Seaweed exports to decline due to strong Peso Dollar rate

Seaweed exports industry expects to lose Php2 billion pesos due to strong peso, according to news in Inqiurer.net.

"The seaweed industry expects to lose more than P2 billion of the peso value of exports this year, largely because of the rapid rise of peso, an industry leader said.

Even if exports reached $180 million from last year’s $165 million, the peso equivalent this year would be much less than the 2006 level, said Benson Dakay, president of the Seaweed Industry Association of the Philippines.

Last year, with an exchange rate of P55-P56 to the dollar, last year’s exports reached more than P9 billion, Dakay said in an interview.

This year, at an exchange rate of P40-P41 to the dollar, sales are likely to only P7 billion, he said."