high low

The Philippines is growing quite well. The peso hits a 7-year high rate at around Php 44.31 versus the US dollar. And to think that it reached almost the Php 60 mark more than a year ago. The Philippine stocks are also setting an all time high record. Businesses in the country are flourishing. Investors are gaining a lot from this growth. The peso is in fact the second best performing currency in Asia, only next to India's. It is no surprise that foreign companies are bullish in investing in the country. HSBC even predicted that the peso will continue to rise by 41-42 by the end of the year. This is a good news for many. Even Pres. Gloria Macapagal-Arroyo herself is proudly saying it to foreign businessmen when she visited the US, China and India in the past weeks. With all the controversy hounding her, the good news of the economy was her weapon against detractors.

On the other hand, this news brings sadness and frustration for millions of the Filipinos. A good and strong economy should be a good sign for all countrymen, but not all are happy. OFW's are one reason why the peso is gaining strength, but they are also affected negatively by it. They remit millions to their families in the Philippines. If before their 100 US dollars is Php 500, now it's just Php 440. Families of OFW's do not really feel happy about the good news of our economy. They now receive less as compared to before. And there are around 10 million OFW's around the globe who are affected by the growth. Very ironic.

OFW's should not feel sad about it. It is true that the value of their money is now low as compared a few years ago, but if this growth continues, then they don't have to work abroad anymore. One must think of the long term development. If this growth continues, then there will be more companies investing in the country, more tourists to visit the country, thus more employment, more infrastructure and a more progressive society awaits everyone. Of course, it will not be an easy ride. It will take time and prayers. A good economy must be also a good sign for the Filipinos, whether they are OFW or not. The country might be inadequate in a lot of things, but at least the economy is improving and with it comes development of the entire nation. Of course, all these depends also on how the country is governed. The economy is high but do people actually feel it?. Well, that's another topic. From now, one still needs to pray for continuous growth.

Who knows tomorrow the peso might reach an 8-year high.