Here we are again. The continued rise of peso!
What does it mean to us Pinoys? Back in October of 2006, I reposted an entry I wrote several months back. I was asked by Chuva and several others to explain what’s the effect of the rising peso?
Here’s an excerpt of what I wrote: “… Sino ang me advantage sa ganitong exchange rate? Yong mga tiga-labas especially tayo sa America, Middle East, Hong Kong, Korea, Singapore or Europa. Kasi, sa konting $ na padala natin, maraming piso. Say $300 x Php56 = Php16, 800.00. Fast-forward ngayon, exchange rate, $1=Php50. Sinong me advantage? Yong mga businesses doon satin, why? Kakayod lang sila nang Php50, me $1 na sila. Ngayon, if you are here in the US sending the same $300 x $50 = Php15,000.”
Read this entry here: $1=Php56, One year ago
Here’s the news:
www.reynaelena.com
For one thing, who do you think are immediately affected by the rising peso? Who else but us, the overseas Filipino workers and everyone else who sends money to the Philippines. Think about this, if you have read my original entry, it went from a low rate of about Php56 to a strong Php45 now. I’m sure, we the Overseas Filipino Workers who have remitted an astounding $15 billion has got something to do with this. Isn’t this ironic? We are one big industry in itself who helped the Philippine economy survive the Asian financial crisis, but in effect, we are the ones hurting ourselves?
If you still don’t understand what I’m talking about, when was the last time you sent money to the Philippines? I’m sure, today – if you have just remitted money – you are so not the one dancing with the stars!!!
Now, did you click the video? Who did you see celebrating? Who did you see went to the Philippine Stock Exchange to celebrate the rise of the peso? Yes, Matilda, only the government and those people in power are the ones telling us that this is encouraging and that we should still send more dollars to the country to further encourage the rise of the peso or is it the rise of their wealth? In my mind a strong economy is grounded first and foremost on ethics & good governance, transparency, free of corruption, on production, manufacturing, services, exports and an uninterrupted and stable DSL connection less business sabotage for my internet cafe (Oopps! ba’t ba naisingit ko yon?!) and not dependent on remittances from some very select sector of the society na ang tawag eh OFW.
Reality is, when will this strong peso and good economic performance filter down to the population? When will my friends dun sa Floodway feel the effects of this robust stock market performance? What about salaries? When will our salaries become competitive so we won’t have to be working outside of the country? In 2005, I was interviewed at the Makati Business Club for a position in an investment company. Salary offered? Php60,000 per month. Ugh!
Sometimes, I begin to think… hmm… was Comelec involved in the rise of the peso?!
Is this news for foreign consumption?
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{ 2 comments… read them below or add one }
Easy lang Reyna. Kumukulo na yata ang dugo mo e. You must accept that whatever figures come up, the government will claim credit to that. We have an insecure and manipulative leadership.
But then again, even the government’s claim that with the appreciation of peso against the dollar indicates a bullish market is full of b.s. Dollar is not the only monetary unit in the world, and we don’t trade only with the US. Compared to other countries, our money is still depreciating. The Thai Baht was one measurement.
Anyway, kapag nagdepreciate naman ang peso, tataas ang bilihin. Malaki nga ang exchange rate ng dollar nyo, mababa naman ang purchasing power. Ang kailangan ng pilipinas ay hindi lamang mga ofw (maraming salamat sa inyo), but we also need jobs here. And the government must focus its attention on job creation and matching. DApat lahat maging bayani.
Pasukan na naman. alam ko ang nararamdaman ng mga bagong bayani na hindi madadagdagan ang padala dahil lamang sa tumaas ang halaga ng piso. Ganyan talaga sa ngayon. Balang araw, yayaman din tayo. hahaha..
jef
[Reply]
@jeff,
akala kasi, mga uto-uto kaming OFW na maligaya nang natatawag na mga Ang Bagong Bayani na wala man lang maani kahit isang butil na mapaklang mani.
kausap ko kanina friend ko na dating tiga-floodway, lumipat sila malapit pa rin sa floodway dun nga sa lanzones street (kung saan kami nakulong nong new year)
den, sabi ko, “pare, alam mo bang dapat maligaya ka dahil an lakas lakas nang stock market ngayon?”
sabi nya . . . “huh?! stak market? ano yun?”
[Reply]