OFWs in Saudi launch online petition for ‘special forex rate’

Because a stronger peso has weakened the value of foreign currencies they earn for their families, overseas Filipino workers based in Jeddah, Saudi Arabia, have launched a campaign to secure from the Philippine government approval of a "special" foreign exchange rate for them. Online news site Arab News (www.arabnews.com) reported Monday that a group of OFWs started an online petition addressed to President Arroyo. The Arab News article was bylined by Romy Tangbawan. In the petition, the OFWs sought a fixed 10-percent premium above the exchange rate prevailing in the market or a flat rate of 50 pesos to $1 be given to "legitimate" OFWs. Once the peso reaches P50 to $1, the premium or flat rate shall be automatically lifted. "The more signatures we get, the better so that our officials in Manila will listen," said Ronnie Abeto, one of the leaders of the V-Team – Advocacy and Community Service group that is spearheading the campaign. Joseph Espiritu, one of the senior leaders of V-Team, said those who have access to the Internet may add their signatures at www.petition.patnubay.com. The petition can also be downloaded from the same site. Abeto noted that as the government has readily offered to grant relief to Philippine exporters of goods, it should also give a little help to OFWs. He added the government had offered to put up a $1-billion stabilization fund through the Development Bank of the Philippines (DBP) for exporters who complained of losses. Abeto asked leaders of all OFW organizations, regardless of persuasion or calling, to print a copy of the petition being passed around by e-mail and help in the campaign. In their letter, the group said the Philippines is an "exporter" of labor that "brings significant benefits to the economy." "Unlike exporter of goods; the government spends only very minimal cost on us, if at all. If government can shell out some funds to benefit exporter of goods, surely they can do the same for more than 8.5 million OFWs and nearly 25 million family members back home," the letter said. "Ito na ang pagkakataon nating magkaisa para pakinggan ng mga nasa poder sa Maynila ang boses natin (Here's a good chance for us to speak as one so that the powers-that-be in Manila will listen to us)," he said. The OFWs said the peso's "rise" "certainly hurt our family's budget and the over-all spending power of OFWs." "The extent of this reduction on OFW spending power caused by decreased remittances is magnified even more by the consequent rising of prices of commodities which ironically should have decreased, if not stabilized due to the strengthening of the peso. Now, not only our families suffer from decreased budget but also from increased prices," it said. It added that while many OFWs are considering returning home due to the peso's strengthening, returning home for good "does not appear to be an attractive option either." "Our life abroad and the life of our families back home gets harder with the continuing rise of the peso. Our families have to manage smaller budget against increased prices and we have to work longer hours and cut expenses to be able to remit more dollars. Our common goal for a shorter timeline of working away from loved ones has no doubt been lengthened. With the peso hovering around P44-P45 a dollar, it will now take us longer to achieve our plans of saving to build livelihood, if not impossible," the letter lamented. The petition proposed that the government put up a stabilization fund similar to that conceived for exporters, and enter into a collective "Forward Contract or Currency Options" with financial institutions to shield future dollar remittances against sudden unfavorable peso appreciation while taking advantage of exchange rate movement that favors OFWs. It also said OFWs would be willing to send representatives to a committee to draft the implementing guidelines or provide input. "Our families have enough to suffer from us being detached from them. From the fear of letting time and distance tear us apart. From the fear of us coming home one day defeated. Do not allow those suffering be compounded by fear of us losing what we have sacrificed for because our dollar earnings is being dwarfed by an unjustifiably fast-paced and unrestrained peso appreciation," it said. - GMANews.TV