Strong peso affects Overseas Filipino Workers Dollar Remittance

The continuing rise of the Philippine peso against the US dollar ultimately affected the dollar remittance of the million Overseas Filipino Workers from around the world. The significant fall or decline of US dollar in the world market has prevented some of the OFW of sending dollars to their families in the Philippines. The new exchange rate of 42 pesos to a dollar is a record high for the country in seven years. The trend maybe is an advantage to the economy but a cause for exasperation and dismays to many especially to the OFW and their immediate families. The strong peso is no match to the rising cost of all the goods being sold in the market. It did not even prevent the unabated oil price hike nor alleviate poverty where there are 11 million Filipinos earning just 1 dollar a month.

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