Manila pleasure-givers say no to US $

by e-kunomista

If there are still any doubts that the US dollar has not yet hit bottom, prostitutes in the red light districts of Manila just put those to rest: most are increasingly rejecting the greenback in favor of the euro, yuan, and yen. Among the most sophisticated in the world in the battle against HIV/AIDS and protecting themselves against financial market risks, Manila prostitutes contribute about 2.5% of Philippine gross domestic product, according to the National Statistical Coordination Board (NSCB). Thus, their rational expectations on currency movements cannot be taken lightly, Central Bank governor Amado Tetangco told TPO last Tuesday.

Dahlia, in the trade for over ten years, said she could ill afford any more risks after the education plan she had purchased for her two daughters became worthless about two years back. Her sentiments were echoed by two colleagues, who like her, were born to women who plied the US military bases. They’ve apparently learned the lesson of market diversification. Moneychangers in Manila are in fact refusing to change dollars, they said. Is business any good this December? What’s on their minds? This, they said.