To fix an exchange rate in the Philippines, agree or disagree?
That the CB or central bank will fix permanently an exchange rate for our OFW sending money for their love ones in the Philippines as Phil.ps 45 to $1. 45 is already reasonable rate but others will ask for 50 as a fix rate. I myself is an OFW that is why the money being sent to the Philippines are already reduce to splinter once it reach the hands of the people receiving it not to mention that everything is rising in the Philippines on a monthly basis, the food, petroleum products, transportation expenses, electric bill, water bill etc... the money being sent by the people abroad as a sustenance to the daily living of the people in the Philippines. Our OFW as the "new hero of our generation" that made our economy afloat in the 1999 Asian financial crisis and this global recession period we are now having. It is about time we recognized their worth and sacrifices by giving them enough support from this government. A Filipino sending $300 x 45= Ph. 13,500 but the prevailing rate is only 32 to $1 that is only 9,600. Fixing an exchange rate will only make our OFW happy everytime they send their hard earn cash to the Philippines but helping the economy stay more afloat in an event another major financial crisis hit Southeast Asia. Not anymore the remittances of our OFW be subjected to the prevailing monetary exchange rate in the country. It will be excluded to that provision. A law will be enacted in aid for such legislation. This was often a debate in the past especially among OFW that why would the remittances of our million Filipinos instead of increasing its value going to the Philippines it was reduce to absolutely worthless. Only good for paying debts and buying food. This should not be the case here. If not for our million OFW we wouldn't be a country in the first place.But with the billions of funds derived from the remittances of our million OFW we still remain a poor country, why is that? We should by now look like South Korea or half the wealth of China. In the future more and more young people will go out of the Philippines to look greener pasture in other places and foreigners are the one occupying their spaces in the Philippines. How ironic isn't it? But this is the Philippines kahapon, ngayon at bukas. What do you think? thanks.
Philippines - 5 Answers
Random Answers, Critics, Comments, Opinions :
1 :
i agree. for one thing, as you put it, the filipinos are the one who made the country afloat in the asian crisis of 1999 and the global recession of today. but this one will require a law that will provide for such an enactment in your house of representative to make a bill into a law for this. i also often remember the famous quote in filipino "aanhin pa ang damo kung patay na ang kabayo". but i hope this one will materialize.
2 :
I pray that the exchange rate would be like that in our past, around US $ 1= Php 3.00
3 :
(you could have asked the question in two sentences max. the rest of your questions text is completely self-explanatory and unecessary) I would reconsider if i were you. the problem you are trying to solve is that you believe the ofw is/will get shortchanged if the usd to php exchange rate leans against the dollar too much. however, there are better, much safer or more macroscopically beneficial ways to do this than to essentially have the phil govt subsidize the difference between the real exachage rate should the dollar decline some more against the peso. what would happen if the condition got reversed? then you would get screwed and the phil govt got to pocket the difference! remember, there is no real way for any government(s), through imposition of economic policies, to have adequate control over future exchange rates, pegging the exchange rate for a specific purpose introduces a significant "beta" or unpredicatablity that could easily spin out of control and make a bad situation irrecoverably worse. my suggestion which would be much easier to implement and won't be looked at as 'voodoo economics' would be simpler: ofws could pay less income taxes. this effectively would raise their net income. sure it'll result in less revenues to the govt but i think its foolish for a government to believe that its main source of revenue comes from people forced to work ooverseas due to the governments inability to provide a better local job environment anyways. your means does not justify the ends.
4 :
Such a coincidence I was trying to find this information myself but you beat me to it.
5 :
1 silver Peso is worth about $10 USD today.
