Fixed Peso Rate for OFW's?

Monday, September 3, 2007 |

I just keep seeing this on Google when I type in forex and the Philippines.

What the people behingd this "thing" are proposing is that the government would have a $1billion fund that would be used to artificially keep the peso down.

My analogy for this proposal is this:
Imagine a football field where on one team there is just one guy to protect his part of the field while on the other team there are 12 guys all lined up ready to tackle him one by one.

I think that one guy could last for some time but eventually he would retreat and run for the dugout or just plain drop dead.

That one guy is the $1billion stabilization fund and the 12 guys is the $12billion and still growing OFW remittances that come in for a year.

How can you stop us Pinoy OFW's from sending money to the Philippines? Think about that.

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