Recently, we have heard from reports and read from
newspapers how the value of peso is increasing over dollars. It only implies
how our economy is improving or booming today. More investments are entering
and approaching our country, giving Filipinos opportunities to work and earn
without a need to work abroad; in fact, study shows that the unemployment rate
in the Philippines has been continually decreasing due to investors and
businesses entering the Philippine economy. On the other hand, this strong peso
as well strikes how we trade or transact our products with international
countries. Importers have been saving so much cost yet still gain so much
profit due to our strong peso value; however, exporters have been suffering
losses because dollars, as it is the international currency used, is
continually decreasing its value, giving the exporters low income in return. For OFWs, this advancement of peso versus
dollars cannot be considered as an advantage to them; because as they remit
their money, deductions are taken into account. Increase in peso value thus
also means increase in deductions of dollars; it’s a pain for them. For the
record:
USD/PHP Details
USD/PHP for the 24-hour period ending Friday, Jan 11,
2013 22:00 UTC @ +/- 0%
|
7.1% economic growth, making Philippines as the best performer in Southeast Asia
The country is the only economy in
the world which the International Monetary Fund (IMF) believes will grow faster
than earlier expected this year.
Personal Reactions
Well as for me, as I am staying in the Philippines, I felt
so happy and relieved about it, though honestly I haven’t felt its effects as I
spend money to buy my needs on a daily basis; nothing has changed, it’s still
the same. For OFWs however, I feel bad and pity for them because they have to
sacrifice and be away to their family just to work abroad and earn, yet they
receive lesser in return. Actually, I've been wondering, if peso is really at its peak, then why do the prices of fuels
or gasoline continuously increasing? Shouldn't it be the other way around? The
price should have been lowered, not just for fuels but also for other needs of
the Filipinos. I really think that’s the reason why after declaring this
improvement in peso value, Filipinos including me never feel its impact in each
and every one of us. Data even showed that poverty is still dominant, that in
spite of the businesses established in our country, more Filipinos only earn at
a minimum wage. Isn't it weird? We are told that our economy’s improving, yet
where is it? It doesn't even exist, because if it really does, then Filipinos
cannot say anything bad to the government. In conclusion, not everyone benefits
from the strong peso, though some does, especially those investors of
businesses who take advantage of it. There might come a time that no one leaves
the country, and it’s good for us. However, if this improvement continues, will
not stop, then I bet, we will as well continue to earn lesser income in
international trade, if that’s the case, then our GDP or GNP will seriously go
down.
Suggestions and Recommendations
These investments must be the door of opportunities opened
for the Filipinos. They must earn more than the minimum to be able to really
cover their expenses. Government must also be able to properly allocate the
income the country receives from investors entering the Philippine market;
allocate it for example to education, health, livelihood, etc. Another thing,
our country must have or construct higher standards, qualifications or criteria
for investors; we cannot accept all the investments offered to us. We must
study if these investments will really help us not just economically but also
individually. The important thing is, it will benefit and not control us.
