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Are OFWs happy that their dollars can now fetch more pesos?

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Jekki Pascual, ABS-CBN News

MANILA - Overseas Filipino Workers (OFW) and their families are expected to benefit from the strengthening of the dollar as it increases the value of remittances.On Thursday, the peso further weakened to 54.70 against the US dollar, its weakest in almost 17 years.Bangko Sentral ng Pilipinas Governor Benjamin Diokno families of OFWs likely prefer the current foreign exchange. &quot;Kung tatanungin mo mga Overseas Filipino Workers, mas gusto nila yan kasi mas mataas ang kanilang peso value ng kanilang kinikita at mas marami silang maco-consume.&quot;(If you ask OFWs, they prefer that the peso value of what they earn is higher, and they can consume more.)UP economics professor Solita Monsod also said with dollar remittances fetching more pesos, OFW are clearly gaining from the depreciation of the local currency. &quot;They&#x27;re probably going to be very happy,&quot; Monsod said in an interview with Teleradyo. Alwin Ancheta, who works in a logistics company in Jeddah, Saudi Arabia, admitted that the value of the money he is sending back home has increased.&quot;Malaking malaki po talaga ang epekto kung paguusapan sa padala. Maraming nadagdag sa padala kumpara sa nakalipas na taon,&quot; he said. (The value of remittances is higher compared to last year.)This sentiment is shared by Charlet Ortea, whose husband works as a teacher in Nevada, USA. &quot;Merong epekto kahit papaano compare sa dating rate ng dollar exchange. Ngayong pagtaas niya, may nabibili na ako na mas marami,&quot; she said.(There is a difference compared to the exchange rates before. Now that it&#x27;s higher, I can buy more.)On the other hand, both said that they are not feeling the effects of the strengthening of the dollar in full because of inflation in the Philippines. The increase in remittances is used to pay for the higher prices of food, gas and other products, they said.&quot;Parang wala din po. Walang silbi magpapadala ng malaki kasi napupunta sa gastusin. Tumaas electric bill, water bill lalu na mga bilihin,&quot; said Ancheta.(It&#x27;s like nothing, the higher value just goes to pay for expenses. The electricity and water bills have gone up, prices of goods are up.)&quot;Somehow konti lang yung naging positive effect niya dahil sa mahal na presyo ng bilihin ng gas,&quot; Ortea added. (Somehow, the positive effect is not that significant because goods and fuel are more expensive.)Though Monsod sees nothing wrong with the depreciation of the peso, the two OFW families are hoping that prices of basic goods will not increase so they will feel the benefits of the stronger dollar.The Philippines is one the largest recipients of remittances. Money sent home by overseas Filipinos fuels consumption which is a pillar of the economy.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/06/15/22/cash-remittances-up-39-pct-to-24-billion-in-april">Cash remittances up 3.9 percent to $2.4 billion in April: BSP</a></li>	<li><a href="https://news.abs-cbn.com/news/06/04/22/outgoing-labor-chief-bello-urges-ofws-to-return-to-ph">Outgoing Labor chief Bello calls on OFWs to return to PH</a></li></ul><div>FROM THE ARCHIVES</div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/HVdgu5ORDrA?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Overseas Filipino Workers (OFW) and their families are expected to benefit from the strengthening of the dollar as it increases the value of remittances.

Are OFWs happy that their dollars can now fetch more pesos?

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Are OFWs happy that their dollars can now fetch more pesos?

Jekki Pascual,

ABS-CBN News

Published Jun 23, 2022 06:19 PM PHT

Read More:

US dollar

peso weakening

forex

OFW

remittances

Solita Monsod

Benjamin Diokno

overseas Filipinos

strong dollar

weak peso

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