OFWs and Filipinos abroad feel the pinch from a stronger Philippine peso

Overseas Filipino Workers are getting hit hard by a stronger Philippine peso, which is bad news for those relying on remmitances, a Reuters report on InterAksyon.com says.

Overseas Filipino Workers are getting hit hard by a stronger Philippine peso, which is bad news for those relying on remmitances, a Reuters report on InterAksyon.com says.

 

According to the report, an appreciating peso is good for the economy because it lowers the cost of foreign debt payments and of imported goods. OFW families, however, have had to scrimp because remittances do not bring in as much pesos as they used to. "Yes, the peso is appreciating, but the value of what is reaching the dependants of the overseas workers is diminishing," the report quotes Joanna Jacer-Bernabe who takes care of an OFW’s son says.

 

The report also quotes Rhodel Flores dela Ysla, who has left his job at Google, and who says a stronger peso is a cause for national pride: "But at the same time you’re sad because, if you’re a foreign worker and you think that your money is getting stronger, that means what you’re earning here is like nothing at all."

 

For more on this story, log on to InterAksyon.com.

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