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| 17 March, 2018

Filipino expats in Oman cheer as peso slide boosts remittances

The peso is currently at its lowest level in a decade

A Philippines Peso note is seen in this picture illustration June 2, 2017.

A Philippines Peso note is seen in this picture illustration June 2, 2017.

Reuters/Thomas White/Illustration

Muscat: Filipino residents based in Oman are happy with the slump in the market price of the Philippine peso.

Mylene Garcia, 37, who works as a personal trainer at one of the private gyms in Muscat said it’s an opportune time to lock in more pesos into her Philippine savings account so she has more money to spend when she visits Manila in June this year.

“I have planned my annual trip during Eid holidays this year. I am excited that with the decline in the market price of peso I will be able to cash more money back home and enjoy the holidays to the fullest with my two daughters.”

Jessica Edwards, 24, a domestic helper in Sohar, said that the decline in the peso is helping defray her family’s household expenses.

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“With the drop in the currency value, my family will be able to get more money that will help us to pay off the loan as well as handle other expenditures.”

“Thankfully, I have saved a good amount in the last few months since I moved from Muscat to Sohar and will be doing the money transaction soon,” said Edwards who recently started working as a full-time domestic helper.

Furthermore, Philip Lopez Ines, 36, a graphic designer, is being driven by the weaker peso to invest more back home in terms of property and mutual funds. “My Vigan-based family gets to enjoy higher remittance, while I have more investment options given the extra cash generated by the favorable exchange rate,” said Ines, who has been working in Muscat for more than a decade.

“It has definitely encouraged me to invest more back home given the slight improvement and the positive outlook on the country’s economy.”

The currency’s slide is triggering Filipinos to send more money home, fueling consumption and economic growth in the Sultanate.

Last April, one Omani Riyal could buy you 130 Philippine pesos while today, the same amount can get you 134 pesos.

“Peso is currently seen in its lowest level after a decade. The weakness can be attributed to the dollar strengthening and we feel that the trend will continue for coming days as well,” informed Boban MP, CEO, Oman UAE Exchange.

“Peso sliding further owing to domestic and international factors. The continued fall of peso is a boon to overseas Filipino workers in Oman, and we usually see Filipinos remit more money in such situations,” added MP.

Furthermore, a spokes person from Majan Exchange also informed that the rates are expected to decline further considering the political stability in the country.

“We have already noticed a slight variation in the remittances sent to Philippines since the drop in the value of the currency.”

In value terms, the Philippines was the world’s largest remittance recipient after India and China in 2016, according to the world bank.

The inflows are the largest source of foreign income for the Philippines after exports. (Times News Service)

© Muscat Media Group Provided by SyndiGate Media Inc. (Syndigate.info).