BAGUIO CITY – The Cordillera office of the Philippine Statistics Authority (PSA-CAR) reported that the value of the peso or its so-called purchasing power was P0.84 in October 2018 which was P0.05 lower than its established P0.89 purchasing power in the same period last year.
The PSA-CAR explained that it only means that P1 in 2012 is worth only P0.84 in October 2018 or a basket of goods that can be bought with P100 in October 2012 is worth P118.50 in October 2018.
Based on the data obtained from the PSA-CAR, the purchasing power of the peso in all the Cordillera provinces generally weakened in October this year compared to the same month of the previous year.
The PSA-CAR noted that Mountain Province had the highest peso value at P0.88 while Kalinga had the lowest peso value at P0.81.
Further, the purchasing power of the peso in Abra was P0.86, Apayao – P0.82, Benguet – P0.84 and Ifugao – P0.85.
The PSA-CAR pointed out that the purchasing power of the peso measures how much the peso in the reference year is worth in another year.
By DEXTER A. SEE
Banner photo by: ARMANDO M. BOLISLIS
