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Almost half a million Filipino seafarers and their families are now reportedly reeling from the continuing appreciation of the peso and low exchange rates from their manning agencies.

Various groups of seafarers complained yesterday that families of most Filipino seamen are not getting the right allotment because the Philippine Overseas Employment Administration (POEA) has not come out with specific policy on foreign exchange rates.

Capt. Reynaldo Valeros, Crewing Managers Association (CMAP) president, said in the absence of specific policy on allotments and exchange rates, manning agencies adopt their own exchange rates to the disadvantage of Filipino seafarers.

“With this situation, manning agencies can easily earn up to a maximum of two to three pesos to a dollar per remittance per seafarer,” he said.

“Multiplied that many times over, depending on remittance volume, results in some kind of underpayment to seafarers and their families.”

Valeros said manning agencies convert the dollar remittances of seafarers on board international vessels before giving the money to their families.

“The manning agencies reason out dollar depreciation, bank charges, remittance cost, among others for the changing value of allotment,” he said.

Nestor Vargas, Seamen’s party vice president, said Filipino seafarers suffer not only from the adverse effects of the peso’s appreciation, but from under conversion by manning agencies.

“Under conversion of the allotment not only jeopardizes the welfare of the families of OFWs but is also tantamount to criminal offense,” he said.

The group of seafarers called on the Philippine Overseas Employment Administration (POEA) to come out with a specific policy on allotments and exchange rates, especially with the continuing appreciation of the peso.

A clear policy on allotments and exchange rates will benefit not only the 400,000 Filipino seafarers serving on board foreign vessels worldwide, but also their families, the groups said. – Mayen Jaymalin