Strong Peso vs OFW remittance

I was actually worried when I read this article because this means that I am going to earn less. The dollars we earn from online earnings will be converted to a lesser rate which includes our myLot earnings. On top of that are the OFW remittances which is the hope of many Filipino families. I am not happy with this article since many of us will be severely affected.

Stronger peso doesn't equates that our economy is also getting stronger. Actually the strength of the peso is due to hot money inflow coming from foreign investors who are looking for better income outside their own countries. "Authorities are now struggling to control an inflow of capital that has pushed up the currency and threatens asset price bubbles. The central bank cut interest rates last month to deter hot money but economists say inflows will remain a problem, especially with the US Federal Reserve pumping money into its struggling economy, some of which will spill into attractive emerging markets." "Actually we are not the only nation here in Asia experiencing this phenomena. Other Asian countries are trying to control capital inflows too as they provide an oasis of resilience at a time when the European debt crisis is dragging heavily on the global economy. Singapore and Hong Kong, major destinations for foreign investors, have introduced property curbs to prevent their real estate sectors from overheating." -bworldonline. All these money are just temporary investment that foreigners put into the country because of our higher bank interest rates than the US and other Developed countries. They are also on our the stock markets, now the best performing in the region and other real estate investment scheme that push up prime real estate prices artificially. This artificial appreciation of our peso put pressure on the earnings of our poor OFW whose income diminishes and our exporters whose product are now becoming more expensive than before. I think this is doing more harm than good to our economy. Have a nice evening. Ciao!

Yeah I guess with the peso getting stronger against the dollar I think this will be disadvantageous for those working and remitting their dollars from abroad as this means that they will have lower peso value for the money they earned. this also applies for those working online as well. I think from the point of view of the government having a strong peso can be advantageous for them since they would have to repay back our external debt as cheaper as it is today. Both have advantages and disadvantages. It all depends on the dollar reserves we have right now. It is said that BSP has had enough reserves already that is why the peso is very much stronger than the dollar right now.

this would also be a disadvantage for me, i do not go work abroad but my biz is export oriented so money will go down the drain, but come to think of it, a strong Philippine economy would also benefit a certain sector of society so let us just wait and see what happens.

Yeah, and not only the OFW remittances are affected by such, also the whole exports industry here in our country suffers. Good thing that the BSP is doing quite a hell of job trying to maintain the peso-dollar rate. With the inflow of investments and foreign hot money, it seems that our economy is growing. However, the crisis in the US and in the other parts of the world is really something making their currency weak against our emerging economy. Yeah, I am now wondering how much will be left of my accumulated money in Paypal if I withdraw it in the near future.

Hi, It's indeed alarming for OFWs. If this will truly happen, it will be a very big disappointment for OFWs, aside from we don't really feel the improvements of the economy in the Philippines, it will only cause more struggle for us to earn more. It would be better if the prices of products within the country will also go low and our salaries abroad will go higher. A tiny difference in the currency is a big impact for us, how much more if it goes that low, if that happens I'm afraid OFWs will be forced to keep their remittances lesser than the usual. Which I guess, will then affect the country's economy and bring the currency back down. And I have to agree with you about the safe living, crimes against business men/women or people who are doing well doesn't only happen in the capital or big cities, it also happen in small towns like ours, just last year there was a consecutive robbery happening in 4 months. A woman was robbed and killed inside her own store. That's how awful insane people can be, in order to survive.

I strongly agree with you on that last sentence - that our economy would prosper more if OFWS come home and set up more businesses here. I was an OFW for 2 years back in Malaysia and luckily my boss there extended my contract but on a work from home basis. My contract got extended for 2 more years and I did my work in the Philippines. I just resigned this month because I wanted to get into doing my own small business.

Oh uh, I need to withdraw my money before it decreases I am happy to know that our peso rate slowly establish a good standing in the market- but I am also sad that our earnings will be affected- so badly

hi, i have watched television news that peso increase the value versus dollar,and this will a good news to us but not all to the businesses here and even the OFW remittance,peso hike usually have disadvantage and advantages,like in our business,when the peso value increase the price of the item we buy is also have good price in the market.

As an OFW I agree we are ones who will be greatly affected with the stronger peso.Even a little difference in exchange rates will have a big impact in OFW remittances.As what they predicted it could be as low as 30Php=1$ next year.I just hope that foreign employers will increase the salries of OFWs working abroad to compensate for our lost.The better option is for the government to create jobs for Filipinos and provide better salaries so Filipinos don't have to work overseas anymore.

I'm with you there, everyone's saying the economy's improving but it's all numbers in their spreadsheets. I'm sure that me and my family and friends can't feel it. My husband and brother are getting paid in USD since they're based abroad and this news, if it should happen, will be a big blow to us. It's like, they have to render an extra hour or two to be able to earn what they earned last year given all the expenditures here back home that isn't going down. I don't think that our OFWs will come home even if the forex comes to that because it takes more than our currency's strength to actually sustain the kind of living that hardworking OFWs are striving for for their families. I was a former OFW and let's say I'm just one of those fortunate few who made something good that I don't have to return to being one after I have saved "enough". But most of my friends, despite their age and preferences and even health have no recourse but to work once more abroad because nothing happened with their investments here. They opened up some small businesses but they are forced to shut it down because, in their own words, "it's hard to do business here, everybody wants their own share."

If this will happen the next year a lot of Pinoy dollar earners will surely unhappy. It is true that our economy become strong but still market price is certainly high. I hope if ever this will happen product value should go down also.

The remittance rate of CNY and USD is changing everyday. The rate is so low that many times we dot dare to do business with foreigners for that there is so less interests. All people say that the economic in china growing faster,indeed, it grows fast. but with the CNY worth more than befour, the price is becoming more and more high.

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