BIZ BUZZ: Peso freefall worries even MVP
Perhaps even the country’s wealthiest businessmen aren’t entirely shielded from the worries brought about by the peso’s slide past 64 against the US dollar.
President Marcos’ appeal for Filipinos not to “panic” over the peso’s freefall last week did little to ease the concerns of tycoon Manuel V. Pangilinan.
Although Pangilinan admitted that rising interest rates worry him more than the depreciating peso, the billionaire acknowledged that the currency’s continued slide could spell tougher times for ordinary Filipinos.
After all, many of the companies he manages borrow in pesos, helping cushion their exposure to the local currency’s depreciation.
But the broader impact on Filipinos is another matter, and one that Pangilinan said weighs heavily on him.
Asked in jest whether the peso’s freefall hurt more than his knees, following surgery earlier this year, Pangilinan said: “‘Yong peso.”
“Sometimes it (knees) hurts. Especially when I see the peso go down to 64,” Pangilinan quipped. “Kasi nagdudusa ‘yong 100 million people, ‘di ba? Dadalawa lang naman ‘yong knees ko.”
Yet despite his concerns over the peso and the broader economy, Pangilinan isn’t about to retreat from investing in the Philippines.
In fact, the tycoon still has several plans lined up for 2027, including potential market debuts involving e-wallet Maya and PLDT’s data center business through Vitro REIT.
Those plans remain on track, Pangilinan said, even as he acknowledged the difficult economic environment and the possibility of further challenges ahead.
“It’s tough out there, and it can get tougher with the impact of the El Niño. And it concerns us,” Pangilinan said. “But do you dig yourself a foxhole and just hibernate until hopefully this thing blows over?”
“I don’t think that’s the right thing to do. I think we have to be proactive in helping the economy recover and helping the government do that in whatever way we can. And the best way is for us to continue investing—judiciously, of course.”
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