ABS-CBN News reports calls by an OFW group seeking balance on strong peso.
"Members of overseas Filipino worker (OFW) group Migrante in Saudi Arabia called on the Philippine government, specifically the Finance department, to help balance the strong peso and scrap the Oil Deregulation Law to help Filipino workers get more out of their income.
This came after Finance Secretary Margarito Teves announced on Wednesday measures to slow down the strength of the peso.
"Even as we welcome recent moves by the Department of Finance (DOF) to balance the strong peso by adjusting the denomination of foreign loans, we believe it still wouldn't be enough as long as prices of basic commodities continue to rise fueled by the oil deregulation law," said A. M. Ociones, Migrante coordinator in Saudi Arabia.
In the statement, Migrante welcomed the moves by the government to abate the strength of the peso, which include increasing the share of peso-denominated foreign borrowings in 2008 and the issuance of an additional P20 million government securities."
No comments:
Post a Comment