29 March 2013

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Philippines investment grade status and the OFW

Philippines get investment grade status. Would that mean that our economy is indeed stronger than before, that there is more food in every table of ordinary citizen? That employment rate goes down for there is now influx of foreign investors in the country?


From latest developments, peso currency get stronger from 45 pesos from the past 2 years not it has been stable to approximately 40.16, would this be a good indication of better Philippine economy? Or would this be a big financial threat to 12 million ordinary family members of whom their breadwinner is somewhere overseas sending hard earned money by dollars in remittances monthly.



By this year, as of January OFWs’ and Filipino migrants’ remittances rose up to 8.4% to $1.855 billion according to Bangko Sentral ng Pilipinas (BSP).  Steady rise of dollar remittances is expected for there around 2 million waiting for deployment. These remittances will continue to support the country’s financial obligations.



Obviously these remittances from Filipinos working overseas in some way pushed this financial rating institution to upgrade Philippines investment status. But wouldn't this be considered superficial rating? Is there any basis on such rating upgrade where in fact, Philippines still relying on the remittances from the 12 million OFWs’? What will happen if half of the 12 million OFW get home or repatriated from their host countries because of their nationalization employment program.



Being an overseas Filipino worker, I am happy with the investment rating, I am hoping though that there would be more foreign and local investments that could generate more employment in the country. I am hoping that with this investment grade, working overseas will no longer be an option but a choice. 



That the Philippines will no longer rely from the influx of OFWs’ remittances instead there would be more manufacturing companies perhaps managed and operated by our very own citizens wherein there is a solid income that proves Philippines  is indeed worthy of the investment grade.



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