Finance officials pacified worries and assured the prices are not affected yet amid the weakening of Philippine peso value.
The weakening of the value of peso against the United States (US) dollar has no recorded tremendous effect to the prices of the basic commodities and fuel as of this time.
Department of Trade and Industry (DTI) Secretary Ramon Lopez said as of now, the value of peso is five percent lower, which has yet a very minimal effect to the basic products.
Sec. Lopez added that the effect shall only be felt if the downfall of the peso against the US dollar would double.
Meanwhile, the secretary of the Department of Finance (DBM) has eased the worries of the public regarding the weakening of the peso value.
DBM Sec. Benjamin Diokno said, the fear of the occurrence of an increase in the inflation rate due to the downfall of peso value against the US dollar is likely not to happen as of this time.
After seven years, the Philippine peso value had its greatest fall in the exchange rate which amounted to P48.26 against one American dollar.
The big downfall was last recorded in 2009.