The remittances of these Overseas Filipino Workers (OFWs) have also made the Philippine Peso the best-performing currency in Asia. From last year’s 56 pesos, a dollar now buys less than 42 pesos. It is expected that the Philippines Peso will reach the 38-level by 2008. This prediction was actually made by no less than the chief investment officer of the company I work for.

The above figures may seem very positive but if we’ll look at it closely we will realize that the very people who have made these good things possible are at the losing end. Consider a domestic helper who earns US$450 monthly. Assuming she remits 80% of her total monthly income, that would give her family in the Philippines around Php20,000 at last year’s rate. Using the current exchange rate, it would only give them roughly Php15,000. I just can’t imagine the effect of the appreciation of the peso to these disadvantaged people when it hits the 38-level next year.

If this trend will continue in the coming years, I believe the number of Filipinos leaving the country will start to decrease. I don’t know when but it will surely come. I just hope that when that time comes, the Philippine government is ready and equipped to create new jobs for our Kababayans.