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Another distinct feature of Philippines labor

is the growth of laborers whom we call the OFWs


or the Overseas Filipino Workers. Primarily because
of a high unemployment rate in the country
,currently at 6. 4 % , Filipinos have started to find
work in other countries .
In addition to this , migration is also affected
by wage gaps among countries . Because wages
are higher in the United States and other more
developed economies
Filipino teachers , engineers , doctors , nurse
and other health professionals and technical
workers have opted to migrate .So, even if
the supply of doctors in the country may be
limited , because of the higher wages
abroad , some doctors prefer to migrate and
work in foreign countries . In 2014 , there
were 2,320 , 000 registered OFWs
Region 3.3

Both Sexes Male Female


Philippines 2, 320 1,149 1,170
NCR 10. 5 12.5 8.6

CAR 2.2 1.6 2.91


I – ILOCOS 8.2 6.4 9.9
REGION
II. CAGAYAN 6.7 3.9 9.5
VALLEY
III. CENTRAL 15.5 18.6 12.4
LUZON
IV A. 17.9 20.7 15.1
CALABARZON
IV B - MIMAROPA 2.1 2.5 1.6
V – BICOL REGION
3.4 3.3 3.6
VI – WESTERN
VISAYAS
8.6 8.4 8.7
VII – CENTYRAL
VIDSAYAS
6.5 8.8 .4
VIII- EASTERN
VISAYAS
1.1 1.2 1.1
IX - ZAMBOANGA
PENINSULA
2.6 2.3 2.4
X-NORTHEN
MINDANAO
3.4 3.3 3.6
XI – DAVAO REGION
2.7 1.5 3.9
XII SOCCSKSARGEN
4.6 2.3 6.9
CARAGA
2.0 1.8 2.1
ARMM
1.8 1.0 2.7
Scattered all over the world , our overseas Filipino workers
have been hailed as our modern – day heroes , contributing to the
growth of the economy and sending millions of dollars to their
families back home in the Philippines . The lack of jobs in their native
land , and the low wages for whatever jobs are available are the main
reasons Filipinos , both male and female , try to find work in foreign
countries . Oversupply of workers has resulted in low – wage levels .
Insufficient jobs in relation to the available labor supply has also led
to these low- wage levels since workers compete among each other
for these limited job openings . Those unwilling to work at these low –
wage levels look for greener pastures , which they find in foreign
countries .They do a wide variety of jobs : professionals , health
workers , caregivers , engineers , and construction workers ,
entertainers and teachers .
Trading with other countries is also an
important economic activity that impacts on the
economy . Selling locally made products called
export means we earn dollars as payment for
these goods bought by foreign buyers . In the
same manner , we buy goods from other
countries and these are our imports . When we
trade with other countries , we need a common
currency to use to pay for goods we buy from
them and for them to pay us for goods we sell
to them . When we travel to foreign countries ,
we may bring peso or the US dollar , then
convert them into the local currency of the
country which we visit .
The rate conversion of the
Philippines peso to a foreign currency is
reflected in the exchange rate . If we
have pesos that we need to convert into
dollars , we need to know the currency
exchange rate . These rates are
dependent on the working of demand for
and supply of the currency in the market
.
Bangko Sentral ng Pilipinas
Treasury Department
References Exchange Rate Bulletin 17 A2015 16 Apr 15
COUNTRY UNIT SYMBOL EURO US.DOLA PHIL.
R PESO
EQUIVAL
ENT
I. CONVERTIBLE CURRENCIES WITH BANGKO SENTRAL

1 UNITED STATES DOLLAR USD 0.929195 1.000000 44.412000

2 JAPAN YEN JPY 0.007802 0.008396 0.372900

3 UNITED POUND GBP 1.387289 1.493000 66.307100


KINGDOM
4 HONGKONG DOLLAR HKD 0.119876 0.129011 5.729600

5 SWITZERLAND FRANC CHF 0.971555 1.045588 46.436700

6 CANADA DOLLAR CAD 0.762073 0.820143 36.424200


7 SINGAPORE DOLLAR SGD 0.688344 0.740796 32.900200

8 AUSTRALIA DOLLAR AUD 0.724236 0.779423 34.6156700

9 BAHRAIN DINAR BHD 2.465363 2.653224 117.835000

10 KUWAIT DINAR KWD


11 SAUDI ARABIA RIAL SAR 0.247779 0.266660 11.842900

12 BRUNIE DOLLAR BND 0.685804 0.738062 0.003500

13 INDONESIA RUPIAH IDR 0.000072 0.000078 21.370700

14 THAILAND BAHT THB 0.028679 0.030864 1.370700

15 UNITED ARAB DIRHAM AED 0.252980 0.272257 12.091500


EMIRATES

16 CHINA YUAN CNY 0.149950 0.161376 7.167000

17 KOREA WON KRW 0.000855 0.000920 0.040900

18 EUROPEAN EURO EUR 1.000000 1.076200 47.796200


MONETARY
UNION
Table 2.9 lists the various currencies into which the
Philippines peso is convertible . The most commonly
traded currency in the world is the US dollar
.Before the united States economy experienced
economic recession in 2008 to 2010 , the dollar had
a very high value in the market . In the Philippines ,
the dollar was at its highest when we needed 55 to
buy one dollar .Today , the exchange has gone
down to the level of 44 to 45 per dollar . This
likewise the effect of the working of demand and
supply in the market .When the supply of a currency
increases , its value tends to decrease and we pay a
lower price for it . When the demand for foreign
currency increases , its value will increase and we
pay a higher price for it .
We need foreign currencies to trade with
other countries .When we buy imported brands
like Nestle Chocolates , Prada bags or Nike
shoes , the imports pay for these in the
currency of the country from which we buy
these goods . When we visit England to see
the famous London bridge for to visit the
Westminster Abbey , to catch a glimpse of
Prince William or Prince Harry , and then go
shopping at their popular department store
Harrods , we need to exchange our money into
British pounds so we can enjoy doing all of
these.
Questions ???