Higher Value of a Dollar Equates Benefits to Hardworking OFWs and Other Sectors

As Filipinos, it is normal for us to cringe at the idea that the dollar’s value is getting higher than ours.

It is the fear of the preconceived notion that our economy is declining in the global economy where stock exchange is getting riskier by the second that led many investors to lose millions. Instead of cursing the exchange rates between the dollar and the peso, let us understand the benefits of the increase of the dollar rate to our countrymen.

According to a post by Manny Piñol’s facebook pagethat is ran by Emmanuel F. Piñol, Secretary of Agriculture and former Governor of North Cotabato, three sectors in our country will benefit from the increase of the dollar rate. These are the Overseas Filipino Workers (OWFs), the farmers, and fisherfolks and exporters. The sector that is affected much by the increase of the dollar rate are the big manufacturers that are using imported materials in their products that they will export.

The trade in the local industry will benefit because it will require more dollars. “As the value of the US Dollar increases over the Philippine peso, the importation of food items now would require more US dollars, a development which would give local products an edge,”Piñol stated. Families of OFWs will benefit because there will be an increase in their remittance. If you are an OFW, you will be thankful of the increase of dollar because you have worked with blood and sweat. The value of your savings will increase when you exchanged your dollars into pesos in the Philippines. According to Piñol, there will be an increase of prices of fuel and gas, but it will be “minimal.” We shouldn’t be angry and fearful regarding the increase of the dollar rate when we will realize the value and benefits it provides to a grander scale among families.

What we should be worrying about is the unemployment rate of our country because new graduates are unable to secure jobs yet, but don’t fret too much because according to a survey conducted by the Social Weather Stations (SWS), unemployment rate fell to 4.7 percent in the fourth quarter of 2016 from 5.4 percent in the September quarter.

(Royanni Miel M. Hontucan)

Featured image from: Philippines Lifestyle News