Phil Economic Development: a Dream

During the last hardly a(prenominal) age, oft has been said ab forrader how the Filipino Economy is heary for a boom. There is evidence to course toward that boom too. Look at the peso, as we close in on the end of 2007 the peso is standing at practiced b atomic number 18ly more(prenominal) than 40 pesos to the U.S. buck sign. It was just a lucifer of years ago that we got more than 56 Pesos for any Dollar that we traded! That would appear to be a huge blessing for the Filipino sparing. But, it really? Well, when you olfactory perception at it and do a eccentric of analyzing, the hearty Peso is not necessarily a in force(p) thing for the Philippine people. You see, the biggest part of the Philippine economy is gold remitted by afield Filipino Workers (OFWs). These Filipino workers go overseas and work. They send a large percentage of their pelf kinsperson to support their family in the Philippines. Most of the contracts of OFWs atomic number 18 scripted in US Dollars. Three or quad years ago, when an OFW sent kinfolk $100 to his family, they got around P5,600 way of disbursement power! Now, though, when the OFW sends that alike(p) $100 home to his married woman and kids, they pull forbidden scarce P4,000 for it! Thus, the same $100 that he sent home a short while ago, is value 30% little to his family straight off! This is hurting a sight of Filipino families! But, the strong Peso is great for Filipino coursees, in effect(p)? Well, not really.

A bus of export businesses atomic number 18 actually going verboten of business because of the strong Peso! I just read an expression in the paper this break of day that a lot of robes factories in Bula sess are already going out of business. They produce clothes that are exported to the USA. Now, the clothes are more expensive for the US consumer! Basically, the Philippine company has two choices, they feces charge a bring low price in Pesos (this charge the price the same in Dollars), or they can kick upstairs the price. What are the consequences of each swear out? If they keep the price at a constant dollar level, they are only condense 70% of the Pesos that they got a few years ago. This much of a...If you demand to get a beneficial essay, order it on our website: Ordercustompaper.com

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