Thursday, March 2, 2017

For OFWs, falling peso is good news

OFWs are delighted with the peso-dollar exchange rate breaching P50:$1 as it gives their earnings abroad more value to their families in the Philippines.
Mhed Resullar, a chef in Kuwait, said in a report by Katrina Son on Balitanghali on Wednesday that the increase gave his earnings more value as it translated to more pesos when remitted to the Philippines.
"Masaya ho para sa 'min kasi sa liit ho ng sweldo na natatanggap namin, malaking bagay ho pag dating sa Pilipinas," Resullar said.
Leonor and Francis, OFWs based in Milan, Italy, agreed.
"Maganda nga yoon, parang medyo malaki-laki din ang ma-receive nila doon sa atin," Leonor said.
"Yung mga tatanggap doon sa Pilipinas, lalo na yung may mga asawa sa abroad, 'di tuwang-tuwa yun. Malaki matanggap," Francis added.
The exchange rate also means that each remittance that Hong Kong-based OFW Julius Baldonado made to the Philippines would give his sick wife and his family more resources to pay for their daily needs.
"Maganda, malaki mapapadala mo, malaki matitipid mo kasi maganda rate. Ngayon, 'pag mababa 'yan, parang ano, ang liit-liit ng sahod mo," Baldonado said.
Carmelo Rimando, procurement officer in Kuwait, hoped the favorable sticks around for some time to allow OFWs to take advantage of it.
"Sana naman tatagal ito kasi malaking bagay ito sa aming mga OFW," Rimando said.
Meanwhile, businesses that import goods were less appreciative of the spike as the high exchange rate meant imported goods are now more expensive to purchase in the Philippines.
The value of the peso plummeted to P50.280:$1 on Tuesday, another new 10-year low.
According to financial analysts, rising interest rates in the United States and remarks made by US Federal Reserve Chair Janet Yellen on another possible interest rate hike in March gave way to the higher rate.
Experts believe the exchange rate could go as high as P51:$1 within the year and hope it will remain at this manageable level. Rie Takumi/JST, GMA News

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