26
filipino globe
money matters June 2008
Press ahead with those business
plans now that the peso is weak
I
f you are smiling again because
OFWWISE
time to be a bit more aggressive in
your remittance is yielding more
pesos, don’t be overjoyed just
be your own boss
manufacturing more volume and
selling them at the soonest possible
yet. It may be temporary until the time.
year-end. Your export price will again be
The peso has been depreciating attractive in overseas markets.
for the past few weeks due to rising Those making Christmas lanterns,
inflation in the country. Experts say
Herbie
for example, should book orders
many OFWs have been holding back
Sancianco
early while the product remains
their remittances until the last minute perceptively cheap, allowing for
in light of the new school year that inventory build-up overseas. Use the
requires attention to tuition fees and internet to generate those forward
other expenses. away for a rainy day. There is a orders.
The financial gurus forecast that greater need now than ever to tell If you are involved in a Pinoy
the peso will remain weak until the your Philippine beneficiaries to restaurant business in your host
end of the year. They say that the spend more wisely. country, which is mainly serving the
peso’s average exchange rate will hit Loans to relatives and friends need Pinoy expats there, now is the time to
the P46 level. That is more than 25 to be put on hold since oftentimes, stock up on your native ingredients
per centlower than when it started at these loans are not repaid on time because you can buy more now
P40 to the greenback in January. or at the full amount that you gave during this period. This will help you
As your hard-earned income is them. keep your prices affordable while
now again able to translate into more If you have been postponing your increasing your profit.
money that you can send home, you plan to set up a small business to Finally, do your job well, so that
have to realize that the peso buying support the budgeted expenditures you can continue to earn foreign
Officials are forecasting continued growth in deployment with world markets favoring Filipino workers. Meantime, the peso has slumped 6pc in recent months.
power is not equivalent to more of your famly without increasing the exchange. But if your employer is
goods and services that your higher amount of money that you need to affected by the global downturn now
remittance proceeds can buy because remit, now is the time to make that happening, try to get a new job as
inflation is causing their prices to happen. soon as possible.
rise. Many businesses which offer good
Inflows hit record, peso slumps
It’s time you put more money into franchise packages should be your
Herbie Sancianco is a professor in
your Philippine savings account. first stop.
the graduate school for continuing
This way, should the peso appreciate If you are a partner in an export-
education, De La Salle College of
again, there is more money tucked oriented small business, now is the
St Benilde, Manila
Remittances on course to top US$15b as OFW deployment up 40pc so far this year
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