Protective measures for OFWs vs strong peso focused in provinces
The government’s “protective measures" against currency fluctuations are focused on families of semi-skilled overseas Filipino workers in the provinces, according to a Malacanang spokesman.
Deputy presidential spokesman Anthony Golez said the measures are in the form of livelihood assistance, scholarship grants, skills training, assistance in operating commissaries selling goods at discounted prices to OFW families, among others.
Beneficiaries of the “protective measures" come from the provinces of Samar, Leyte, North Cotabato, Zamboanga, Iloilo, Aklan, Capiz, Maguindanao, South Cotabato, Agusan, La Union, Isabela and Pangasinan.
Families of OFWs earning $200 to $399 a month are the primary targets for the programs because they are the ones facing tougher times in dealing with the adverse effects of a weakening dollar and strengthening peso.
Reports estimated that OFWs lost P24 billion in terms of income last year.
OFWs said the peso equivalent of their remittances was practically reduced by 20 percent in 2007 with the appreciation of the peso value against the dollar from P52:$1 to P42:$1.
Golez said that as early as last year, President Gloria Macapagal Arroyo already predicted the consequences of the strong currency and ordered the Labor department and the Bangko Sentral ng Pilipinas to help the OFWs cope with the problem by implementing measures designed to augment their income.
Golez cited the BSP’s financial literacy program, aimed at cultivating financial education among OFWs and their families through alternative uses of their remittances, as part of the program to alleviate the plight of the OFWs.
The financial literary program involves education on savings, investment instruments and business ventures. These were intended to shield the OFWs and their families from a strong peso and help them benefit from a strong economy. - GMANews.TV
Deputy presidential spokesman Anthony Golez said the measures are in the form of livelihood assistance, scholarship grants, skills training, assistance in operating commissaries selling goods at discounted prices to OFW families, among others.
Beneficiaries of the “protective measures" come from the provinces of Samar, Leyte, North Cotabato, Zamboanga, Iloilo, Aklan, Capiz, Maguindanao, South Cotabato, Agusan, La Union, Isabela and Pangasinan.
Families of OFWs earning $200 to $399 a month are the primary targets for the programs because they are the ones facing tougher times in dealing with the adverse effects of a weakening dollar and strengthening peso.
Reports estimated that OFWs lost P24 billion in terms of income last year.
OFWs said the peso equivalent of their remittances was practically reduced by 20 percent in 2007 with the appreciation of the peso value against the dollar from P52:$1 to P42:$1.
Golez said that as early as last year, President Gloria Macapagal Arroyo already predicted the consequences of the strong currency and ordered the Labor department and the Bangko Sentral ng Pilipinas to help the OFWs cope with the problem by implementing measures designed to augment their income.
Golez cited the BSP’s financial literacy program, aimed at cultivating financial education among OFWs and their families through alternative uses of their remittances, as part of the program to alleviate the plight of the OFWs.
The financial literary program involves education on savings, investment instruments and business ventures. These were intended to shield the OFWs and their families from a strong peso and help them benefit from a strong economy. - GMANews.TV
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