Tuesday, 21 August 2007

The price of remittances

RODEL RODIS, Philippine News08/15/2007 04:43 PM

Perhaps the major accomplishment of the current Philippine government is the impressive improvement of the economy which has seen the peso increase in value from 54 to 1 under the previous government to the current 45 pesos to 1 dollar, requiring the government to expend less of its resources to pay off its foreign debt, and leaving more money for infrastructure improvements.By all accounts, this improvement in the economy is owed chiefly to the $15-B in remittances that overseas Filipino workers (OFW) annually send back to the Philippines.

But what is the price that OFWs have to pay for these Philippine economy-saving remittances? Two reports about the Philippines, which appeared this past week in the mainstream media, provide us with the answer.
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