Inquiry on gov't help to OFWs in coping with strong peso sought

Bayan Muna party-list Rep. Teodoro Casino has filed a resolution asking the House committee on economic affairs to review the action taken by the government to help the overseas Filipino workers and other sectors affected by the strong peso exchange against the dollar.

Interviewed over the phone on Wednesday, Casino said he expects the House leadership to support his resolution and give importance to it so that public hearings could start immediately.

Congress resumes regular sessions on January 28 after more than a month of vacation for the Christmas holidays.

“Due to urgency of the matter, I hope Speaker Jose de Venecia will support this resolution and the Rules committee will immediately refer it to the appropriate committee so the committee can start the hearing," Casino said.

Aside from the impact of a weak dollar to the OFW sector, Casino said he is also concerned about the situation of the import sector that depend highly on dollar denomination in doing their business.

“There's a reported decline in Philippine export earnings from electronics, garments, and manufactured goods, with about 3.5 million exporters affected by diminishing profits and the influx of cheaper imported products," Casino said.

He added that concerned sectors warned that the peso uptrend could result in massive displacement of workers and the shutting down of firms in the export sector that should be avoided.

The value of the peso against the dollar reached P41.4:$1 last December, the strongest showing since May 2000. Economists predicted that peso could reach P38:$1 this year.

To cushion the impact of a strong peso, the government has initiated a hedging program for the export sector and OFWs through the Development Bank of the Philippines.

Casino said although the hedging program could be useful to the export sector, he doubted if this could be effective to help OFWs and their families.

“Maganda marahil ang intensyon ng hedging program pero ano ang itsura nito at papaano ito direktang makatutulong sa OFWs na sila talaga ang nasa frontline na apektado ng mahinang dollar," the lawmaker explained.

Casino also finds the hedging program too technical, and can't be easily understood.

“Ang karaniwang OFW, regular na nagpapadala ng pera sa Pilipinas. Sa tingin ko hindi n'ya kakayanin na patulugin ang dollar n'ya ng ilang buwan sa hedging program. Ang hahanapin natin sa hearing 'yung immediately assistance na pwedeng magawa ng gobyerno," the lawmaker said. - Fidel Jimenez, GMANews.TV

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