Posted by Mark
(Update, 2007 Apr 23: I just wanted to note that I no longer truly believe in the thesis being pushed by Rey Angeles through his book titled "Why are We so Poor?". My studies in the past six or so months have given me a wider view of things and made me start to think that perhaps Rey Angeles' proposal ignores a number of factors. I wish I could elaborate on my stand and its justification now, but I would rather form a better understanding of things before I start posting it here. For now, if you're still interested in Mr. Angeles' book, I won't stand in your way. But please consider that his book is just one proposal based on the relatively limited view of one individual. It may or may not be what the Philippines actually needs right now)
Last Sunday, I chanced upon a book in National Bookstore written by a certain Rey Angeles. After reading it, I came to realize (quite surprisingly) how much the Bangko Sentral ng Pilipinas has mismanaged our currency.
Back in March 2006, I lauded the strengthening of the Peso over the dollar. I accepted Malacanang's reasoning without question that overall a strong Peso would be much better for the economy since the country is a net importer. Little did I know how misinformed that statement was not just because it brushed aside the concerns of exporters, the drivers of our economy. And not just because it seemed to regard the fact the we are a net importer as something normal. Most glaring of all is that Malacanang's reasoning fails to recognize how the Peso exchange rate can be used as a strategic tool (rather than a passive measuring device) to cure our economy's chronic ailments.
Mr. Angeles' thesis is provocative and may seem like wagging the dog at first, but his facts and analysis appear sound. He cites South Korea, Thailand, and China as some of the countries who have successfully managed their economies by undervaluing their currencies and goes on to challenge our own central bank to take on a similar approach.
Whether you are a CEO or a working individual you most likely will have wondered more than once why your pay is much lower than those of equivalent position and qualification in Shanghai, Kuala Lumpur, and Singapore. Find the answers in this eye opener of a book.
Title: The Peso Exchange Exchange Rate: Why Are We So Poor?
Price: Around P100.00
Pages: 127
Last Sunday, I chanced upon a book in National Bookstore written by a certain Rey Angeles. After reading it, I came to realize (quite surprisingly) how much the Bangko Sentral ng Pilipinas has mismanaged our currency.
Back in March 2006, I lauded the strengthening of the Peso over the dollar. I accepted Malacanang's reasoning without question that overall a strong Peso would be much better for the economy since the country is a net importer. Little did I know how misinformed that statement was not just because it brushed aside the concerns of exporters, the drivers of our economy. And not just because it seemed to regard the fact the we are a net importer as something normal. Most glaring of all is that Malacanang's reasoning fails to recognize how the Peso exchange rate can be used as a strategic tool (rather than a passive measuring device) to cure our economy's chronic ailments.
Mr. Angeles' thesis is provocative and may seem like wagging the dog at first, but his facts and analysis appear sound. He cites South Korea, Thailand, and China as some of the countries who have successfully managed their economies by undervaluing their currencies and goes on to challenge our own central bank to take on a similar approach.
Whether you are a CEO or a working individual you most likely will have wondered more than once why your pay is much lower than those of equivalent position and qualification in Shanghai, Kuala Lumpur, and Singapore. Find the answers in this eye opener of a book.
Title: The Peso Exchange Exchange Rate: Why Are We So Poor?
Price: Around P100.00
Pages: 127
1 Comments:
Teej,
Would want a copy of that book... Maybe you can get me one and have Jenny bring it this Feb. I'll pay you through her. :)
Thursday, January 11, 2007 8:48:00 PM
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