Remittance growth to slow down this year

Source: PDI

MANILA, Philippines—The Bangko Sentral ng Pilipinas hinted Monday that it might slash its remittance growth forecast of 8 percent for this year to take into account the impact of recent external developments—the unrest in the Middle East and North Africa and the disaster that hit Japan last week—on the ability of Filipino workers abroad to send money.

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Overseas Filipinos sent record $18.8B in ’10

Source: PDI

Remittances grew faster than expected in 2010 to post an all-time high as the recovery of the global economy

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Peso Exchange Rate over Dollars

TODAY PESO LUCKY PLAZA RATE

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SOURCE: Singapore Philippines Admin

We are rushing on Remittance centers whenever there is an incredibly increase in Peso exchange rate to dollars. We are all overjoyed knowing that our family will receive more than enough their needs and it feels like our hard works outside Philippines give us sweet results. I’m honestly same as this and I know everyone does, especially for those who are working abroad.

After sometime, there’s a question popped in my mind and it says like this; “1 KILO of rice which I can buy for 50 Pesos, can also be bought if I only have 1 US dollar” that means if I have 50 Philippine peso I can only buy 1 kilo of rice but if I have 50 US dollars I can almost buy 50 kilos of rice. So another question comes, “Is it unfair?”

A. US $ 1 = Php 50 =happy OFW= Happy relatives of OFW in Philippines

B. US $1 = Php 55 = happier OFW = Happier relatives of OFW in Philippines

C. US $1 = Php 40 = not so happy OFW = Not so happy relatives of OFW in Philippines

D. US $1 = Php 30 = lonely OFW = Lonely relatives of OFW in Philippines

My question is, “Why?”

Do you know what B is? B means inflation rate in Philippines is high and Peso value depreciated. What is inflation and Peso Depreciation? Inflation is an upward movement in the average level of prices, so average price of goods and services in Philippines will go higher. Peso depreciation means an official lowering of the exchange value of our money to other country’s currency like dollars etc. (B is an example of Peso depreciation).

So, do u want Peso exchange rate to be like this?:

US $1 = 1 Million Php

Remember, this means absolutely high inflation rate and also means hair cut in Philippines will also cost million pesos or more, I kilo of rice will cost 5 million pesos or more and looks like our Philippine Peso has no value….

Or is it better if Peso exchange rate is like this?:

US $1 = 1 Php

Means, there’s no need for us to go abroad just to earn money because what we can earn outside our country can also be earned in Philippines and at the end of the day we can enjoy our time with our family.

It may be far from reality but dream is still free today. We can still dream for good and we can still aim for better. After reading this, hope same question will pop up in your mind. Higher Peso exchange rate and work away from your family or lower Peso exchange rate until 1:1 and work in our own country together with your family?

Your free reactions are all welcome. Bring out your side and let’s talk about…..

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