Strong Peso making the value of money transfer weak

It sounds really good, finally strong peso. Hey our
economy has started so good with the new year but
I found this posting from this think-tank foundation
IBON
FYI
IBON News / January 10, 2008
DUE TO STRONG PESO: OFWS LOSE P700 PER $100 REMITTED
The strengthening peso has resulted in a sharp cut in overseas
Filipino workers’ (OFWs) incomes, costing them over P700 per $100
remitted,according to independent think-tank IBON Foundation.

From January to December 2007, the exchange rate of the peso
to the dollar has strengthened by almost fifteen percent. This means
that over the period, the family of an OFW who remitted $100 in
January were able to exchange it for P4,891. By December this had
fallen to P4,174 or a decline of P717.

Such a reduction is especially painful given the increasing prices
of basic goods and services in the country.
For example, from January to November 2007 the cost of an 11-kg
liquefied petroleum gas (LPG) cylinder increased by P76.94
to almost P600. Manila Water also recently implemented a rate
hike that will cost consumers who consume 30 cubic meters per
month an additional P60 on their bills.

“Overseas workers were forced to tighten their belts and remit
more of their income to make up for the lost value,” said
IBON research head Sonny Africa. Monthly remittances grew 26% from
P1.1 billion in January to P1.4 billion in October.

The strengthening peso and its effect on OFWs’ incomes reveals the
folly of the government’s labor export policy and its continuing
reliance on migrant workers’ remittances. (end)


The strengthening peso is one of the issues that will be discussed
at the IBON Yearend Birdtalk on January 14 at the UP Balay
Kalinaw. The media is cordially invited to attend the press briefing
on January 15 at the IBON Bookshop, 114 Timog Ave. Quezon City.
For details, please call IBON at tel. (02) 927-7059 or 927-6986.


(Ang immediate na kahulugan nito ay: Mas maraming "moneyobra" ng
mga allowance at pera sa daily needs ng mga sarileng pamilya
sa Alemanya para makapagpadala pa ng sapat na suporta duon
sa Pinas. Hindi lang yun mga tao ang nagTT and T, pati yun mga
household money kailangan tipirin, itago, palaguin, sumama pa
sa ibang paluwagan para may nakatabing pera, hanap pa ng extrang
trabaho, walang party party muna, saka na lang muna yun mga sales
after Christmas at mga iba pang stratehiya para makapagpadala ng
pera sa naiwang bansa na habang tumataas ang halaga ng salapi
lumalaki naman ang problema ng mga taong lumabas ng bansa...
hay ano ba yan?)

Tita Bee