Pinoys around the globe, we have good and bad news on our currency! Peso is again on its full swing against the dollar. According to HSBC's latest report, the peso is rising further to 41 against the dollar by the end of the year. It means it will appreciate 2 pesos before the end of the year to 41:$1. Of course, this is a good news for us. Robust foreign capital inflows and other potential factors, our economy will be geared towards a better development and can create good effects like opening of more jobs, lessen the inflation rates throughout the year, and everything. Thus, having this kind of positive trend as showed in our economic indicator, our nation might be moving ahead than the other emerging & developing countries in Asia and other parts of the world.
"Thumbs-up!" This credit should belongs to His Excellency - Pnoy, the new president and the rest of his administration for seriously doing thier obligations for the people especially to the poor. To recall, on Sept. 23, 2010 Pnoy's entourage were only paying $54 or nearly Php 2,000 for a simple "hotdog-sandwich" lunch in New York City against his predicessor who spent $2,000 or Php 1 Million for a dinner party after attending nomerous meetings with US Officials during her term. Imagine, $54 versus $2,000 spending?It's like taking out a million peso from the taxpayers fund just to spend for a party?
Now, if we will going to weigh the sincerity of the new administration, we could say that we are on the right track of choosing the right people to govern our country. Although, doing what is best for the economy like inviting more foreign investors to pour out thier money in the Philippines is out of question. Why? Because more foreign capital inflows is an sign of a growing economy. But what matters most is, the side effect of the inclining peso to our beloved OFWs. If our currency will continue to appreciate against the dollar, all our "kababayans" working abroad will suffer by this trend. Take a look at the pie for example, you will noticed that some part of it fell to the ground before it will be served to you. Or, to make it more clearly, the rise of peso will slash some part of thier "hard-earned money" once thier beloved families in the Philippines received thier remittances. This is unfair to them. Last year as I remembered, the previous administration was promising to keep the remittances unharm by the unstopable depreciation of dollar, but nothing had done so far. After all, we can think that some people would not dare to put themeselves in the shoes of our economic heroes - our OFWs. But on the lighter side of the story, we have the new administration who would change the course of tide. Let us hope that they will not only do what is the good for the country, but rather do what is best for all Filipinos here and abroad.
