GMA lifts the state of emergency. Yay! 🙂
The peso continues to rally against the dollar. P51.22 = $1
Coincidence? Maybe. It got me thinking though. If the announcement of PP 1017 was so bad, as many had thought or continues to think, then why is the peso performing so well these days? This article explains it a bit.
The way I see it, I think that the public has over-reacted to PP 1017. Myself included. Most people perceived it to be another Martial Law. Warrantless arrests, curtailment of free speech, military activies here and there, rallies and demonstrations by various sectors. But overall, I think it wasn’t as violent as and as prolonged as it was during the time of Marcos. I had seen enough documentaries on tv and back during my student days. What happened the past few days was nothing close compared to what happened over twenty years ago.
Sure, the legality and the implementation of the proclamation are still questionable. Heck, the whole existence of this administration is questionable. Either way, the markets – both local and foreign – perceived all the recent events to be somewhat good. At least in terms of business and profits.
But what will it mean for the rest of us common folks? Perhaps, we’ll see in a couple of days when hearings on the proclamation and the destabilization charges begin.