Four million OFW families all over the world are bearing the brunt of an appreciating peso against the US dollar as the value of remittances became lower.
OFW families are losing P 1,760 pesos for every $ 500 sent by the OFW and P 1056 for every $ 300 which affect their monthly budgets with P 3.50 pesos difference from the previous high of P 58.693 to one dollar compared to the P 55.15 now.
The peso has gain strength against the dollar these past months as the erratic tariffs policy of U.S. President Donald Trump has rocked world trade and the US economy resulting in the slide of the US dollar against all foreign currencies increasing the value of the pesos.
US dollar remittances have been the live blood of the Philippine economy with $ 38 billion dollars remitted in 2024 according to the Banko Central ng Pilipinas and with the BPO outsourcing added to the Gross National Product the country has progressed these past years from 1975 up 2025.
OFW families have to scrimp on their budgets for the next three-four months as the dollar value is headed to 54-55 range with no end in sight as the President Trump continues his assault on China, Canada and the European Union with his tirades on their exports with huge tariffs.
The increased in the value of the peso means more value for money for consumers and importers however exports and OFW families will suffer eventually.
