Due to the exchange rate, London OFWs tighten their belts
Overseas Filipino workers in London are cutting down on their expenses to meet the remittance requirements of their dependents in the Philippines, ABS-CBN Europe News Bureau reported.
Bureau chief Danny Buenafe said the belt tightening is definitely a result of the strengthening of the peso or the weakening of the dollar which means the OFWs relatives in Manila receive about twenty percent less than before.
One british pound used to be equivalent to P100. Now, it is only worth P80 and this is expected to go down even further.
OFWs are employing various means to save their income.
OFW Analyn Aballe said she ordered a temporary stop to their house being built in the Philippines.
"Hininto ko dahil lugi ako," Aballe said.
Businesswoman Dottie Mendoza added she is planning to put on hold her monthly payments for a condominium unit she is buying in Manila. She said she has been paying religiously for a year now.
"That time, maganda pa ang rate," she said.
Severino Argallo, another OFW in London, said he and his wife are saving by decreasing their consumption.
They want to maintain the amount they send to the Philippines because they are the only ones being counted on to send this.
"Namamasyal na lang kami," he said.
Filipinos in London’s remittance business said those hardest hit by the weakening of the dollar were the real estate brokers selling properties in the Philippines.
Clients like Dottie suddenly reneged on their desire to buy property until the exchange rate became more favorable to OFWs.
Of course, there are others like OFWs Peewee Lopez Vito and Max Dalena who went ahead with their real estate purchases because "gusto mag-invest." ABS-CBN News
Bureau chief Danny Buenafe said the belt tightening is definitely a result of the strengthening of the peso or the weakening of the dollar which means the OFWs relatives in Manila receive about twenty percent less than before.
One british pound used to be equivalent to P100. Now, it is only worth P80 and this is expected to go down even further.
OFWs are employing various means to save their income.
OFW Analyn Aballe said she ordered a temporary stop to their house being built in the Philippines.
"Hininto ko dahil lugi ako," Aballe said.
Businesswoman Dottie Mendoza added she is planning to put on hold her monthly payments for a condominium unit she is buying in Manila. She said she has been paying religiously for a year now.
"That time, maganda pa ang rate," she said.
Severino Argallo, another OFW in London, said he and his wife are saving by decreasing their consumption.
They want to maintain the amount they send to the Philippines because they are the only ones being counted on to send this.
"Namamasyal na lang kami," he said.
Filipinos in London’s remittance business said those hardest hit by the weakening of the dollar were the real estate brokers selling properties in the Philippines.
Clients like Dottie suddenly reneged on their desire to buy property until the exchange rate became more favorable to OFWs.
Of course, there are others like OFWs Peewee Lopez Vito and Max Dalena who went ahead with their real estate purchases because "gusto mag-invest." ABS-CBN News
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