Best Posts in Thread: Peso to the US Dollar

The GB pound to Peso has increased slightly so far this week, although down a little this morning.

PatO's comment reminds me of a discussion on fb I've just had with a foreigner. It actually started with one foreigner moaning about the current state and continuation of GCQ and the inevitable response from a local, which was 'go home then'.

I commented on the income that foreigners bring to the area, with higher spending power. The other foreigner took some issue with this and stated that all money foreigners spend is spent in foreigner owned establishments and that the foreigner contribution to the economy in the Philippines in general is just 2% from 13,000 of us in this province. I took issue with that as any money spent here MUST sooner or later end up in the local economy, whether through employee salaries, tax or to suppliers. Any profits after that will surely be spent in part on locally owned products and services, with the rest going the same route via foreigner owned businesses and so on.

For myself, I spend almost nothing on what I know to be foreigner owned businesses. All of my income comes from overseas into this local economy. I can't be alone in that. Interestingly, the individual mentioned that the average foreigner contributes the same as 7 local families. The guy mentioned that he's an economist, accountant and lawyer and has done much research on this topic, and I bowed to his knowledge. However, simple maths says that 13,000 foreigners contributing the equivalent of 7 locals each = the same as 91,000 local families. That's a significant number in my simple head.

If you're on this Forum my correspondent, feel free to add, clarify, contradict. My only issue of disagreement really is on where foreigner money is spent. PatO's comment that there will be a lot of unhappy US citizens because of the rate going down does not suggest to me that many, if any, are sending cash in the other direction; maybe only a select few with large business interests.