Rappler.com reports that a London-based research firm, Capital Economics, has a dire prognostication for the Philippine’s currency. 2019 Philippine Peso Plummet Predicted: P58. While a recent post dealt with the possibility of a 60 to 1 exchange rate vs. the US Dollar, this is the first report I’ve seen of an actual legitimate forecast for a historically low Philippine Peso at 58.
My asawa and I have had a peso savings account with BDO, Banco de Oro, for a couple of years. We established it when my ATM debit card from our bank in the United States expired. At the time we needed to open an account so my sister-in-law from Kuwait, Marjorie, an OFW, Overseas Filipino Worker, could easily send remittances to us. We care for her two children, Shaina and Sherwin. Here’s the story of how BDO screwed up our dollar account in the Philippines.
My international debit card from my bank in the States expired over a year ago. My senior plan with my U.S. Bank offers me free banking without any minimum deposit required. But I couldn't get a new debit card mailed to me in the Philippines so I opted to withdraw our monthly allotment of funds via XOOM.
The unemployment rate in the Philippines increased to 7.3 percent in July 2013 from 7 percent in the same period last year according to a yahoo.news philippines report from the NSO, National Statistics Office.
BDO Unibank Inc. (BDO), the main banking arm of the SM Group, has improved its ranking in the world’s top 1,000 banks list, according to a report by UK-based banking and finance magazine The Banker per a recent article in philSTAR.com Business.
Leading business publication, FinanceAsia, named BDO and Citi as the best banks in the Philippines for 2011 according to a report in philSTARcom. Although the article came out in late June of this year, I thought this topic would be appropriate due to some recent queries I've had from readers regarding personal banking in the Philippines.
Filipina maid Cherry Pie Antaban (love that name) wants to work as a domestic helper in Singapore. My own asawa spent years working in Singapore and Taiwan (see photo) as an Overseas Contract Worker, OCW. The current term for those having overseas jobs is Overseas Filipino Workers, OFWs. The government refers to them as "heroes." Indeed, without the sacrifice these over nine million Filipinos are making, spending years separated from their families in order to send remittances back to their loved ones in the Philippines, the economy of the PH would suffer a tremendous blow. But Cherry Pie is going to a "maid school," a month long government-mandated crash course in domestic duties, something my own spouse didn't have to do, and has to successfully complete her training before she can get a coveted job in a place like Singapore.
Two to three million more Filipinos would have fallen below the poverty line if not for remittances received from Overseas Filipino Workers (OFWs.) That's according to Ernesto Pernia, a former chief economist at the Asian Development Bank (ADB). Pernia said remittances were able to reduce the country’s poverty incidence by 3 to 4 percentage points, which translates to around 2 million to 3 million Filipinos according to an article from the May 4, 2011 online edition of ABS CBN news.com. (photo from Flickr)