Weak peso to benefit 70% of OFWs –economist

By SHERYLIN UNTALAN, GMA News Published September 17, 2022 5:06pm Dr. Victor Abola, Professor and Director of the Strategic Business Economics Program at the University of Asia & The Pacific (UA&P), said that over 70% of overseas Filipino workers (OFWs) would benefit from a weakened peso versus the US dollar as this would increase the value of remittances. advertisement "Ang pag-iisip ng karamihan, kapag humina ang piso kontra dolyar ay hihina ang ekonomiya pero sa atin hindi ganun dahil mayroon tayong OFW, BPO," Abola told Super Radyo DZBB on Saturday. “Ang ating estimate, babalik ng below 57 pesos ang halaga ng piso kontra dolyar, mga kalagitnaan October dahil sa remittance ng mga OFW,” he added. However, while this may be a great help to the OFWs, its effects might be negligible due to the increased prices of goods in the country. Abola thus advised that there should also be a temporary measure to help the poorest, who are most likely to be affected by the continuous depreciation of the peso. On Thursday, September 15, the peso further sank to 54.70 against the US dollar, the sixth time the Philippine currency fell to an all-time low. — DVM, GMA News

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