OFWS ENJOY WINDFALL FROM FOREX UP
November 4, 2008

Vice President and Presidential Adviser on Overseas Filipino Workers (OFWs) Noli “Kabayan” De Castro said yesterday that with the foreign exchange currency adjustments in the recent weeks, OFWs' families enjoy the windfall by having more cash in their hands.

With the peso's depreciation, we urge the OFWs to handle their money wisely by engaging in entrepreneurial undertakings and investments. They should seize the opportunity when their dollar remittances will be convertible to more pesos during this time.

The Vice President also encouraged OFWs to use their money in securing a house, education and health services.

The present peso-dollar exchange rate is at php48.94 compared to December 2007 closing at php 41.28.

De Castro said that OFW remittances have played a big role in buoying the economy by being a major source of consumption income as families receiving the remittances have spent it on goods and services.

The Vice President urged these OFWs to invest and enter into enterprises while the government provides the necessary investment climate and support mechanisms like credit facilities and business trainings, citing the TESDA training programs and the Balikbayan Law among the government efforts.

Generally a weakened peso is not something you enjoy, but we can find something good in this depreciation by teaching the migrant workers' families to invest and use wisely their received remittances coupled with government's investment policy reforms.

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