My Fellow Filipinos
By orlydlsantos
@orlydlsantos (45)
Philippines
December 3, 2007 5:46pm CST
Ecuador in April 2000 enacted a law to replace its national currency to the US Dollar,thereby curbing inflation and years of economic woes.The US Government welcomed and approved that plan and immediately issued US$2 Billion in credits to help avert what they called a possible social explosion.My question is would you agree to the "dollarization" of our currency,which would eventually lead us knocking on the doors of the US to make the Philippines as a US state?
1 person likes this
3 responses
@rdurusan (624)
• Philippines
4 Dec 07
That plan if pushed by our legislators would meet strong opposition from the people,specially from our nationalist.I am not an expert in currency,but i understand that either the exporter and the importer of goods will be the benificiary or the loser depending on trading practices.Besides,you are not sure if it will work for us,Ecuador is in South America if i am not mistaken,that country is very near the US,we are very far,will it favor us.You say that the US welcomed the plan,of course it would welcome the plan for it will help their economy by using the dollar reserve of that country,what will happen to Ecuador?
@rdurusan (624)
• Philippines
5 Dec 07
The euro is very different from the us dollar because it thrives on speculations and unpopular trading practices.You said that America convinced Saudi Arabia to use dollar as the only currency in buying and selling oil,that is what i mean by unpopular trading practices.You see with this illegal practices by the US,they can't maintain the stability of their money,how much more if it is in a fair trading.The European Economic Community is a well planned economic program for the Europeans,the Ecuadorans are different from the Americans as the Filipinos are different from the Americans,you know what i mean.
@orlydlsantos (45)
• Philippines
4 Dec 07
I'm sure it will meet a strong opposition from the people,especially the masses.But, I would just like to cite the example of the Euro. When the Euro was first introduced, the main beneficiaries were the Eastern Bloc countries who adopted it as their currency.Their entry was met with opposition from the more prosperous European countries.But of course the rest is history and the Euro remains to be a formidable currency even stronger than the US Dollar.
@orlydlsantos (45)
• Philippines
4 Dec 07
Personally, I do not believe in the "all mighty US$" as history has shown us its vulnerability.In the early 70's a dollar crisis emerged and foreign central banks began to demand payment in gold because of the overflooding of dollars.So the US immediately severed this link (gold for $)and instead convinced Saudi to accept only dollars for their oil so that countries would have a reason to hold on to their dollars,so that now its oil for $'s. Saddam sealed his fate in 2000 when he demanded that his country's oil be paid in Euros rather than Dollars.But of course that is another story.
@rsa101 (38166)
• Philippines
4 Dec 07
Economically it could benefit us but then that could mean losing our sovereignty since our economy will be dependent on US economy. Basically they will have more control on our economy too. But then an economist could best answer that as they are expert on that matters.
@orlydlsantos (45)
• Philippines
4 Dec 07
True, but did you know that as of today the US remains our biggest trading partner in terms of volume?And that whether we like it or not our economy does depend largely on the US economy.Haven't you noticed that any change in the US-Peso exchange rate affects our economy in not so subtle ways?A stronger peso is a boon to our importers and bane to exporters,vice versa.
@eden_shii (506)
• Australia
3 Dec 07
that seems good...i mean, that could possibly help the country economically / financially...the question is? what would the philippines do in return?...i mean, if it eventually lead the country to become a US state, that basically means that the country will take part in whatever US wants philippines to do...for instance, in supporting them in those 'war stuff'...this possible financial solution could possibly lead to another problem...
@orlydlsantos (45)
• Philippines
4 Dec 07
Statehood may not be a solution that our current politicians would support,but dollarization is a viable option that's worth looking into.Ecuador,Panama,Guam,the Marshall Islands,Micronesia have all adopted the USD as their currency.Maybe if we solve the problem of poverty, we might even be able to win the war against the twin insurgencies that has been plaguing our government for the past decades.
