STRUGGLING FILIPINOS LOSE P24B IN INCOME DUE TO STRONG PESO.
by Napanice (no login)
THANKS GLORIA MACAPAGAL FOR LOOKING AFTER THE WELFARE OF THE LOWLY PAID DOMESTIC HELPERS AND CAREGIVERS WHO WERE FORCED TO WORK OVERSEAS BY YOUR INCOMPETENT GOVERNMENT. YOU HAVE RECENTLY ANNOUNCED THE AVAILABILITY OF 60,000 JOBS FOR PROFESSIONALS WHO ARE PAID AT THE TOP END OF THE SCALE, BUT HOW ABOUT THOSE AT THE VERY BOTTOM, THOSE WHO ARE NOW THREATENED BY DECREASING INCOME AND RISING COST OF LIVING DESPITE THE BOOMING ECONOMY?
DESPITE THIS REPORT AND ANNOUNCEMENT AT ATTEMPTS TO DETERMINE THE EXACT NUMBER OF OFWS AFFECTED, THE ARROYO GOVERNMENT HAS NOT ANNOUNCED ONE SINGLE PLAN TO ADDRESS THE PROBLEM OF THE LESS SALARIED OFWS BY WAY OF PROVIDING SOLUTIONS TO COMPENSATE THEIR FAMAILIES BACK HOME FOR THEIR LOSSES.
BSP Governor Amando Tetangco Jr. said that over half of OFs were affected by the weakness of the dollar – more than those originally estimated.
Determining how many OFs were affected and had to absorb the losses due to currency exchange fluctuations was more complicated, BSP officials said.
Many of the OFs were paid in third currencies whose exchange rates are pegged against the US dollar, which means that their salaries depreciate as the US dollar loses strength.
The peso was expected to stay firm this year and even exporters were already bracing themselves against the possibility of the dollar going below P40 this year, the BSP said.
Because of the combined effects of the strong peso and the weakening US dollar, overseas Filipinos (OFs) lost over P24 billion in income last year compared to 2006 figures.
Data from the Bangko Sentral ng Pilipinas (BSP) showed that the losses would have gone up to P26 billion had not other currencies appreciated against the US dollar as well.
Posted on Feb 3, 2008, 11:58 AM from IP address 22.214.171.124