Overseas Filipino workers (OFWs) in UAE were quick to share their reaction after The Filipino Times published a story on Facebook about the peso-dirham exchange rate which is expected to hit the Php15 per dirham by the end of the year or early next year.
UAE remittance companies told The Filipino Times that the peso-dirham exchange rate, which has continuously been moving up since last year, is headed to Ph15, citing different factors. One of which is the US’ move to hike interests resulting to a struggling peso.
RELATED ARTICLE: Peso-dirham rate headed to Php15
High cost of goods
While weakening of peso could be beneficial for OFW families, it means nothing if the continuous inflation in the country would be taken into consideration.
OFW Emelline Dichoson said that high cost of goods in the Philippines only negates the high value of dirham.
Another OFW said that for some OFW families in the Philippines, expenses are even bigger than the remittances.
Still optimistic
Despite this, some OFWs remain optimistic about the situation. OFW Camille Riola said that she remains thankful since she is still able to help her family by sending them bigger amount of remittance.
For Noel Cabitac and Agnes Garcia, meanwhile, life must go on for OFWs and their families no matter how high or low the value of peso versus dirham is.
What can you say about the depreciation of peso and the rising inflation rate in the country? Does it really benefit OFWs? Do let us know in the comments section.
