After an exhaustive canvass of sites north and south of Metro Manila, it is crystal clear that the New Clark City is the only one that met the requirements of the BSP—with flying colors, might I add.
I offer two examples. The exchange rate is not a price of anything Economists cannot understand how the exchange rate of small resource poor countries like Barbados, Cayman, the Bahamas and the OECS can remain unchanged in terms of their numeraire (the US dollar) indefinitely, because they deceive themselves into thinking that the exchange rate is a price.