Peso’s value now equivalent to only 67 centavos

The quality of life of Filipino working class is heading for the worst as the value of their daily pay in pesos plunged to a measly 67 centavos in December last year, the lowest purchasing power of the local currency since 2008, the Associated Labor Unions (ALU) said.

As a consequence of  the diminishing value of the peso, the purchasing power of the  highest daily minimum wage of P491 also dropped to P363.70 or staggering loss of P127.30 a day.

ALU national executive vice president Gerard Seno cited the latest data from the government’s Bangko Sentral ng Pilipinas and the National Wages and Productivity Commission.

“The diminishing capacity of wage to buy goods and services had been creating a variety of very serious adverse impacts to workers and their families’ daily struggle to meet both ends. For example, workers would resort to cheapest but less nutritious, poor quality food choices. With the lack of good nutrition, their productivity at work is affected,” Seno said in a statement.

The purchasing power of one peso was 90 centavos in 2008, 86 centavos in 2009, 83 centavos in 2010, 79 centavos in 2011, 77 centavos in 2012, 75 centavos in 2013, 72 centavos in 2014 and 71 centavos in 2015.

“One peso can buy you three pieces of candy in 2008. But now that one peso in your pocket can only buy you two pieces of candy. These changes in the value of our money are big deal for millions of rank- and-file workers,” Seno explained./ac

Philippine Daily Inquirer / 04:48 AM January 26, 2017
https://business.inquirer.net/223504/pesos-value-now-equivalent-67-centavos