Financial boost for overseas Filipino workers, only?
President Gloria Arroyo is giving overseas Filipino workers an incentives package to help them save money in spite of the weak US dollar. Here are some of what OFWs are getting –
- a hedge fund that will guarantee an agreed-upon dollar-peso exchange rate,
- a fast-transfer digital cash card,
- a high-yielding deposit facility, OFW bonds, stock investing seminars,
- offers for “Tindahang Pinoy” franchises
Why the offer from Arroyo? The weak US dollar, and the strengthening Philippine peso cuts an OFW’s peso equivalent of their earnings. The dollar’s drop is good for our economy, but many OFWs and their families have expressed concern in the last year when the exchange rate for PHP:US$ went down from 50:1 to currently 40:1.
This hedging program is actually very good, and if I would avail of this, if I were an OFW.
Thing is, I’m not. So what about those of us who are not OFWs who also send money to the Philippines? I say everyone who sends money to the country should get some form of hedge or protection from the falling US dollar.
Right? I mean, we help boost the Philippine economy too. What do you think?
Comments Off