MANILA, Philippines – Exporters expressed dismay yesterday over the plan of the government to issue bonds specifically for overseas Filipino workers (OFWs).
In an interview, Philippine Exporters Confederation Inc. (Philexport) president Sergio Ortiz-Luis said that the bond will not really benefit OFWs but people who have savings.
“They are just using the OFWs. We don’t believe that their target are OFWs,” Ortiz-Luis said.
He explained that the bond issue, which is scheduled in April, will make the peso stronger against the dollar. This means that the dollars earned by OFWs will now have a lesser value given the low exchange rate.
“It would be like shooting themselves on the foot. Why would they sacrifice their earnings for a very small interest,” Ortiz-Luis said.
“If the peso is strong, then the money earned by OFWs when converted to peso will be smaller when compared to the value of their overseas income when the exchange rate is high,” Ortiz-Luis added.
“I think they are just using the name OFW bond to make it sound better but if you ask the OFWs if they will avail most of them will say no,” Ortiz-Luis said.
He said that the money of OFWs is mainly used to purchase everyday needs. He said OFW money fuel consumer spending. This means that it does not go into savings, investments or even bond buying.
Earlier, the Treasury Department said they can sell up to $500 million of dollar and euro-denominated debt to OFWs. In January, the government has sold $1.5 billion worth of global bonds and $1.1 billion worth of Samurai bonds in February. –Ma. Elisa P. Osorio (The Philippine Star)
It’s women’s month!
“Support women every day of the year!”
Invoke Article 33 of the ILO constitution
against the military junta in Myanmar to carry out the 2021 ILO Commission of Inquiry recommendations against serious violations of Forced Labour and Freedom of Association protocols.
Accept National Unity Government
(NUG) of Myanmar.
Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week
Women’s Week
Week 3: Philippine Industry and Made-in-the-Philippines
Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
Mar 4— Employee Appreciation Day
Mar 15 — World Consumer Rights Day
Mar 18 — Global Recycling Day
Mar 21 — International Day for the Elimination of Racial Discrimination
Mar 23 — International Day for the Right to the Truth concerning Gross Human Rights Violations and for the Dignity of Victims
Mar 25 — International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade
Mar 27 — Earth Hour
