The current foreign exchange rates due to this billion-dollar transaction has several advantages and disadvantages to the Filipino people. Sure, the value of the Philippine Peso went up, but on the other hand, the value of the United States Dollar went down, and I personally believe this holds a significant meaning to us people living in this economy-driven world.
Before we go any further into the topic, let me cite a few of advantages of having a lower dollar value, or rather, the strengthening of the Philippine Peso: 1) Cheaper imported goods 2) Being able to pay off our country's debts to the International Money Fund (IMF) as well as the World Bank and 3) Improved economy for the Philippines. Of course, who wouldn't want their economy to rise? Certainly not me! And I personally love the fact that I can now buy things online at a much lower price than normal. But wait, let us look at things the other way around. What effects would a lower Dollar rate have on us? Personally, I think that while it won't affect us directly, it will affect us in another way.
Let us think about our "modern-day heroes", the Overseas Filipino Workers, otherwise known as the OFWs. They risk their lives, sweat and blood everyday, forcing themselves to be separated from their families just to give their families a chance to live. They work in countries that have better economy and send money here via remittance. The thing about remittance is that the money is sent here in its native currency, so for the people who work and earn U.S. Dollars, as well as the people receiving it, are now on the wrong end of the line. There is less money involved and now, making a living earning the U.S. Dollar is harder than ever.
It is hard enough making a living in this country, what more for those people who had to leave and travel abroad to support theirs? Before we say that one thing is good for us, we should also think about the negative effects it may or may not have on others.
