Agnes Escudero wrongly based PH economy on gold reserves

Independent senatorial candidate Agnes Escudero wrongly claimed that the country’s economy is dependent on gold reserves.

STATEMENT

In ABS-CBN's senatorial debate on Feb. 24, senatorial candidates were asked how they plan to address poverty and the rising prices of goods.

Escudero replied:

Naniniwala ako na itong mga (I believe that this) taxation na ito is part of - what I call -floating economy. But the true economy of our country is on the gold reserve because it is where we print money.

Source: ABS-CBN News, Harapan 2019: The ABS-CBN Senatorial Town Hall Debate | 24 Feb 2019, Feb. 24, 2019, watch from 34:58 to 35:13

FACT

Escudero is wrong. The Philippines’ monetary policy has not relied on gold - or the “gold standard” - for over seven decades now. Since its creation in 1948, it is the central bank that determines the basis of the country’s monetary policy, which is currently hinged on inflation targets and growth rates.

Read the full story at VERA Files Fact Check.

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