The Philippines can count on the US in terms of withstanding the economic hardship caused by the weakening of the peso against the dollar, the US envoy to the Philippines said Monday.

Ambassador MaryKay Carlson said the US will “continue to be a committed partner for the Philippines on the whole array of economic challenges” as the whole world tries to emerge from the global crisis brought by various reasons, including the Covid-19 pandemic and the Ukraine-Russia conflict.

She made the remark in a press conference held at her Makati City residence as the Philippine peso recently hit an all-time low against the dollar, at P59.

While Carlson gave assurance that economists of both countries are already working on weathering the impact of the global downturn, she also said that the US is making efforts to help the Philippines, considering an improved economic relationship between the US and the Philippines.

These included the continuous development assistance programs held by the USAID in the country, the engagements of at least three members of the American Chamber of Commerce with the Philippines, as well as various public-private partnerships.

“What we see is…an economic downturn or economic challenges that are a result of supply chain disruption that are in part due to pandemic, but also naked aggression by Russia into Ukraine, that also led to some critical shortages on foodstuff, energy problems,” she said.

“So this is a much more complex issue than any single bilateral relationship. We cannot say this is a US-Philippine issue. This is a global challenge,” she added.

Source:
courtesy of MANILA BULLETIN

by Joseph Pedrajas

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