Friday, 25 February 2011
PHILIPPINES: Dollar's Fall Rocks Far-Flung Families
MABINI, the Philippines—The world's currencies are gyrating, but the strains are being felt beyond financial capitals and corporate boardrooms. Millions of families in developing countries rely on relatives sending dollars, euros and other weakened currencies from abroad to prop up spending at home.
Lorena Baquillos's husband, Jimmy, is one of nearly 10 million Filipinos working around the world. She's managed to open a small grocery here on the money Jimmy sends home as a merchant seaman, but his dollar-based pay is translating into fewer pesos at home than it did a few years ago. Read more