Read this closely, Folks. Again the great, regular and unfailing contribution of the OFWs to our economy, to earnings and foreign exchange reserves is NOT recognized. But OFW Remittances actually comprise the bulk of the funds vaguely designated as “net foreign currency deposits by the Bureau of the Treasury.” Take note of the last paragraph: “BSP Deputy Governor Diwa C. Guinigundo said the official forecast for the Philippines yearend reserves was up for review. He said massive outflow of foreign exchange in the form of investments at the start of the year might result in a more ““conservative”” forecast.” How will this massive outflow affect the strength of the peso, the status of the economy, and the prices of prime commodities? Is this massive outflow the reason for the steep jump in the prices of commodities in the past several weeks? [M]assive outflow of foreign exchange in the form of investments at the start of the year ...??? Is this true? Were it not printed here, I can scarcely believe it. In the first place, don’t we need investments in the country? Why should the money be taken outside and invested there? No Dollar and Euro salting in foreign accounts abroad? Anong klase ba itong mga lideres natin, mga Kababayan? Haay nakuu... Anyway, we ought to know how much is being invested abroad, who are investing them, and which country! We need that money for investments here, first priority Philippines, don’t you think so, Folks? betterphils.blogspot/2014/07/philippines-gross-reserves-rise-up-to.html
Posted on: Sat, 19 Jul 2014 06:04:16 +0000
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