to justify your proposal and I will do the rest of posting if I clearly understood your objective and your purpose, since this would be a long termed goal that is expected to run for a hundred years. If we buy your idea of currency reforms now, there’s no turning back and we cannot just eat the newly printed currencies if it fails the supposed objective.

    The info and figures I gathered from Internet has a basis and not just hearsay. Publications like Philippine Daily Inquirer (PDI) is a highly respected and one of the leading Nationwide newspaper in our country, and they wouldn’t afford to lose their credibility by just hastily writing the news. Or else they could be sued for misleading lot of people including mere Filipinos. Therefore, I believe I had given a relevant info in this topic with a very reliable source.I guess it is your responsibility Mr. Muriel to provide facts and figures in this matter because this is your very idea. The point is, you want to bring your proposal to media and newspapers but you won’t accept or believe any single story they provide about the issue. Then I suppose you won’t buy the idea of receiving critics to your proposal. Money matters and currency is a very delicate topic to¬† deal with since this entails our daily lives. So utmost care and concern shall be given before we pursue any immediate if not drastic changes to our system.I guess this is not the forum for this type of topic if you are after legislation because we are just plain citizens and not politicians, we are simple “Bikolanos” in particular. Address your concern to proper authorities such as the Philippine Senate’s site – http://www.senate.gov.ph/, or better yet contact the Office of the President – http://www.president.gov.ph/default.aspx

    But if you care enough to listen, listen to us first because we are the people. Legislators listen to people. Whatever Legislators do, they do it for their Countrymen not just for themselves.

    MABALOS!

  • #145769


    muriel
    Participant

    Gentlemen, good day to both of you. Let me go direct to the point, PROJECT: PHILIPPINE CURRENCY REFORM – it’s time to change the peso into another better currency to better off our quality of living standard.
    The Philippine Infrustractures are now very similar to the industrialized countries, the people who have ventured outside the country have gained knowledge base to make thie country economcally equal to where they were exposed, the only one remains is the peso, that whatever we do, we are always behind. The arguments that were presented are all statements that were heard in the other brain storming websites, newspaper columns, and group talks about this topic. We are past this point of the presentation and tested this topic into many groups.
    The main question here now is the delivery of this topic to the whole population and to sell this topic to filipinos with an objective of gainnng a legislation to the Philippine Senate to open an arguments.

  • #145768


    ©παςΗ
    Participant

    Since 2007…Philippine Peso is Asia’s best performing currency

    Philippine Peso reaches a 7 1/2year high as it continues to be Asia’s best performing currency

    Submitted by Peter Fleming on Thu, 13/12/2007 – 5:14pm.
    In Exotic Currencies | Economic Indicators | Market ReactionsThe Philippine Peso reached a 7 1/2 year high against the U.S. Dollar
    whie the South Korea’s Won incurred a sharp decline after US. job data
    increased the appetite for higher risk investments amidst the Federal
    Reserve decision to cut interest rates. In the Asian region, every
    currency appreciated against the US Dollar apart from the Taiwan Dollar
    and the Korean Won. The US Federal Reserve
    on Tuesday cut its interest rate by a quarter of a percentage point to
    4.25 percent, its third rate cut in an expansionary stance. Investors
    and traders believe that a cut in interest rates by the Central Bank of
    the Philippines on December 20 is the only way to curb the rising Peso.
    Despite the ongoing subprime crisis in the US, the Filipino Peso is said
    to remain strong due to the strong foreign exchange inflows from
    Overseas Filipino Workers (OFWs) to their families amidst the
    approaching Christmas season.
    In forex trading,
    the Philippine Peso strengthened 0.4 percent against the US Dollar
    today. It hit 41.58 per US Dollar. The Philippine Peso has risen close
    to a total of 19 percent against the US Dollar this year and is at a
    high level since hitting 41.28 Pesos on May 10 of 2000.

  • #145766


    ©παςΗ
    Participant

    For an info Mr. Muriel, kindly look at this news item from Philippine Daily Inquirer http://smart-grid.tmcnet.com/news/2011/01/11/5237939.htm. The Philippine peso is not that bad after all![January 11, 2011]

    Philippine peso among top currency picks in 2011Jan 11, 2011 (Philippine Daily Inquirer – McClatchy-Tribune Information
    Services via COMTEX) —
    MANILA (PHILIPPINE DAILY INQUIRER/ANN) — American investment bank
    Merrill Lynch has picked the Philippine peso as among its two currency
    favorites this 2011, saying the local currency was undervalued by about
    10-15 percent given the strength of the country’s external surplus.

    Story continues below ?

    Visiting Merrill Lynch foreign-exchange strategist Ashok Bhundia told
    reporters Monday (January 10) that the peso and the Singapore dollar
    were among his firm’s top currency picks for this year.

    “The peso, we believe, is mainly being supported by remittance inflows,
    which remain very strong. The growth dynamics is getting structural
    boost from a reform-minded government and if expectations prove right,
    we should see the fiscal position improve structurally,” Bhundia said.

    Based on a statistical model used by Merrill Lynch in estimating the
    sustainable level of current account, Bhundia said the country’s surplus
    was “a little too large.” As such, he said the local currency would
    need to appreciate to attain an equilibrium, thereby explaining the
    perceived undervaluation of the peso.

    However, he said external jitters would likely bring the local currency
    under pressure in the second quarter. In particular, risk aversion from
    the lingering fiscal crisis in Europe is seen bringing the local
    currency to 43.50 against the US dollar by June from around 42:$1 by
    March this year.

    But the currency upswing is seen resuming in the second half, bringing
    the peso to 42 by September and further to 40 against the greenback by
    end-2011.

    Another factor that would underpin the strength of the peso and other
    Asian currencies, he added, would be the likelihood that China would
    allow the renminbi to appreciate.

    The Philippines is also seen as among the few countries where the risk
    of resorting to capital controls was very low given recent
    pronouncements from the Central Bank (BSP) rejecting such an idea.

    What the BSP had instead done, Bhundia said, was to stop rolling over
    maturing foreign-exchange currency swaps, which had the effect of
    squeezing peso liquidity by shutting down onshore borrowing rates in
    peso. But he said this was a very “technical” response that could not
    likely be sustained going forward.

    “We don’t think central banks will lean against appreciation. What they will lean against is too rapid appreciation,” he said.

    To see more of the Asia News Network, go to http://www.asianewsnet.net/home/
    Copyright (c) 2011, Philippine Daily Inquirer, Manila / Asia News Network
    Distributed by McClatchy-Tribune Information Services. For more information
    about the content services offered by McClatchy-Tribune Information Services
    (MCT), visit http://www.mctinfoservices.com.

  • #145764


    ©παςΗ
    Participant

    That’s right Mr. Muriel, this is your idea so you should be the one to sell this and bring this up on the media, not us. If in case something went wrong with your proposal, then no one shall be held responsible but you, hehehe. If you succeed, then you’ll be a hero and get rich, LoL!

    If in case you need support from us, you first need to devise a good approach and an explanation that is applicable, meaningful and beneficent to all Pinoys. Because we do not buy vague ideas. A proposal should be in black and white, precise and conceivable before it can be put into a referendum.

  • #145763


    Rod
    Participant

    Pareng Muriel,Why don’t you sell this idea to Pinoy . He needs all the help he could get to turn the economy around. Damn…..I never realize that by just merely changing the name of our currency to something else would drastically change the economic outlook of the Philippines. Wow! What a concept! Should we call it Philippine Dollar? Phil. Yen? Won, Pounds, Dinar, Riyals or any other currency as long as we don’t call it Peso? Is the Peso really cursed from the git go? And what would the rate exchange be from say “New” Phil. currency name to Euro? Will we get a favorable rate exchange because it’s now called something else? What would be the basis?

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