Is the Forex a good basis in gauging the economic status? About a year ago, the Philippine peso rate against the US dollar was around P55.00: USD1.00. Today, the Peso-Dollar exchange rate closed at P41.240: USD1.00.
Goodness, gracious!
Why am I freaking out when the Peso appreciates? My salary is in Peso which should ideally mean that my buying power will become stronger.
Top four freaking reasons:
1. Impending oil price hike - this has prompted a nationwide strike among public transport drivers today. The strike was hardly felt though because there are still some drivers who went on their usual plight. They still have mouths to feed at the end of the day and no one could blame them for not participating.
2. Pandesal's (famous bread mostly consumed for breakfast here in the country) cost will increase from P1.00 to P2.50 each due to the continued increase in the cost of wheat, flour and other ingredients. This means that bakery products will also rise. As a proof, my favorite whole wheat bread's price surged from P54++ to P59++.
Funny thing is, On the lighter note, Fact is, Simplicio P. Umali Jr., president of Philippine Baking Industry Group, said "Flour prices could have been higher if not for the continued appreciation of the peso against the dollar,"
Oh well, thank you - NOT!
3. Manila Electric Co. (Meralco) will hike power charges by 6 centavos per kilowatt hour.
4. Manila Water Co. Inc. will raise its water rates beginning Jan. 1, 2008.
So I guess, what goes up will stay up and continue to go up and will never ever give up and never take a nosedive.
Surely, there is something wrong somewhere.
Nancy Drew, where are you?
photo source: pandesalkape
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