In late 2012, there was news that the Philippine peso was to get stronger against the U.S. dollar. There were speculations that the exchange rate would be $1.00 to 38.00 or even 36.00 PHP. This was because of the said economic growth of the Philippines compared to its Asean neighbors.
Until now news still comes out that the Philippine economy is getting stronger. However, the speculated stronger peso to the dollar has not happened yet. Actually the peso weakened against the dollar and is currently around 42.00 to 43.00 to a dollar!
Small businesses are the basis of a country's economy. There are more of them than the big businesses. Small businesses are hard up and a good number of them is closing down. If they are closing down it means to say people are having less when it comes to source of income.
Some are going for the option of employment after closing down their business. There's no way that employment can substitute good income from a business. A good example is phasing out of old model taxi cabs. There's no way for those who have single units to afford getting a brand new model of vehicle to be used as taxi.