The Philippine peso had definitely become a lot stronger during the past months. From a record high of P56-57 to a dollar a number of months back, it has currently remained between P48-49 per dollar. This is definitely a great improvement. Seems like very good news, huh?! But to me it’s not (as expected).
Does this really mean that our country’s economy is improving? If so, why can’t I see any tangible proof of this so-called improvement? Why is it that wherever you might look, you’ll still see poverty?
Have we really done it or have we just convinced some foreign investors that we Filipinos work for a cost far less than the average laborer and as such, they would get a lot more bang for every buck they’d invest should they decide to bring their business to our land?
On the other hand, could this be just a sign that more and more Filipinos have made the right choice and have gotten out of here?
This for me is the more likely scenario. More and more overseas Filipino workers are working their butts off abroad to ensure a better future for their families back home. And by doing so, also indirectly help increase the dollar reserves of the country thereby producing a stronger peso.
What do these OFWs get in return for sending home their hard-earned dollars, however? The answer is, less value for every dollar they worked for. It’s not enough to be called “bagong bayani,” you know. They too have mouths to feed. And less money means less everything for their next of kin.
Indeed, there is a direct correlation between the number of Filipinos abroad and the value of the Philippine peso. For whatever reason, though, a stronger peso does not necessarily equate with an improved economy. All we’ve got is a stronger peso.
So what does a stronger Philippine peso mean to me?
1) We have again, for the nth time, undervalued the skills of our Filipino workers in exchange for foreign investment
2) More and more Filipinos have decided to look abroad for a future they could not find here.
3) Less value for every dollar hard earned by our OFWs aka “bagong bayani”
Does this really mean that our country’s economy is improving? If so, why can’t I see any tangible proof of this so-called improvement? Why is it that wherever you might look, you’ll still see poverty?
Have we really done it or have we just convinced some foreign investors that we Filipinos work for a cost far less than the average laborer and as such, they would get a lot more bang for every buck they’d invest should they decide to bring their business to our land?
On the other hand, could this be just a sign that more and more Filipinos have made the right choice and have gotten out of here?
This for me is the more likely scenario. More and more overseas Filipino workers are working their butts off abroad to ensure a better future for their families back home. And by doing so, also indirectly help increase the dollar reserves of the country thereby producing a stronger peso.
What do these OFWs get in return for sending home their hard-earned dollars, however? The answer is, less value for every dollar they worked for. It’s not enough to be called “bagong bayani,” you know. They too have mouths to feed. And less money means less everything for their next of kin.
Indeed, there is a direct correlation between the number of Filipinos abroad and the value of the Philippine peso. For whatever reason, though, a stronger peso does not necessarily equate with an improved economy. All we’ve got is a stronger peso.
So what does a stronger Philippine peso mean to me?
1) We have again, for the nth time, undervalued the skills of our Filipino workers in exchange for foreign investment
2) More and more Filipinos have decided to look abroad for a future they could not find here.
3) Less value for every dollar hard earned by our OFWs aka “bagong bayani”
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