Monday, September 1, 2008

Peso vs. Dollar

Here we are again. There was so much jubilation about our currency performing better against the dollar these previous months. Economic experts attributed the strength of the peso to the dollar remittances of overseas contract workers. Ironically, it had backlash on the income of the OFWs when they exchanged their dollar to peso. The export sector also expressed concern over the performance of peso. Remember that they pay in dollars for their exports. But recently, news have it that the dollar is springing up against the peso. OFWs and export sector will definitely benefit from this. But for the majority of the Filipino people, the increase in the value of dollar against the peso is an additional economic burden. That means, more mouths will go hungry, more Filipinos will have no homes to call, unemployment will be severe, more youth out of school, health condition of the people to worsen, etc.

The cartoon was drawn years back but shows relevance to the current state of affairs of our economy.