Gov’t urges OFWs to look for additional income sources

MANILA, Philippines - Amid the continuing appreciation of the peso, the government yesterday urged overseas Filipino workers (OFWs) to seek additional sources of income to help them cope with the dwindling value of the dollar.

Labor Secretary Rosalinda Baldoz said “there are available options for OFWs and their families, like the government’s reintegration program that offers skills trainings and grants.”

A lot of OFWs are now holding on to their dollars and opting not to send money to their relatives in the Philippines, hoping that the value of dollar would still appreciate.

Teresita Gallardo, who has been working as household service worker (HSW) in Hong Kong, said some of her kababayans have been keeping their dollars for months.

“Some keep their dollars as long as three months before they send it home, thinking that the foreign exchange would still go up,” Gallardo told The STAR.

She also noted that OFWs also failed to enjoy the increase in their salaries because of the dollar depreciation.

Baldoz admitted that many OFWs are now experiencing financial difficulty because of the continuing appreciation of the peso against the dollar.

“Our OFWs really have to make big adjustments and make some sacrifices because their purchasing power is affected due to the continuing erosion in the value of dollars as well as the prevailing economic crisis in some host countries,” she said.

Recruitment industry officials said the value of the dollar has been declining for the past years and has severely affected families of OFWs.