You read me right! Benigno Aquino III’s economic performance while he was in office was not all that!
I revisited the Bloomberg article written by Ditas Lopez and Cecilia Yap. It’s entitled, Asia’s Ugly Duckling of the Year is the Philippine Peso. The story was supposed to paint President Duterte bringing bad luck to the Philippine Economy. According to them:
“While other Asian currencies have strengthened against the dollar this year, the peso has hit a more than 10-year low and remains locked out of the party. Some analysts say that’s because investors are spooked by simmering allegations that President Rodrigo Duterte was involved in unlawful killings and corruption in his former post, which he denies.”
INVESTORS ARE SPOOKED BY SIMMERING ALLEGATIONS.
In their article is a chart from Bloomberg. It’s a chart of the Dollar’s strength. Here it is!
Forget about the article. The bottom line of what they said is that, hell’s going to break loose. They said:
“It could get worse for the peso before it gets better. Technical indicators suggest its decline will continue after it breached a support level of 50 versus the dollar last month. The peso touched 50.395 on Friday, its weakest since September 2006.”
Right. Blah! Blah! Blah!
I zoned in on the chart. I realize they made it simple for me. So, I looked at another chart – who were the Presidents during these years and suddenly it hit me.
It was actually during Gloria Arroyo’s time where the Philippines experienced a very strong peso. Despite the Asian Financial Crisis in 2007, Gloria bounced back immediately and continued with a very strong performance! In fact, who benefitted from Gloria Economics? Her student, Benigno Aquino III from 2010 to 2013. From then one it went haywire. It was during Benigno Aquino III where drugs proliferated, and criminality surged in Metro-Manila and corruption was at its highest with the biggest PDAF Scandal.
Just setting the records straight!