The sugar industry in Negros Occidental is not affected by the reduction of the value of dollar as 90 percent of its produce goes to the domestic market and only 10 percent are exported, Frank Carbon, president of the Bacolod Chamber of Commerce and Industry, said yesterday.
As of Dec. 7, the Bangko Sentral ng Pilipinas exchange rate bulletin showed that $1 is equivalent to P40.915.
The strengthening of the Philippine Peso is beneficial to the government and to those local investors who buy raw materials from the United States because the dollar value is reduced, Carbon said.
However, the sector that is more affected is that of the overseas Filipino workers since the value of their remittances has decreased as well, he said.
He also said it is not a win-win situation for the local exporters who
buy raw materials at the dollar rate. Though they have reduced their cost of production, the worth of their products when sold in the international market will have the same rate, as the dollar value has decreased, he said.
There is not much gain when they convert their dollar income to Philippine peso, Carbon added.
He also predicted that the exchange rate of P40.91 will remain the same until next year.*LTG