Can you believe that even the peso-dollar exchange rate dropped at least P9.00 since January this year, OWWA didn’t even adopt the new rate? All I can say is DAMN!!!
Read the whole story from Philstar.com.
The Overseas Workers Welfare Administration (OWWA) is set to adopt a flexible exchange rate as basis for setting the amount of the membership fee collected from Filipino workers leaving for jobs abroad.
OWWA chief Marianito Roque said the OWWA board has approved Resolution No. 38 providing a mechanism for determining the peso equivalent of the $25 membership fee.
“We recognized the volatility of the peso-dollar exchange rate so starting Jan. 1 we would be using a flexible rate based on the preceding month’s average,” Roque explained.
“This means that OWWA on Jan. 1 will be recognizing the monthly average dollar exchange rate in December 2007 as basis in the collection of fees,” Roque added.
Roque said the OWWA resolution also provides a mechanism that would extend for three months the insurance coverage for overseas workers who were overcharged by P225.
“Instead of refunding the P225, OWWA decided to extend the insurance coverage to members for three months, which means they are entitled to credit of 27 months insurance coverage,” he said.
Roque said the credit system would benefit only the OFWs whose contracts were processed from January to Dec. 20, 2007 and who paid the membership fee based on the P51 to a dollar exchange rate.
But starting today until next week, Roque said, OWWA would be collecting fees based on P42 to $1 exchange rate.
Earlier, the local recruitment industry urged OWWA to adopt a flexible exchange rate in the charging of membership fees. Overseas Filipino workers earlier accused the Philippine Overseas Employment Administration (POEA) of basing the membership fee on the P51:$1 exchange rate, but POEA said it’s OWWA that sets the fee.