MANILA, Philippines – The value of the Philippine peso against the US dollar has been tumbling. On Friday, September 16, the peso reached its all-time-low of P57.43 against the US dollar.
That’s good news for overseas Filipino workers (OFWs) who remit salaries in dollars, right? Wrong.
Households relying on overseas remittances may at first welcome a devalued peso. But income gains are quickly lost as prices of food and other goods also soar. Parents and breadwinners also have to deal with the new normal in face-to-face classes, as they adjust to new expenses to keep their children fed and in school. (IN CHARTS: Weak peso, high prices, shortages test Marcos economic agenda)
A common notion of migrant Filipino workers is that they will now be able to earn high wages and give their families at home a good life. But is this the reality?
In this episode of At Home sa Abroad: Stories of overseas Filipinos, Rappler researcher-writer Michelle Abad sits down with two OFWs – Lia Quirante, a domestic worker in Hong Kong, and Migs Lizaso, a babysitter based in Switzerland – to find out how the local economic crisis affects Filipinos abroad providing for their loved ones at home.
At Home sa Abroad: Stories of overseas Filipinos is Rappler’s one-stop video podcast for all things Filipino diaspora. – Rappler.com