Arroyo: Gov't is mindful of effects of strong peso

President Gloria Macapagal Arroyo told Filipinos in London on Thursday that her government is mindful of the declining value of their remittances as a consequence of the strengthening of the peso against the dollar. "I want to assure you we are mindful of the impact on our overseas workers of a strong peso as you send remittances home. And we are working on ways to mitigate the impact of the peso on your families’ incomes," she said in an extemporaneous speech before the Filipino community at the ballroom of Dorchester Hotel. Instead of enumerating the steps the administration has taken to soften the impact of a strong peso, the President urged Filipinos overseas to set aside part of their earnings for investments in education and health care, real property, small and medium enterprises and the stock market. “It’s very important that you keep or even enhance your financial freedom during this time of a rising peso. And financial freedom does not stop at having enough funds to sustain a family’s basic necessities," she said. "Accumulating savings is part of financial freedom, sufficient savings and turning this hard-earned money into solid capital that is equally important. So we encouraged OFWs and your families to save and channel their savings into investments," she asserted. At the same time, the President said the rise of the peso shields the country from extreme movements in oil prices. "Pero dahil malakas ang ating piso, kahit na ang lakas ng pag-akyat ng presyo ng langis sa buong mundo, pagdating naman sa presyo ng gasolina sa Pilipinas at transportasyon ay hindi gaano ang pagtaas," she explained. Overseas Filipino workers, particularly those in the Middle East and in Asia, have been complaining against the rise in the prices of basic consumer products and services in the Philippines, simultaneous with the strengthening of the peso against foreign currencies. Because of the continuing strength of the peso against the US dollar, OFWs in the Middle East said the value of the money they have been sending to their families in the Philippines have practically been reduced by at least 20 percent, compared to the time the dollar was at P52 to P56. The peso-dollar rate hit its highest in seven and a half years on Thursday at P41.88:$1. Mrs Arroyo encouraged members of the Filipino community in London to visit the Philippines and to tell their employers about the good news back home. The President took the occasion to instruct Philippine Ambassador to the United Kingdom, Edgardo B. Espiritu, to coordinate with British officials to help some 400 to 600 Filipino caregivers at risk of losing their jobs because they employers could no longer afford the salary increase imposed by the Home Office for workers from non-European Community members. Hundreds of other Filipinos face deportation from the UK because of the Home Office policy of not renewing work visas for senior carers. The President promised that she, along with the senators and congressmen in her delegation, would talk with members of the British Parliament and seek their help for the continued employment of the Filipinos in the UK. Mrs Arroyo said she would tell Queen Elizabeth II during their meeting later Thursday night (Manila time) about the achievements of Filipinos in London, mostly health workers and chefs. "Our OFWs are our day-to-day ambassadors to the UK, and part of our agenda," she said. "We honor and value the contribution of our overseas workers for your sacrifice and dedication to your work, your family and our nation." She also assured the Filipinos that she is focused on programs for the country’s economic development despite attempts to overthrow her government. “I’m very focused like a laser beam. Anuman ang mababasa n’yo sa headlines, I’m focused on the economy. We will not sacrifice long-term gains for short-term political expediency," Mrs Arroyo said. - GMANews.TV