Peso Dollar Exchange Rate, And The Dilemma of OFWs
I was talking to an Overseas Filipino Worker (OFW) the other day, she was complaining that while The Peso Dollar Exchange rate may be good for our nation, it is horribly bad for the OFWs in America who have to remit their hard earned dollars back to The Philippines. As of this writing the exchange rate is $1.00 = P45.34
Sabi niya, “gusto ko nga mag bakasyon, but I think I will wait until the Exchange Rate favors the Dollar once again”.
I can definitely empathize. She further said to me that before, when the peso was at the rate of about P54 per Dollar, it was bad for the country, but back then, she was sending back money like mad.
I really don’t have much of a comment on her situation, I just wanted to share this conversation. But it’s a dilemma indeed, that while the OFWs truly want to see our nation flourish, sometimes it can be at their own expense.
Lastly, she complained, that while The Philippine Government was partly taking credit for the hard work of the OFWs, she said that, “dapat ang gobyerno may programa para may tax credit yung mga pamilya namin doon sa Pinas” (the government should have tax credit programs for our family in The Philippines). she added, “and what about yung air fare namin?!”
Apparently, she is also angling for cheaper air fares for Overseas Filipino Workers.
With this, I think I do have a comment. I see her point. I think that possibly, the government can set up a working contract, and negotiate with Airlines for a cheaper air fare for OFWs.
I’m not sure about the feasibility of this proposal. But it does sound good.
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I am shocked at what that OFW mentioned. The main reason they leave the country is to provide a better life for their families. Due to the worsening economic status of the country before, they sacrificed life and limb to work in a nation of which they do not even know the language.
The improving economy of the country means a better life for those “left behind” and the fulfillment of my dream that families will once again be reunited with more and more of our fellowmen deciding to come back home for good. Her sentiments that lower dollar exchange rates means she is able to send lower amounts of cash for her family is but a small price to pay. Think of those left behind in the Philippines and be happy for our improving economic situation. If they may have given up on the country, there are still a lot of Filipinos striving to make RP livable and bearable again!
I would just want to comment regarding the message sent by the HR professional..I beg your pardon but I dont think that you truly understand the dilemna that these OFW’s have right now. And mind you the improvement on the peso-dollar exchange rate does not dictate the improvement of our fellow filipinos lives here in the Philippines. Poor are still poor or even worse..and their only hope is that their relatives working abroad send them at least good amount of money to sustain their needs. But at this present exhange rate do you think will prove good to them? well i guess not..”ang mayayaman lang ang patuloy na yayaman dahil sa palitang ito..”
So what do we gain from the peso appreciation? NOTHING! just look at the gas price. It’s freakin’ crazy!
In my part, even though I am an OFW, I am working abroad, it is still okay that the dollar will down and the peso exchange rate will going up. It is just a sign that the Philippine peso is doing good and it would be favourable to our country but I hope the effect from it would be benefited by our fellow Filipinos who are in the Philippines.