US Dollar Against Peso Widens But Fil-Ams Favor Rodrigo Duterte

US Dollar Against Peso Widens But Fil-Ams Favor Rodrigo Duterte
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When it comes to running the Philippine economy, foreign investors have expressed confidence with other top presidential candidates than front-runner Rodrigo Duterte. Simply put, they believe the provincial mayor does not have what it takes to do business in a global stage. Ironically though, Filipino-Americans showed a strong preference for the controversial candidate who is liken to Donald Trump and Vladimir Putin.


Duterte has been leading in a lot of polls recently as the Philippines gets closer to its presidential election. Following the Philippine presidential debate in Cebu, Asian Journal reported that the controversial Davao mayor has also been enjoying increased support from the Filipino-American community.

In fact, the online polling done by The Filipino Channel’s “Balitang America” after the debate revealed that 60 percent of the online responders favored Duterte. The question posed to them was, “If the Philippine Presidential Election was held today, who would you vote for?”

According to a recent survey by the Social Weather Stations, Duterte leads the race with 33 percent of the national scores.

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Also read: Meet The Philippines’ Donald Trump, Rodrigo Duterte

However, this does not sit well with foreign investors as well as local economists.

The peso dropped 0.1 percent to 46.81 per dollar and the Philippines’ benchmark stock has also dropped 0.9 percent on Wednesday, April 27, according to a report from Bloomberg. ING Groep NV said the exchange rate, US dollar to peso, is predicted to get as low as 47.60 by the end of 2016.

Bloomberg also said in its report that the nation’s bond has soared to an eight-month low and foreign investors have pulled out as much as $41 million from local stocks. Market analysts also saw that peso devaluation has reached its lowest level on Tuesday, April 26.

The report noted that the devaluation happened as election polls are consistently showing strong win for Duterte.

Read: Australia Condemns Philippines’ Donald Trump, Rodrigo Duterte, For Rape Joke

“He’s a bit of a one-trick pony with his law and order message. I don’t think he’d do anything to upset the apple cart with economic policy, but I don’t see economic reform as being his priority. The comparisons to Trump are obviously rather unflattering whether justified or not!” Edwin Gutierrez from Aberdeen Asset Management Plc in London was quoted as saying by Bloomberg.

“His comments were a curve ball to the market. It more or less shakes the confidence of investors that gains in reforms are irreversible. We estimate something like 70 to 80 percent of the peso’s weakness is attributable to the local developments,” Joey Cuyegkeng, economist at ING Groep NV in Manila, told Bloomberg.

Read: Rodrigo Duterte Is NO Donald Trump, He’s A Vladimir Putin

A number of economists have also pointed out that former Interior Secretary Mar Roxas and Senator Grace Poe are the two best candidates that can continue the path to progress that the country’s economy has been on. Since Philippine President Noynoy Aquino took office in 2010, the country has reportedly become the fastest growing economy in the world with its stock market also doubling in size.

A separate confidence survey recently done by Bloomberg showed that of the five main presidential candidates, Roxas secured the highest confidence support while Poe trailed closely. For them, the key to bestowing much confidence in the candidates lies in their ability to continue with the economic reforms that the current administration has already put in place.

This is exactly the sentiment echoed by Jonathan Ravelas, the chief strategist of BDO Unibank Inc. in the Philippines. “Poe and Roxas are perceived as the most similar to the present administration. It might not be what the popular vote wants,” he explained. Meanwhile, a BMI note to one of its clients also pointed out that Duterte “is somewhat of an outlier with a limited economic track record.”

Also read: He’s No Trump, Nor Putin, Rodrigo Duterte Now Philippines’ Martyr To Be

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  • kobe_beef2424

    Ah the writer Jennifer Ong is Chinese, this is a paid article by China against Duterte they want Poe or Mar that will sell the Philippines to China!

  • Michael P. Tuan

    Well none of them really thinks the welfare of the ordinary Filipino. Duterte is the people’s choice, you can’t change that. He vows to serve the poor people not the elites.. You with other fellow businessman, favor the incompitent stupid credit grabber and law breaker Mar Roxas who cares a lot of publicity and the other woman who doesn’t honor the policies of law. You aim for progress in the Philippines which the elite groups benefits while using the poor to make this businessmen rich…. Hard to accept that we are being slave in our own country…. Gladly there’s one man who can stand for us… Who have a principle and doesn’t vow to business owners but cares for the poor… whatever it takes Duterte Supporters will elect him as the 16th Philippine’s President.

  • McAimer

    The points of writing this article? simple, the current administration and business, include DRUG

  • Edgar de Dios

    The writer fails to consider that Duterte is the most patriotic among the candidates for President. He loves his country so much that he had for several instances risked his life to perform his duty as a servant of his people. Observe him in his campaign sorties, he never fails to kiss the Philippine flag. It is for this true love of country that I believe he will do his utmost best to make the Philippines one of the most if not the most progressive country in the world. He will make it very easy for investors to make business in the Philippines, so that Filipinos’ lives will improve tremendously more than ever before……

    • Josephine C. Bascones


  • maxbrowsing

    peace and order is what people needed at the moment…economic reform is too deep to understand maam because the poor people doesnt feel it..who knows how much these rich people gets everytime pnoy say ph is growing strong..filipinos just wanna walk 24/7 peacefully safely whenever whereever…

  • Marifi Ceño

    They want the two trolls so they (Foreign entities) can continue to manipulate the situation. If the PI elects either incompetent Roxas and inexperience-sometimes-American-sometimes-Filipino-it-depends-on-the-situation Grace Poe, the country will still be in limbo and we will still depend on their meddling AKA maneuverings AKA FDI AKA ek-ek! You outsiders STAY OUT!

  • Erick Kierulf Garaygay

    duterte will appoint experts in his administration. do you really think it is Aquino’s brain who is running our economy? think again..

  • Daytripper

    If I could vote in the coming elections, I would vote for Duterte. Davao is the only city on Mindanao that this foreigner could walk around at night and not have to worry about being kidnapped. But on the serious note, Filipinos would be doing themselves a great favor in electing Duterte.