Ang sumusunod na analysis ay ginawa ng Cost Comptroller ng Dantata & Sawoe.
As OFWs we all know how hard it is to earn money for the family we loved whose welfare is the reason why we are working far away from home. If ever we spend or save our money here is our own individual concern.
But the remittances we send home need to be scrutinized because of the way our government is handling our hard-earned money.
Once more, this letter was sent to CMA Director Ellene Sana and Atty. Karen Dumpit -people who are guaranteed to look into the welfare of every OFW
Dear Ellene,
BSP is trumpeting that our U.S. dollars reserved rose to USD47 billion. This probably explained the strength of the peso, kung kaya yung dating palitan na P48 six months ago, ngayon tumuntong na sa P44.
Based on BSP figures, the OFWs infusion of dollars to our country reached US$16 billion last year, and the remittance growing steadily as many Pinoys opted to leave the country to have a better chance of meeting the economic challenges of life at the expense of the social fabric of our family and the Filipino society as a whole.
The strength of our Peso against the major currencies of the world is quite amazing and unbelievable. Filipino exporters of goods and produce probably have the right to put the blame to the OFWs. The truth of the matter is that both the sectors are actually on the losing side. Notice on the table (attached file) I prepared. If we pegged the Peso rate at P50/$ and compare it to the present rate at P44, that at the end of the current year the value of our hard-earned dollars diminishes to a staggering 14%, or the equivalent of P100 billion loss on exchange rate, or USD2.3 billion worth.
Is CMA, by any chance, or are there other NGOs, studying & analyzing this type of issue? If the peso would continue to gather momentum and further play havocs to the value of our earnings, then OFWs will probably start holding some of our remittance to our country. We could hold some, or divert them / save them in other countries like Singapore or Hongkong, but I believe this is a cruel thing to do. On the other side of the coin, if our government is manipulating the peso rate against the dollar, then the government is rather pushing the big nail deeper in our hearts. Push them further to the brink of extinction the OFW sector is capable of playing hard balls “kung may pagkakaisa”.
In unity the OFWs can be very politically powerful. Walang sinabi ang grupo ni Mke Velarde at ni Villanueva, at ngayon kasama na rin pala si Borloloy, ay Quiboloy yata. May mga Party List pa sila, pero saan nila ginamit ang pork barrel nila at P70 million per representative., Ang Buhay ni MV ay 3 pa yata ang representatives sa congress. Oh well, this is another issue.
Kind regards,
Lito
P.S.
Tomorrow entitled na kaming bumoto, ang tanong sino kaya sa kanila ang pipiliin.
The Yellow submarine na nangangakong hindi magnanakaw, or
Yung daw naligo sa dagat ng basura pero sa Sikwat at Taga kaya yumaman lalo, or
Yung bumabalik na si Asiong Salongga na mas mabuti pa sa lungga na lang, or
Yung may galing at talino, pero saan naman kaya gagamitin kung sakaling manalo, or
Yung 3 kulelat sa survey na naghahangad ng milagro.
Ay naku, pinoy, isand delubyo pa patay kang bata ka.
Select the best answer – multiple choice at talo ang mangilan-ngilan na pinoy na nag-iisip sa pagboto
Kumpara sa boto ng mga sangkatutak na pinoy na nakikiboto lang at walang ng isip-isip pa.
OFWs INFUSION OF HARD-EARNED DOLLARS TO THE PHILIPPINES
BSP is trumpeting that our U.S. dollars reserved rose to USD47 billion. This probably explained the strength of the peso, kung kaya yung dating palitan na P48 six months ago, ngayon tumuntong na sa P44.
Based on BSP figures, the OFWs infusion of dollars to our country reached US$16 billion last year, and the remittance growing steadily as many Pinoys opted to leave the country to have a better chance of meeting the economic challenges of life at the expense of the social fabric of our family and the Filipino society as a whole.
The strength of our Peso against the major currencies of the world is quite amazing and unbelievable. Filipino exporters of goods and produce probably have the right to put the blame to the OFWs. The truth of the matter is that both the sectors are actually on the losing side. Notice on the table (attached file) I prepared. If we pegged the Peso rate at P50/$ and compare it to the present rate at P44, that at the end of the current year the value of our hard-earned dollars diminishes to a staggering 14%, or the equivalent of P100 billion loss on exchange rate, or USD2.3 billion worth.
Is CMA, by any chance, or are there other NGOs, studying & analyzing this type of issue? If the peso would continue to gather momentum and further play havocs to the value of our earnings, then OFWs will probably start holding some of our remittance to our country. We could hold some, or divert them / save them in other countries like Singapore or Hongkong, but I believe this is a cruel thing to do. On the other side of the coin, if our government is manipulating the peso rate against the dollar, then the government is rather pushing the big nail deeper in our hearts. Push them further to the brink of extinction the OFW sector is capable of playing hard balls “kung may pagkakaisa”.
In unity the OFWs can be very politically powerful. Walang sinabi ang grupo ni Mke Velarde at ni Villanueva, at ngayon kasama na rin pala si Borloloy, ay Quiboloy yata. May mga Party List pa sila, pero saan nila ginamit ang pork barrel nila at P70 million per representative., Ang Buhay ni MV ay 3 pa yata ang representatives sa congress. Oh well, this is another issue.
Kind regards,
Lito
P.S.
Tomorrow entitled na kaming bumoto, ang tanong sino kaya sa kanila ang pipiliin.
The Yellow submarine na nangangakong hindi magnanakaw, or
Yung daw naligo sa dagat ng basura pero sa Sikwat at Taga kaya yumaman lalo, or
Yung bumabalik na si Asiong Salongga na mas mabuti pa sa lungga na lang, or
Yung may galing at talino, pero saan naman kaya gagamitin kung sakaling manalo, or
Yung 3 kulelat sa survey na naghahangad ng milagro.
Ay naku, pinoy, isand delubyo pa patay kang bata ka.
Select the best answer – multiple choice at talo ang mangilan-ngilan na pinoy na nag-iisip sa pagboto
Kumpara sa boto ng mga sangkatutak na pinoy na nakikiboto lang at walang ng isip-isip pa.
OFWs INFUSION OF HARD-EARNED DOLLARS TO THE PHILIPPINES
Total Yearly Earnings of 3 million OFWs
= 16,678,800,000
Pegged at :
USD1 = 50 = 833,940,000,000
USD1 = 48 = 800,582,400,000
USD1= 46 = 767,224,800,000
USD1= 44 = 733,867,200,000
LOSS ON EXCHANGE RATE every 3 months:
= 33,357,600,000
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