Article posted August 13, 2007 – 04:45 PM An alliance of organizations composed of overseas Filipinos and their families on Monday joined the Jeddah-based OFWs in pressing the Arroyo administration to find ways to help their families cope with the continuing rise of the peso against the US dollar.
In a statement, Migrante International criticized the Arroyo administration for its failure to address the negative impact of the strong peso on OFW families.
“While Arroyo raises our hands high for the billions of dollars we infuse into the economy, the strong peso she crows about punches us in the stomach. Comprehensive measures need to be taken to address the very real impact the rising peso has on migrant families,” says Connie Bragas-Regalado, chair of Migrante International.
Jeddah-based OFWs calling themselves as V-Team – Advocacy and Community Service launched a petition on Aug. 1 for President Gloria Macapagal Arroyo to take steps towards a “fixed 10% premium above the exchange rate prevailing in the market or a flat rate of fifty (50) Pesos to one dollar to be given to legitimate OFWs.”
The OFWs said the peso equivalent of the remittances they are sending to their families in the Philippines has practically been reduced by 20 percent as a result of the appreciation of the peso.
Bragas-Regalado said an OFW family receiving around US$200 monthly remittance loses around P1,000, or an equivalent of the price of one sack of rice, with the dollar’s fall from approximately P50 to now P45 to the US dollar.
“This means less food on the table, less allowance for the children and even less money in case a family member becomes ill. Coupled with the reality that the rising peso is not resulting in lower prices for the people, the situation of OFW families is indeed dire,” she added.
“In their bid to compensate for their shrinking remittance, tales of OFWs bypassing meals or taking out loans with high interests just so they can add to their remittance abound. Considering that a family of six needs P730 daily or P21,900 monthly to meet their basic needs — even the new POEA stipulated US$400 salary for domestic workers falls short since it only now amounts to P18,000 compared to about P20,000 when the peso was P50 to the dollar,” Bragas-Regalado said.
According to Migrante, the harsh impact of the strong peso on migrants and their families demands comprehensive attention in the short and long term.
“Foremost is an end to the Arroyo charade that the strong peso is a barometer for development especially given that the record-high exchange rate happens while more than 68 million Filipinos live below P96 daily and more than 3,000 Filipinos are forced to work overseas to survive,” she concluded.
The Jeddah-based OFWs are seeking the same treatment given to exporters for whom the Development Bank of the Philippines (DBP) put up a $1-billion standby fund to help them cope with the strong peso. – Fidel Jimenez, GMANews.TV
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