News

Are OFWs really big winners in depreciation of peso?

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.


 

Peso-dirham exchange rate may hit Ph15 ‘soon’

DUBAI: The peso-dirham exchange rate, which has been hovering at Ph14.30 as of press time, could yet hit Ph15 owing to a robust US dollar and increase crude oil prices, a top official of a big money remittance company in the UAE told The Filipino Times.

Tags

Related Articles

Back to top button
Close