Philippine Currency Appreciation is killing my earnings!
By bulastika
@bulastika (5966)
Philippines
January 21, 2013 4:56pm CST
Darn. I remember like 10 years ago our exchange rate is 55 pesos to 1 US dollar. But now its down to almost 40.50 dollars and some online exchanger sites even exchange it as high as 38 pesos to a dollar and for me that just so darn low.
I don't know if I'm selfish or not but I'm hoping that US dollars will be more stronger and Philippine peso will be more weaker. In this way I can earn more online.
1 person likes this
17 responses
@yallit (3677)
• Philippines
22 Jan 13
In as much as I wanted a higher exchange rate for my online earnings, I'm glad that the Philippine economy is getting stronger. Of course, it would be great if that can be felt by the masses through infrastructures, better education system and health care. I do hope as well that the salary for workers increase exponentially in order for our Kababayans to come back to the Philippines and make a living here instead. If the OFWs can find a similar job and earning capability here in the Philippines, then, there won't be a need for them to go out of the country.
As for us who are earning dollars online, we may just have to compensate by trying to earn more.
@bulastika (5966)
• Philippines
27 Jan 13
I prefer that theirs no increase in salary as long theirs an increase of employments. In this way others can work also. But still its good if the salary increases as its going to help us save more money and spend more money to to help our economy.
@yallit (3677)
• Philippines
27 Jan 13
If DOLE is to be believed, there's no scarcity of jobs. The main problem is matching the skills of the unemployed to those jobs. For example, there are a lot of call centers in the Philippines that are in need of agents but those seats aren't getting filled easily. Why? Because only a small percentage of applicants matches the requirements needed by those centers.
@ARIES1973 (11426)
• Legaspi, Philippines
22 Jan 13
It is a good thing if the economy is getting stronger. But the sad part of it is that only the rich are the one getting benefit from it and its true that this thing cannot be felt on the grassroots level.
That is why the government is presently implementing this bottom up planning in order to know what are needed by the people. We are currently organizing and doing series of seminars and assemblies in relation to this.
Have a nice day!
@AgentGulaman (3546)
• Philippines
22 Jan 13
Well, all I want is a stable currency relationship between the two. And the dollar is still plummeting downwards which is most likely be detrimental to the growths of some business sectors in our country as well. The best way to shield yourself from such currency fluctuations is having different sets of currency within your reach. It minimizes the foreign exchange risk and can even give a handsome profit if you can exchange a certain currency for more of another currency. That is why I am accumulating my earnings and will put it into dollar investments while my other peso investments are rocking with the peso appreciation.
@bulastika (5966)
• Philippines
27 Jan 13
I just earn in US dollars so theirs no way I can convert it to other currencies if Its already in US dollars as I rather convert it to peso right away. Beside the fees to convert from one currency to another will just going to eat your money.
@AgentGulaman (3546)
• Philippines
27 Jan 13
Yeah, never thought of that. Well then, it will be wiser to convert right away and try to invest in pesos instead of staying in dollars. There are a lot of prospects for peso investments currently. But if you can hold some dollars for the future, then it might be a good go even though it is risky as the dollar might weaken further in the future. No one knows.
@bulastika (5966)
• Philippines
27 Jan 13
@Austee
I need to earn at least 2,000 dollars a month if I want to have a life in our country. 40 dollars is only good for one hamburger. I can't survive with just 40 dollars especially if you going to covert it to our local currency.
@AgentGulaman (3546)
• Philippines
27 Jan 13
Well, it is high time to tighten the budget. Lower your means of living until you can get some good investments or add up to your earnings. It can really be tricky as you are easily exposed to currency risk. I suggest you have different means of income and diversify your ways of earnings so you can prevent such problems in troubled times like what you are experiencing.
@ARIES1973 (11426)
• Legaspi, Philippines
22 Jan 13
It's okay if the Philippine economy is strong as long as we can feel the effect of it. It might affect us or those who are working in other countries because of the lower exchange rate but it will have a good effect on the overall standing of the country in the world market.
When I started working online, The exchange rate was 41, I supposed. I don't reach the time when it was still high.
Have a nice day!
@bulastika (5966)
• Philippines
27 Jan 13
I still can't find a job. So I guess I can say I going to have hard time finding a job since I'm unemployed for five years now. But I'm hoping that my online earning will going to grow since my trading skills is some how improving.
@jeanneyvonne (5501)
• Philippines
22 Jan 13
I just wish that all people will really feel this so-called growth. It is so easy to say 'we're a growing country' but it's irrelevant to a person who cannot feel a change in their lifestyle, much more to their earnings and spending. Not just the people in top brass with six-figure bonuses.
@Raine38 (12389)
• United States
21 Jan 13
I feel for you. And to think that I have family members working abroad and their hope to make their earnings go a long way is the bigger exchange rate. But with the strength of the peso, they are really getting some beating. I know that I don't sound so patriotic; I should be glad that the economy (or so they say) is getting better given its purchasing power against the US dollar is stronger, but who really benefits from that? Wouldn't it be nicer if the OFWs get to have a favorable exchange rate so they can get more value from their hard-earned money?
@smiling_ja (261)
• Philippines
22 Jan 13
Hi, I also have the same sentiments..not only because my husband's remittances are greatly affected by this strong currency but because I do not feel that there is a difference, a distinctive indication that our economy is getting better. So far the inflation rate is imminent especially on the prime commodities and this is greatly affecting everyone. If only these OFW's could demand from their employers a raise of salary every time the peso value appreciates (which of course is impossible)!
@bulastika (5966)
• Philippines
24 Jan 13
That's true. If our government want our country to have a healthy economy its better they develop the manufacturing sectors. In this way more jobs is going to be available to all. The only reason why our peso is appreciating is because of hot money inflows from investments abroad. But it does not generate jobs at all and its not healthy also as once this investors earn some money they can simply withdraw their investments in the Philippines causing more unemployment rate.
@olivetree27 (495)
• Greece
21 Jan 13
I can understand you.I know I should be happy since it shows that The Philippines economy is getting stronger but if the only opportunity that I have is in the internet, I think there's nothing wrong if we wish that dollar will be stronger.
@BetterDays4Me (3777)
• Philippines
22 Jan 13
Yes, it's really understandable how you feel and we are actually in the same shoes because I am full time working at home and most of my clients and business pays me in dollars. But I have to say that we do have to be somewhat happy for the Filipinos in a general sense, and I know that it's always possible to find more ways to increase our earnings no matter what the current rate or economic situation is. Good luck!
@bulastika (5966)
• Philippines
24 Jan 13
Actually all Filipino are affected also either directly or indirectly. First peso get stronger not because of service industry like agriculture and manufacturing. In fact in the last ten years our export growth is almost constant in increase and yet its not that strong as before.
The main reason why our peso is appreciating is because US and Europe investors invest their money in our country. But I'm sure after three years they going to pull out their money as US and Europe economy by that time improves.
@chiyosan (30183)
• Philippines
23 Jan 13
oh if i am to only think about myself and see that my earnings are going low with the current exchange ratei would be worried andsee my mylot money not too helpful any longer but i am more concerned about the economy getting better for us. As a country i feel great we are doing well... Of course if this continues i might take a break at mylot and probaly try a different earning opportunity. Hehe
@bulastika (5966)
• Philippines
27 Jan 13
Japan is the third because economy and China is the second biggest economy but guess what? It does not let their currency get stronger. In fact they keep it weaker even though they already the second and third because economy in the world. While Philippines is ranked 46 and yet its trying to boost its currency?
@lampar (7584)
• United States
22 Jan 13
Wow! 55 Peso to a US Dollar reduce to 38 Peso to a Dollar since ten years ago, i can feel your pain right away especially if it is right after Mylot credited your earning here, you are receiving LESS PESO through the exchanger compare to ten years ago, it must be really depressing to know that your earning is so darn low now while your country's currency is growing stronger every day and week. I have an idea, may be your country's economy shouldn't be growing too fast and perform too well in the years ahead like in the past, so that your currency will not have to appreciate so much higher relative to US Dollar, your country men and women are getting too economically productive and they need to slow down so that you can a chance to earn more from your on-line income base on Dollar especially during Mylotting!
@bulastika (5966)
• Philippines
27 Jan 13
Theirs an expectation that its going to slow down after three years. This is only temporary. But three years for low income like me is really a big loss. I hope that theirs some way our government can help our economy grow stronger. I hope our government will borrow lots of dollars so that its going to go weaker.
@airasheila (5454)
• Philippines
22 Jan 13
good day bulastika,
honestly i really don't know what to feel. with the continuous devaluation of peso, i am not sure if this good or not. however, being an online marketer, i guess, this is not a good symbol, as it really affects the income that i am earning from online.
@bulastika (5966)
• Philippines
27 Jan 13
Before my 25 dollars I can earn 1,200 pesos. Now my 25 dollars I only earn 900 pesos when I'm converted it to peso minus the fees already. So just imagine the drop of my income. Although my dollars earning goes up if you convert it to peso I can't feel the increase of my earnings in dollar.
@cecil04 (409)
• South Africa
22 Jan 13
The peso getting stronger against the dollar is not only bad for you but for your countries economy as well. Think about it countries like Asia and Africa rely on mostly exporting and foregn investments to keep them going. When your currency starts gaining strength wont the foregn investers go somewhere else to get a better value for their money living your country to struggle.
@bulastika (5966)
• Philippines
27 Jan 13
That's true. Its bad for exporting company like the Philippines. I hope that our Peso will going to weaken after three to four years. That's usually the cycle as I'm sure once US and Europe economy start to recover our economy will be left behind once again.
@jeanneyvonne (5501)
• Philippines
22 Jan 13
Anyone earning in dollars is taking a hit. Also the same of people sending Euros. My mother’s Euro has a very low worth these days and she bought them years ago when they are still strong. Not sure about the pound. that is mainly the reason that I might hold on to my dollar earnings and buy something instead rather than enchasing it. Good thing my new boss is paying by pesos.
Sometimes, you really can’t win when it comes to currency.
Come-on, give us a few years to be a little prosperous than we are now and then, maybe the dollar will be strong again But watch out for the US economy and their debt crisis. That’s the reason why i am watching business news segments more than I would like. Okay, i was learning and loving it.
@bulastika (5966)
• Philippines
27 Jan 13
I'm sure in three years our currency will going to weaken. Especially in three years theirs another presidential election. So new president always bad for economy as theirs some doubts. But once the new president is establish economy get stronger. Our current president is on its 3rd year for his six years term.
@floiecometa (156)
•
26 Jan 13
You are not selfish kababayan . You are just financially melancholic for you experienced high dollar conversion. Well, you have been preveledge on the past with your dollar income. Lets look at more of our national economy at least it is strengthen this time with the power of our peso. But sad to say it is not well felt buy us Filipinos.
@bulastika (5966)
• Philippines
27 Jan 13
Its only the rich who can actually benefit. If you ask me I think its better that our government borrow lots of Peso right now and pay all of our debts. Once we pay our debts we can depreciate our currency again. Just imagine if our currency will go down to 35 pesos then we pay all our US dollars debt and let it go back to 45 pesos. lols.
@mariaperalta (19073)
• Mexico
22 Jan 13
same here in mexico. Our pesos was 14 to a dollar- usa now around 12 per dollar here. So we are feeling the same as you are there.
@bulastika (5966)
• Philippines
27 Jan 13
I remember that 50 year ago 1 philippine pesos is worth 1 US dollars. But I guess that's will never going to happen again. But just imagine that if that going to happen. I'm sure we can pay all our external debt as our external debt right now is worth 60 billion dollars if I'm not mistaken.
@bulastika (5966)
• Philippines
27 Jan 13
So you prefer to buy import goods that to buy local goods? this is the problem. The more imports come in the more local manufacturers and exports going to close down and the more people will be unemployed. We don't need imports. the more imports come in the more our local industry weaken.
@khithi17 (762)
• Philippines
22 Jan 13
I feel undecided towards this issue. Because I don't know if I should be happy on either side and I have reasons to be happy on both sides. Because if the Philippine economy is getting better then the dollar exchange rate will go down. My mom works in the US and is earning dollars while my husband works in the Philippines and earning Peso. So I feel a little in the middle.
@bulastika (5966)
• Philippines
24 Jan 13
I don't know if our economy is getting stronger at all. I just feel that its its a false assumption that our economy is getting stronger. In fact if you check the Philippine debt keeps on raising. A clear sign that our economy growth is artificial as our government is just borrowing money to boost its expenses and boost economic data in term of spending. But actually those spending come from debt.
@Lupin3d (225)
• Philippines
22 Jan 13
I totally agree with you Bulastika. Peso valuation is not an indication of a countries prosperity in the first place. The Philippine government should do something to keep the valuation low just like what Japan is doing.
The Philippines is a service providing country so the economy will be ruined if the Gov't doesn't act now and maintain the peso-dollar valuation.
Instead of putting our taxes in their pockets, they should start building infrastructures and not rely on private companies doing it for them.
@bulastika (5966)
• Philippines
24 Jan 13
That's true. We must follow the Japanese and the South Korean model. Their currency is so low in value. And yet they are industrial nation with low unemployment rate. Simply because South Korea and Japan are export and service base economy.
Another perfect example is India. Its economy is growing fast and second only to China and yet instead of appreciating their currency even depreciate!
@jenny1015 (13366)
• Philippines
22 Jan 13
That is just how the way it is. It may be bad for us "dollar earners". But having a lower dollar rate is good for the Philippine economy.
@bulastika (5966)
• Philippines
24 Jan 13
Actually its bad for Philippine economy also. When Pesos is getting stronger our export industry will going to suffer loses. So our economy will going to suffer also. And since our economy are export oriented. I think its better that we have lower value than having higher value. Beside look at YEN. Its valued 90 YEN for 1 dollar even though its the forth biggest economy in the world.