The weakening US dollar may be the most significant problem faced by people like me earning in US dollars but living outside the US. This just simply means that our income decreases as the US dollar weakens its value against our local currency, which in my case is the Philippine Peso. I am sure that most OFWs share my sentiments regarding the decreasing income we are able to spend for our family’s needs.
Since I started working with my current company, the USD to PHP conversion rate had decreased quite a bit. From an exchange rate of US$1 = PHP49, it’s now at a disappointing rate of US$ = PHP43. That is just around 7 months ago. This isn’t really looking good as most financial analysts predicts that the US dollar would continue to weaken against European and Asian currencies . Sad but true in my case.
My dilemma right now is that as a Filipino, shouldn’t I be happy that my own country’s currency is getting stronger which somehow suggests a stronger economy? Is this really the case? How come that the prices of goods remains unchanged? Well, I’m not really sure if the Philippines is really showing signs of prosperity or not. A lot of questions still arises with us Filipinos regarding our economic status. Personally, I’m only seeing more foreign investments coming in and stocks are continuing to increase their value with record highs which might or might not be significant signs of prosperity. I really don’t know but I just hope things would get better for the Philippines, at least in time when my kids already have their own lives to live.
Right now, I won’t worry too much about this. It may be true that in time this continuous US dollar crisis might cripple my source of income, or in time I would really be earning less than most people in my field, but then if that should happen, I would have no regrets I took this path. I am very happy with my work and the freedom it gives me to spend more time to the more important people and things in life than salaries and foreign exchange rates alone. 
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November 11th, 2007 at 3:15 am
It said a good thing for our country because generally we are an import dependent state. Big example is oil. Oil reached USD98 last week and if the dollar weakends againts the peso it will be less a burden to us diba?
Also, Philippines have billions of debts with international orgs, and it will also be an advantage if it will be reduced because of the weakening currency
November 11th, 2007 at 3:20 am
On a sad note, As much as GMA proclaims that economy is stronger and there are less poor people nowadays, here comes the news of a 12 year old girl who committed suicide because of poverty.
That story nearly broke my heart :C
November 16th, 2007 at 9:38 am
Naks! I never really thought you are a fan of news and current affairs, Alex
By the way, there was an update on the 12 year-old girl who committed suicide. Investigators started gathering evidence that points to rape as the reason why she committed suicide and not poverty. In any case, it also breaks my heart for someone so young to have ended her own life.
September 12th, 2008 at 3:43 am
It is truly sad that Corruption continues in the Philippines even into GMA’s office and family. I was present in feb of ’86 when a million Philippinos defied Marcos and marched on Edsa coming to the aid of Minister Enrile and General Fidel Ramos after they defected the corrupt Gov’t of Marcos and his wife Imelda. At that time the ‘peaceful shot’ heard round the world. The Snake of corruption has risen its ugly head again. The relation between, In a forex sense, the USD and the PhP has little to do with the failing economy of the Philippines and more about the weakened dollar staged by the Bush/Cheney team while ripping off Billions of dollars from Americans in the energy sector scam starting in 2004. And sending inflationary spirals around Asia and much of the poor countries of the World. Save as much as you can, stock in rice and walk more.