ASEAN Country Philippines To Suffer If De-Dollarization Is Initiated
ASEAN nations are known to promote de-dollarization. With the ten bloc nations coming together, derailing the US dollar and finding a common currency seems to be their biggest priority at the moment. ASEAN nations are also working together to create an independent currency system that rivals the US dollar to promote the aforementioned ordeal. But will these nations be able to indeed survive without the strong backup that the USD holistically provides? Also Read: ASEAN: WEF Predicts $2 Trillion Digital Economy ASEAN Nation Philippines To Suffer Gravely If US Dollar Derails Source: ChinaDaily.com / JEWEL SAMAD / AFP) The Philippines is one of the most noteworthy countries within the ASEAN nations. It is known to attract many US remittances, typically denominated in US dollars. If the wave of de-dollarization sweeps the Philippines, it could significantly impact its remittance flow and foreign exchange earnings, tanking them both to new depths. Impact on ASEAN Member’s Remittances an...