Monday, May 28, 2007

Monday Spotlight: FX Blues

I checked out the exchange rate today and was dismayed by the answer of the girl on the line: SGD$1 = P29.90. The exchange rate used to range from P31.40 - P32+. I know we should be happy that the economy of the Philippines seems to be getting better. A few people commented that the rate should go up after the election but it has been days since the election but the exchange rate seems to be still going down.

Can we blame OFWs from being partly unhappy about our improving economy when every cent lost means less money to send over to our family back in the Philippines? We sometimes lose around P5000+ from the fluctuation of the exchange rate. That amount is enough to buy a week or two of groceries and can mean so much more for others.

Is there a tangible proof for this improving economy? Was the price of transportation rolled back? Is the cost of basic staples lower than it was a week or two before? Sure, it’s not an overnight miracle. But the loss to us is sudden and now. Can anyone really blame us from being skeptic?

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