Peso's worth dwindles to 0.83 centavos in 2024

IF YOU are living in Cebu, then the worth of your P1 in 2018 has now plummeted to 0.83 centavos only.The purchasing power of a Cebuano's P1 has dropped, meaning Cebuanos now need to expend more currency for goods and services compared to six years ago.This is according to Chief Statistical Specialist Melchor Bautista of the Philippine Statistics Authority Cebu Provincial Office during the inflation dissemination session held on Wednesday, April 17, 2024.

'For example, in 2018, with your P100, you can still buy two kilos rice, to make it more realistic, but right now, it makes more peso to buy two kilos of rice,' he said.Based on the data he provided, the purchasing power of the peso was 0.83 centavos during the months of January to March 2024, which is lower than the 0.84 centavos in December 2023.

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