A prelate ministering to migrant workers has called on OFWs to save and spend wisely now that the exchange rate of the peso against the dollar is at almost P47.
Bataan Bishop Ruperto Santos, the chairman of the Catholic Bishops' Conference of the Philippines-Episcopal Commission on Migrants and Itinerant People, said that the high exchange rate more spending power for the OFWs and their families.
“This is good for OFW's since they could have more and can buy more with high exchange rate, yet we caution them especially those who receive remittances to spend wisely and save more,” Santos said in a text message.
Santos urged the OFWs and their families to spend only on the essentials.
“This high exchange is not forever, so budget everything, prioritize what is very necessary and beneficial things for the family,” Santos said.
The exchange rate on Friday closed at P46.92 to the dollar.
Santos also warned OFWs against scams which prey on unsuspected individuals.
“Don't be attracted to 'sales' or to some promotions. And be cautious, be extra careful in investing," Santos said.
"Check it first with Securities and Exchange Commission about credible, lawful and credited investment agencies,” he added. —NB, GMA News