For quite some time, Overseas Filipino Workers here in Singapore have been praying for the exchange rate to increase further. That is, for the Philippine Peso to become more weaker versus the Singapore Dollar. Hence, last week, the Overseas Filipino Workers' prayer have been heard after the exchange rate rose from PhP32.45 to PhP32.60! It is a huge percent difference (8.67%!!!) from its average exchange rate of PhP30 to a Singapore Dollar. With this increase of 8.67%, it is much bigger than the Citibank paylite loan's interest rate of 6.88% (p.a.).
The sudden weakening of the Philippine Peso can be attributed to the appreciation of the oil price at the world market. Since the Philippines is purely importing oils from foreign countries, the Philippines is vulnerable to the oil price hike's impact. With the economic crisis starting to ease up in the first world, the depth of its lashes is just beginning to be felt in the third world(which, sad to say, the Philippines belong.)...
The sudden weakening of the Philippine Peso can be attributed to the appreciation of the oil price at the world market. Since the Philippines is purely importing oils from foreign countries, the Philippines is vulnerable to the oil price hike's impact. With the economic crisis starting to ease up in the first world, the depth of its lashes is just beginning to be felt in the third world(which, sad to say, the Philippines belong.)...
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