The other side of the ''coin"
By chaime
@chaime (1152)
Philippines
June 8, 2007 6:20am CST
Here in the Philippines there are a lot of families dependent on their family members who work abroad, US, Canada, UK, UAE, even Japan and Hongkong. And it was such a relief, for them when the exchange rates where high. There was a time when the exchange rate for a dollar amounted to around 55 Philippine peso, so if you send a USD100 you get around Php5,500 amounting to around 1/2 months rent for a decent looking apartment (which goes for around 10,000 - 15,000 per month) But now the peso is getting stronger and the exchange rate now goes for around 45 - 46 pesos per dollar. Of course the Filipino people sees this as a nice change, a wonderful thing happening to us but looking at it from the point of view of families who receive money from their families who work outside of the country, it's not so good since their 'revenue' shall we say is lesser compared to when the exchange rate was higher. Specially, since prices of basic commodities here isn't going down even though the peso is getting stronger and even gasoline prices still experience price hikes. I don't know what to think anymore, should I be happy that the peso is gaining ground. It's all just numbers if even with the peso surging when there are still a lot of people who's stomachs are rumbling and living in shanties. What do you think about this?
1 person likes this
2 responses
@maildumpster (3815)
• United States
15 Jun 07
" It's all just numbers if even with the peso surging when there are still a lot of people who's stomachs are rumbling and living in shanties. What do you think about this?"
I think this is true everywhere. I don't care how strong a country's economey is; if there are people homeless and hungry it is all just numbers.
@a_ce_e (1422)
• Philippines
9 Jun 07
Honestly, i am in a mixture of feeling happy and sad. The strength of a peso versus other currency is good as it indicates progress in the Philippine economy. But what relies into this fact is only few are taking advantage of it. It is really sad that until now the government has no contingency plan on how to provide quality of living to filipino people. We all know that prices of basic commodities nowadays are our great burden, instead that these prices goes down it still goes up. The VAT passed year ago by our government had added into this burden, as we as ordinary people are the one carrying it.
I am currently working abroad, earning not that much but enough to provide my family a better future, but when i knew that the dollar rate flactuates fast, i made a second thought of returning home. I feel disappointed and hopeless because i know in our country there is no good future for my family, even i work harder. I can't provide good education for my child, nor buy a house for my family. I always asks how's the prices of the basic commodities, they said instead of getting low are continually getting high. I really feel so down.
