OFWs Call for Remittance Boycott on Nov. 1 & 2

[DonT]

Getting a little bit Hot in here...

Anyway, I do find some sense in moe's posts. I am a OFW's myself and I do consider the current situation as a 'consequence' of being an OFW. I have lost my earning potential by almost 20% and moreover I 'lost' the value of my $ savings as well (actually you only lose it if you change it to peso now).

However, I cannot find the logic behind the boycott. Will it bring us closer to the solution? For me, if a person is really affected by the 20% drop in his earnings, there are 2 things he can do. Ask for an increase in salary or go and find a new job which will give you the much needed 20% increase in income.

I feel its not just proper to twist the arm of the government, economy and the rest of our kababayans just because of this situation. There are always other means. Yun lang po. Cool lang po tayo.

[b1rken5tock]

there are better ways of countering USD/PHP exchange fluctuation.
for OFWs, talo ka lang naman pag nagpapalit/remit ka habang mababa ang dolyar.

This is what I normally do:

1. save enough funds in peso for 4-6 months expenses.
2. if USD rate is very low, i do not remit.
3. if the USD exchange rates is favorable, them i replenish my peso account.

as an individual, i do not have control over the so called GLOBAL FINANCIAL MARKET, but i can control my personal finances/expenses/savings.

i know from experience as an OFW myself, maraming umaasa sa kita ng OFW, pamilya at mag kamag anak. marami rin akong kakilala na mga OFW na napakaluho sa buhay, gastos dito, gastos doon, para bang wala ng bukas at walang katapusan ang dating ng pera (remittance).

karamihan sa mga kilala ko ofw/ non ofw, pag nakakita ng pera sa bank account ang unang pumapasok sa utak ay kung papaano gastusin. bagong celfone, damit, sapatos.. etc...

like what i said, you may not be able to control or influence the currency exchange rate but you can take control of your finances..

IMHO lang po...

[DonT]

^ Great advice there..however..I do not think na tataas pa ulit ang palitan after say 4 or 6 months..kung tumaas lang..it will still not be substantial. I am pretty sure you might have heard of the forecast na 40Pesos to 1 USD. It might even reach to 35 in 2008. I think this deserves a new thread. Anu ba ang dapat gawin natin mga OFW's in view of the strengthening of the Peso.

[VtEC]

it's just a planned or an appeal to a boycott, but like what i've said, as long as the ofw's are not organized this will not prosper.the very problem why ofw's are having thoughts of boycotting is simply because the government keeps on saying that the peso is appreciating but the prices are still ascending.i dont think they will asks for government intervention if the prices on commodities equates the depreciation of $.one more thing, their cry will likewise benefit the low income earners of the country - how?if the government will implement a stricter price control on basic commodities.

[VtEC]

[quote=DonT;946189 I think this deserves a new thread. Anu ba ang dapat gawin natin mga OFW's in view of the strengthening of the Peso. [/quote]

i like this idea.

[teeyoh]

The weak US dollar is a worldwide phenomena the same way as the price of oil (almost 100 USD/barrel). This is the law of supply and demand.
The "demand" is not really real but speculative in nature because of fears that the supply cannot cope with the future market needs. The global political "war scenario" mainly pushes the price of this commodity due to worries of disruptions.

Not so much we can do but anyway at the end of the day it is us who have to take this bitter pill otherwise find another way, IMO lang poh.