Dollar's Fall Rocks Far-Flung Families

The U.S. dollar is struggling.  Against all major world currencies, a dollar buys less currency today than it used to.  Within the U.S., this makes imports more expensive but also helps the export competitiveness of U.S. companies by making U.S.-produced goods cheaper overseas.  Outside the U.S., however, the dollar's fall is having dire consequences for many economies that rely on the exchange rate.  One such economy is the Philippines, where the exchange rate has strengthened the Philippine peso 15% against the dollar in the last year.  Over 10% of the Philippines GDP is made of remittances, where Overseas Filipino Workers (OFW) send money back to the Philippines.  These workers typically earn U.S. dollars, which means their remittances are now worth less in the Philippines.  This had led some in the Philippines to argue that the time has come to stop depending on these remittances and to start creating job opportunities at home.

Dollar's Fall Rocks Far-Flung Families - WSJ.com

Philippine Low Cost Carrier Jazzes Up Inflight Safety Demo to Lady Gaga

Toiling Far From Home for Philippine Dreams

The town of Mabini, in the Philippines, is filled with large new homes much more luxurious than standard Filipino homes.  They are largely unoccupied, built by the 15% of the town's citizens who are OFWs -- Overseas Filipino Workers.  Working mainly as maids, nurses or service workers, these Filipinos return money to the Philippines as remittances, which rose from $7.6 billion in 2003 to $17.3 billion in 2009.  These payments now account for more than 10% of Phillipines' GDP and are the main factor driving the country's economic growth.

Toiling Far From Home for Philippine Dreams - NYTimes.com

Protests Fan Hong Kong Anger Over Manila Killings

A tragedy unfolded last week when a fired police officer in Manila took a tourist bus full of visitors from Hong Kong hostage.  The crisis ended more than 12 hours later when the gunman started shooting at tourists and Filipino commandos began storming the bus in heavy rain.  Eight tourists died, as did the gunman.  Now, new details are emerging that are angering Hong Kong citizens, causing tens of thousands to march today in memory of those killed and to express anger at the Philippine government.  This is a real test for newly elected President of the Philippines, as his handling of this matter may determine the future success of one of his key economic strategies for future growth - promoting tourism especially among rich Asians such as those from Hong Kong.

Protests Fan Hong Kong Anger Over Manila Killings - NYTimes.com

Manuel Pangilinan’s Words of Wisdom Weren’t His

If you're ever invited to give a public speech, such as a graduation speech, don't ever decide to crib it together using speeches given by celebrities such as Oprah Winfrey, Barack Obama, Conan O'Brien, or J.K. Rowling. They have professional speech writers, and their speeches are easily searchable on the Internet. That lesson comes a little too late for Manual Pangilinan, a prominent and well-respected businessman in the Philippines with a compelling rags-to-riches story who did exactly just that this March, and is now facing a storm of criticism for his plagiarism.

Manuel Pangilinan’s Words of Wisdom Weren’t His - NYTimes.com