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Jun 12 18, 4:15 pm

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Are OFWs really big winners in depreciation of peso?

by | News

Jun. 12, 18 | 4:15 pm

An overseas Filipino workers (OFWs) family complains that rise in prices of goods in the Philippine only cancels higher remittance from OFWs due to weakening peso.

Kervin Glorioso, son of an OFW, said that while weakening of peso could be beneficial for OFW families, it means nothing if the continuous rise in the prices of goods in the country would be taken into consideration.

“Tumaas nga ‘yung padala, tumaas din naman ‘yung bilihin natin,” Glorioso told ANC.

Kervin shared that her mother used to send monthly remittance amounting to Php35,000.

Now, with the weakening peso, her mother’s remittance equates to Php40,000 monthly.

Despite this, Glorioso’s family’s expenses have also risen from Php39,800 to Php42,800 monthly, with Glorioso still needing to shell out money.

Budget and management secretary Benjamin Diokno said the current state of peso lies more on the strengthening of the dollar and not on the weakening of the peso as more investors bank on dollar as US economy regains stability.

Peso is expected to weaken further, breaching Php53 per dollar before regaining its strength towards the end of the year.

Meanwhile, for OFWs in the UAE, peso-dirham exchange rate could hit Ph15 owing to a robust US dollar and increase crude oil prices.

As of press time, Dh1 is equivalent to Php14.45.


 

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THE FILIPINO TIMES is the biggest and most trusted Filipino newspaper in the UAE.

It has a print run of 60,000 copies and 250,000 readership per week; bolstered by 1 million visitors to its website every month. It also has an e-newsletter sent to its 250,000 subscribers every day.

The Filipino Times is FREE and has the widest targeted circulation across the 7 emirates of the UAE.

With more than 2,500 strategic distribution spots, TFT is available where the Filipinos are - at Smart Bus Shelters, Metro Stations, restaurants, supermarkets, schools, airport lounges, Emirates and Etihad Philippine-bound flights, churches, Filipino community events and many more.

THE FILIPINO TIMES. We are where the Filipinos are.

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