44.77
unbelievable! i googled up the forex rate for US dollar to Philippine peso... 44.77?!?! huwat?!
how come the Php is strong against USD, but there are no significant improvements in the standard of living back home? maybe US is suffering from an economic setback, but so is Pinas. how come forex rate is somehow giving the signal that it is not?
i decided to read up some more... and i found out that a lot of the dollars coming in to the country are through remittances, and these are contributing to the strong peso. not that businesses are doing superb, generally they are ok, but since financial reports only know numbers and figures, not origins, then it thinks there is a lot of money coming in through the businesses. in reality, the money coming in, are from the workers abroad.
so, the main thing that drives thousands of our kababayans to work abroad, is the same thing that cuts their throats as they slave away on a foreign land, hoping to send a piece of the so-called greener pasture to their families back home?
and the cycle continues. since there are a lot of people working abroad and supporting their families back home, foreign currencies come pouring in in the form of their remittances... figures suggest that we are doing good. and so the peso gets strong. meaning, lower forex rates. what happens is, people sending in money are sending more, since they have to make up with the "loss" that the low forex rate brought upon them.
if an OFW used to send $100 for his family's Php5000 monthly rent when the forex was at 50Php to a USD, he now needs to send in $111 since the rate is at 44.77, just to cover the Php5000. $11 more. figures suggest that business is doing good by $11 more! (of course, that's just a quick example) but in reality, it's not. and so the peso gets stronger still. forex rates drop lower. and the money that the OFW needs to send gets higher.
i wonder if there is a fix for this? sounds like a vicious cycle. cause and effect. i believe there is a bigger picture. but for now, i just want to rant...
44.77!?!?!? *ungh*
how come the Php is strong against USD, but there are no significant improvements in the standard of living back home? maybe US is suffering from an economic setback, but so is Pinas. how come forex rate is somehow giving the signal that it is not?
i decided to read up some more... and i found out that a lot of the dollars coming in to the country are through remittances, and these are contributing to the strong peso. not that businesses are doing superb, generally they are ok, but since financial reports only know numbers and figures, not origins, then it thinks there is a lot of money coming in through the businesses. in reality, the money coming in, are from the workers abroad.
so, the main thing that drives thousands of our kababayans to work abroad, is the same thing that cuts their throats as they slave away on a foreign land, hoping to send a piece of the so-called greener pasture to their families back home?
and the cycle continues. since there are a lot of people working abroad and supporting their families back home, foreign currencies come pouring in in the form of their remittances... figures suggest that we are doing good. and so the peso gets strong. meaning, lower forex rates. what happens is, people sending in money are sending more, since they have to make up with the "loss" that the low forex rate brought upon them.
if an OFW used to send $100 for his family's Php5000 monthly rent when the forex was at 50Php to a USD, he now needs to send in $111 since the rate is at 44.77, just to cover the Php5000. $11 more. figures suggest that business is doing good by $11 more! (of course, that's just a quick example) but in reality, it's not. and so the peso gets stronger still. forex rates drop lower. and the money that the OFW needs to send gets higher.
i wonder if there is a fix for this? sounds like a vicious cycle. cause and effect. i believe there is a bigger picture. but for now, i just want to rant...
44.77!?!?!? *ungh*
posted by beng at
5:17 PM
7 Comments:
thanks to OFWs php is gaining ground against other currencies. sad to say, it's because of people working their a&$3$ off in a foreign land. ehem.. ehem..
By
Anonymous, at 12:57 AM
Naku Harbs, I agree with your sentiments. Lots of people here are really questioning the USD-PHP exchange rate. No improvements pa din talaga whatsoever, commodity prices are still the same.
I saw on the news the other day that the OFWs wanted to have a special exchange rate pero impossible kasi sabi nila, maaapektuhan daw ng matindi ang merkado. That's how money market works daw talaga.. Bottomline, dapat magreflect ang pagiging ok daw ng economy (based sa stats) sa actual na nangyayari.
hi nga pala reeyuh! :D
By
Che, at 10:44 PM
bad trip nga eh tuwing may magppadala sa min ng dollars tsaka mababa ang exchange rate. hehe
By
Anonymous, at 10:24 PM
espren, ehem-ehem ba? *lol*
che, dito pa kayo nagkita ni ria ah. hehehe! sana mga may special rates sa OFW. double-edged sword ang pag-earn ng dollars. =P
erlyn, i-hoard mo muna yung dollars until the rates go up. hehehe!
By
beng, at 3:44 PM
Hay naku, I can share to you sentiments! Grabeeee....kelan kaya babalik yung $1 = 55php...LOL...
By
Liz, at 8:08 AM
i couldn't agree less with you! grr talaga ang nangyayari, its not that I want the dollar to skyrocket up again vs. the Peso, pero it doesn't make any sense na bumaba sa PHP 44 = $1.
It does not reflect in the cost of living Filipinos have. Kahit bumaba ang dollar, di naman bumababa ang oil prices, kung bumaba man, di naman niro-rollback ang public transportation fare. It doesn't even give make us break-even pagdating sa income vs. expenses.
And with the volume of Filipinos now working abroad, Pinoys are not having much gain on this market turnaround. Kawawa talaga sila, enduring the loneliness and hardship of working away from their families, extreme sacrifice.
The Philippine business environment is not as good and strong as PGMA is depicting. Only BPOs and ICT are the growing segments, but not the manufacturing and agricultural sectors which could benefit more Pinoys sana. Haizz.
By
Anonymous, at 1:25 PM
that's a pretty smart comment mousmous! kainis lang tong si GMA eh, di pa kasi sabihin ang totoo, lalo lang tuloy naiinis mga tao di ba?
By
beng, at 5:47 PM
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