Dec. 3, 2013 – Before Typhoon Milenyo hit the Philippines on Sept. 27, 2006, the exchange rate was P53 to $1. After Typhoon Milenyo or about Dec. 2006 the pesos artificially appreciated to P43:$1. TO THIS DAY THE RATE OF P43:$1 REMAINS.
The Typhoon Milenyo went through the Southern Tagalog region including Metro Manila knocking down power lines. Made of copper, the power lines were stolen and now the Lopezes realized that the copper wires they bought in the 1950’s when the exchange rate was P2:$1 would cost a fortune in 2006 dollars! So to MAKE MORE MONEY while replacing the stolen copper wires, Meralco in cahoots with the Philippine government and no small thanks to the INDIFFERENCE OF THE WORLD BANK AND THE REST OF THE WORLD, the pesos was “strengthened” to P43 to $1 where it remained to this day despite the fluctuations of the prices of oil and other imports on the world market.
It is the poor martyr/hero the OFW’s who are getting robbed. Their meager $300 monthly remittance from the Middle East used to be enough to give a family of three to survive. After the exchange rate was fixed, $300 monthly remittance was no longer enough. Some OFW had to get additional jobs just keep up with the fixed unfair rates and TO MAKE THE RICH FILIPINOS RICHER. Now there are 50 richest Filipinos on Forbes Magazine.
Check the peso-dollar exchange rates before and after 9/27/2006. Better yet check the rates from 1948 to 2016. In Jan. 2016 the Phil. Peso depreciated to P48:$1.
