Trivia: The Philippine peso derived from the Spanish silver coin Real de a Ocho
or Spanish dollar, in wide circulation in the Americas and South-East
Asia during the 17th and 18th centuries. The Philippine peso was
introduced on May 1, 1852.
According to Inquirer, "The remittances from overseas-based Filipinos had remained strong given
the rising demand for Filipino workers by employers in various parts of
the globe, officials said".
It looks like the Philippine Peso is getting stronger, the above photo is the actual series of remittance receipts for the past five months and see how it went down from KWD-PHP 155.000 to 149.150 (KWD 1 - PHP 149.150). That exchange rate difference dearly affects OFW's as we have to adjust by adding more to our remittances in order to meet the same amount that we regularly send. It's good to know that some OFW are not affected, they send whatever is the prevailing exchange rate.
"Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. said the
peso appreciated by 5.1 percent against the greenback from the start of
the year to the end of July.
He said the pace of the peso’s rise in the first seven months was the
fastest compared with the performance of other regional
currencies—including the Indonesian rupiah, Thai baht, Malaysian ringgit
and Singaporean dollars.
The peso’s strengthening is beneficial to companies engaged in
importation, as this helps reduce the dollar value of imported goods,
while the depreciation of the currency is advantageous to
export-oriented firms and their employees."
Good for the beloved country Philippines as it simply shows that the "economy is going well...?". I am not a economist but I just would like to exhale how we are affected and most of the OFW's are not receiving annual increments. And for each scheduled vacation, an OFW has to pay fees for OEC (Overseas Employment Certificate), PhilHealth and the mandatory Pag-Ibig Fund contribution.
According to an OFW:
"However, if it is good for our country to gain more economically even
if the peso will continue to rise. It will not matter at all in the
end. For the more our country gains, the better the OFW to come back
home for his/her family.
The reason why we are outside of Philippines is to earn money. The
reason for our country to gain economically is for the OFW need not to
leave the country." - Dolphen Presbi
2 comments:
As an OFW, and with the rising of PH peso compared to any currency of countries hosting OFWs, I don't know if i'll be glad or not.
But hopefully (crossed-fingers), it's for the betterment of the Philippine economy and the Filipino people in general. :)
Hi Ariston,
Yes let's hope all the best for Philippines and OFW's as well.
Post a Comment