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THE
government was urged for the nth time on Thursday to do
more to help the millions of overseas Filipino workers (OFWs)
reeling from the impact of a strong peso continuing to
rise against the dollar.
The call
came from recruitment industry leader Jackson Gan, who
cited the meager sums devoted to help migrant workers
compared with the funds built up by the state from their
contributions.
On the
same day, however, oil- industry officials noted that
the peso’s strength had helped blunt somewhat the
immediate impact on local pump prices of petroleum
products of any sudden spike of world oil prices.
On
Thursday the World Texas Intermediate (WTI) crude index
breached the $100-per-barrel level.
“The
$100-per-barrel price of crude using the WTI is a cause
for concern, but is something not to be worried of in
the immediate term,” Fernando L. Martinez, chairman and
chief executive of Eastern Petroleum Corp. (EPC), told
BusinessMirror in a phone interview.
The EPC
official noted that local oil companies use Dubai crude
for oil refiners—Petron Corp. and Pilipinas Shell
Petroleum Corp.—and/or the Mean of Platts Singapore
(MOPS) for finished petroleum products of oil importers.
Analysts
looking into the
US
economy, according to Martinez, even say that the WTI
breaching the $100-per-barrel level is just a temporary
spike.
The
Department of Energy (DOE) monitoring said that Dubai
crude averaged $89.22 per barrel this month from $83.45
per barrel in December last year.
The DOE
added that MOPS-based gasoline rose to $103.74 per
barrel this month from $96.27 per barrel in December,
while MOPS-based diesel also climbed to $112.73 per
barrel this month from $106.38 per barrel in December
last year.
The
energy department noted that the international contract
price of liquefied petroleum gas dropped to $873.50 per
metric ton this month from $877.50 per metric ton in
December.
Martinez
said the increase in MOPS-based petroleum products is
something to be monitored in the next few days.
“Again,
with the strong peso against the dollar favoring us, in
spite of the increase in MOPS-based petroleum products,
I do not see it having an immediate impact on local pump
prices. If ever, I see that to happen in the latter part
of the month,” said
Martinez.
Meanwhile, an executive of a recruitment industry
association noted the Overseas Workers Welfare
Administration (Owwa) had only spent P45 million of its
P9-billion trust fund earnings intended for projects to
help migrant retirees.
“Programs should now focus on helping OFWs in the loss
of income due to the appreciation of the peso,” said
Jackson Gan, vice president of the Federated Association
of Manpower Exporters.
He said
labor department reintegration projects and the Owwa
have thus not really benefited OFW retirees, so he urged
the government to remedy the situation. He described it
as urgent in the light of the continued depreciation of
the US dollar.
“Since
Owwa has more than P9 billion in its trust fund
accumulated over the past 12 years, the interest alone
of this should be more than enough to fund more
reintegration projects like GoNegosyo and other
admirable investment programs for our OFWs who wish to
retire and reestablish their roots,” said Gan.
He
described as “few and far apart” government projects for
former migrants despite the labor department setting up
a one-stop center providing reintegration services to
former OFWs and their families last year.
Gan
suggested the depreciating dollar could even allow the
government to increase spending to help retiring OFWs
invest in businesses and other projects.
Citing
Owwa’s 2006 annual report, the FAME executive said the
agency released a measly 4 percent of its P1.258-billion
annual budget for reintegration projects—mostly
small-scale stores, social preparations, advocacy and
on-site reintegration seminars.
He added
that while the Development Bank of the Philippines lined
up measures to help migrants protect their dollar
incomes, “tedious” guidelines are making it hard for the
intended OFW beneficiaries.
What is
needed is for DoLE and the Owwa to provide more loans to
retirees and more educational assistance to their
dependents; strengthen its campaign to help OFWs manage
their hard-earned money, among others. |
