Cost of goods offsets higher dollar value for OFW families

Families of overseas Filipino workers (OFWs) may be getting extra cash these days dues to the higher value of the dollar sent by their loved ones. But they said the rising prices of goods and services also demand an increase in their budget for expenses.

According to Lei Alviz’s “24 Oras” report on Friday, Greis Luceña's husband works as a chef abroad and earns dollars.

“Mas capable of buying things pero sa taas ng presyo ngayon ng bilihin parang parehas lang hindi masyadong ramdam,' Luceña said.

"Sa ano po paggrocery yung budget mo dati P2,500, [nasa] P4,000 na ngayon so parang kahit lumaki yung hawak mong pera, malaki rin yung gastos,” Luceña said.

Meanwhile, some businessmen need to find new strategies so as not to be affected by the higher dollar value.

“Tumaas yung cost like more than 10% then but ang problem hindi rin namin mataasan yung selling price namin because of competition,” businessman Armando Dagdag said.

The Philippine peso hit a new all-time low against the US dollar on Friday as the greenback rallied amid a hawkish US Federal Reserve.

The local currency lost 35 centavos from Thursday’s finish of P56.42:$1 to close at P56.77:$1 on Friday.

This is a new record low for the local unit, surpassing the earlier all-time low of P56.45:$1 on October 14, 2004.

The Bangkok Sentral ng Pilipinas is expected to act to prevent the rising inflation .

“Ang Pilipinas ay not importing country so mas ramdam talaga, diba mas marami tayong iniimport k?sa inexport so ang epekto ng paghina ng peso mas tataas yung presyo ng bilihin lalo na yung inaangkat natin,”

“Kailangan din talagang bantayan mabuti yan yung exchange rate kinakailangan mas stable siya. Mayroon din naman kasi silang tools para stabilize yan,” Michael Ricafort, chief economist of RCBC, said.

GMA News sought comment from the Bangkok Sentral ng Pilipinas regarding the matter.—Richa Noriega/LDF, GMA News