Monday, December 24, 2007
OFW clan learns to stretch funds as peso keeps rising
By Nancy R. Cudis
Sun.Star Staff Reporter
FOR the family of overseas Filipino worker (OFW) Charle Garcia, Christmas this year will be different.
Before, they usually spent just about enough. This year, they will spend even less, having prepared only for the children’s Family Day in school.
They are waiting for the New Year to mark the occasion at home, when the family’s finances will then be able to cover a simple celebration.
This is one of their means of “stretching their budget,” as the peso continues to rise against the US dollar.
Stretching the budget also means that the wife will have to explore opportunities to augment the salary her husband sends home. The children will be getting a modest weekly allowance, and family trips will be scheduled and tightly budgeted.
“We are happy that the economy is doing well. But the problem for us OFW families is that while the value of the salaries of our husbands or relatives working abroad is decreasing, the prices of commodities here are either the same or increasing,” lamented Charle’s 39-year-old wife Junamil.
The Garcia family’s situation illustrates the hardships a strong peso has wrought on the families of some eight million Filipinos who work abroad. The remittances they send to the Philippines—projected to hit US$16 billion this year—are the fourth largest worldwide, after India, Mexico and China.
Charle, 45, has worked as a seaman for the past 20 years. He is currently based in Norway.
He and his wife have five children-Caryl June, 17; Christine June, 15; Camille June, 14; John Carlo, nine; and James Carlo, two. The family resides in Barangay Paknaan, Mandaue City.
Even the children could tell the difference in their family’s finances.
“We can feel it because we are raised to value our money. Before, when we went out to shop for groceries, our P2,000 could buy so many things. Now, our budget of P4,000 can buy only the same as what our P2,000 used to pay for,” said Caryl, who gets a P500 weekly allowance as a first-year Information Technology student in the University of Cebu.
Saved
John Carlo, who celebrated his birthday last Dec. 19, merely asked for a Chickenjoy meal at Jollibee.
Fortunately, the Garcia family managed to invest a little when the exchange rate was favorable: projects such as an additional memorial plan and a new car.
Despite the rising peso, Junamil manages to continue paying for their projects, maintenance and other bills. However, her budget no longer spares anything for emergencies, compelling her to rely on government services for medical benefits.
To assist her husband, she is slowly going back into the catering business, which she left about eight years ago when she had a miscarriage. She is one of the owners of Marc and Mattheaus House of Pastries.
Kids’ help
“My children are helping me sell because they know the real financial condition of the family. Each time they want to spend on things that they don’t need, I ask them to think of their father, a family man, who works really hard out there. Even our trips are budgeted for a minimum of P1,000 because we are a big family,” said Junamil.
While she is also encouraging her daughters to look for scholarship grants and to budget their allowance well, she said she would welcome any effort from the government to help OFW families.
“I know this is very hard for us, not just our family, but also other OFW families but I believe we can pass this crisis. For now, let us stay positive, stretch our budget, consider well our expenditures and tell our children the truth about our finances, so that they will understand and be able to help,” she said.
For Bisaya stories from Cebu. Click here. (December 24, 2007 issue)
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