PNoy says foreign bank wants to 'globalize' the peso

PARIS - President Benigno S. Aquino III said a big foreign bank has broached the idea of transforming the Philippine peso into a global currency just like the United States dollar. During his meeting with the Filipino community in this city Wednesday night, the President told his "bosses" that the proposal reaffirmed the strong confidence of foreign investors in the Philippine economy. “Nagulat po ako nang ang isang bangkong malaki ang nagsabi sa atin baka dapat raw ho i-globalize na natin ang peso. Sabi ko, 'Globalize the peso?' Ibig hong sabihin noon, magiging currency na parang dolyar, itini-trade ng ibang bansa,” the President said. The President said he was curious if this was possible and had tasked Finance Secretary Cesar Purisima to look into it. “Ang punto lang ho dito, ‘di ko akalaing may magmumungkahi sa ating gano’n kaganda na at kabango ang Pilipinas, na mayroon nang maglalagay ng kanilang puhunan sa ating salapi dahil may tiwala sa atin na may katatagan ang ating ekonomiya, ang ating bansa, at ang ating pananalapi,’ the President said. He told the Filipino community that he had attended at least 41 engagements since he started his visits to Spain, Belgium and France. The President is on his second day here and is expected to hold more business meetings with leading France-based corporations. Aside from economic growth, the President also shared to some 700 excited Filipinos here the other reforms the Philippines has been experiencing since he assumed office in 2010, such as the following: Fight against corruption by prosecuting all crooked public officials; Curtailing illegal practices like bribery and kickbacks in government projects, thus generating more savings; Assisting the welfare of indigent Filipinos through the conditional cash transfer program; and Creating more jobs. The President said he was set to hold at least 40 more engagements during his visit here as well as in Germany and the United States. Prior to that, Aquino visited Spain and Belgium where he met with high-ranking officials, including the European Union leaders. During his meeting with French President Francois Hollande at Elysee Palace here, Aquino said the Philippines is now open for business, citing economic growth of 7.2 percent. The Philippine government is aiming for economic growth of between 7 and 8 percent in 2015.