Returning OFWs save day for economy anew — Arroyo

Dollar remittances from overseas Filipino workers (OFWs) have again saved the day for the peso.

The seasonal homecoming of tens of thousands of OFWs for Christmas with their families and the greenbacks they brought with them have helped the peso recover from its tailspin over the past weeks. The peso is now trading at an average of 55.20 to $1.

In an official statement released by Malacañang yesterday, President Arroyo said the Palace is "preparing a grand welcome" for returning OFWs over the holidays to honor them as the country’s modern-day heroes.

"It’s during the holiday season that we truly appreciate the meaningful contribution of our OFWs to our economy, as well as the joy they bring their families," the President said.

"Investments are doing well and our growth rate is steady, beefed up by the surge of overseas remittances," Mrs. Arroyo said. She failed to cite, however, how much these remittances are.

In recognition of the economic contribution of OFW dollar earnings and remittances, the President announced that she will host a pre-Christmas reception with OFW communities in Tokyo, Hong Kong and Bahrain. The President begins her overseas sorties today.

"This is one reason why I am traveling to Japan, Hong Kong and Bahrain over the next few days — to see our OFWs and express our gratitude for their being there for our country and our people," she said.

"We are also preparing a grand welcome for those who are coming home and we would like them and their families to know that we deeply appreciate their contributions and their sacrifices for our country," she added.

In the last week of November, the peso plummeted to a record low of 55.730 to the dollar, a nose-dive blamed on political uncertainties in the country related to the declaration of actor Fernando Poe Jr.’s presidential bid.

The President remains optimistic that the third quarter growth in the country’s gross domestic product (GDP) will be sustained for the rest of the year.

"I am aware of the partisan developments going (on) around us, but my mind is more focused on the year-end prospects of the economy and how this will carry us into the next year," she said.

The President also reiterated her warning for dollar speculators to stop their profiteering activities, even as she reassured the public that the country’s strong macro-economic fundamentals will prop up the peso despite election-related political uncertainties.