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PRRD arrives in Hong Kong

Fresh from a successful trip to Cambodia where he unmasked his “economic persona,” President Duterte arrived here yesterday in high spirits as he prepared to meet the Filipino community, particularly representatives of the 210,000 Overseas Filipino Workers, based here.

In his recent official trip to countries in the Middle East, President Rodrigo Duterte announced before the Overseas Filipino Workers (OFWs) the creation of “Department of OFWs” – a national government agency that will be responsible for the design, production and delivery of services to Filipinos working abroad. Such services obviously include interventions on OFW problems like illegal recruitment, employer maltreatment, and criminal case convictions.

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The Philippine Health Insurance Corp. yesterday warned Overseas Filipino Workers against fake official receipts for premium contribution payments which are reportedly circulating in various parts of the country.

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Obviously, the apparent decline of American power will have enormous repercussions in global politics. When the “policeman of the world” suddenly diminishes in authority there would be shifts in international relations.

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For many months during the previous PNoy Aquino administration, the dollar-peso exchange rate stood at $1 to P46. About the middle of last year, it started moving in favor of a costlier dollar. After lingering awhile at P49, the peso value surged past P50 last December, then P51 per dollar this month. The peso is expected to continue depreciate further and Metrobank Research said the exchange rate should hit $1-P51.30.

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Lower-than-expected initial jobless claims in the US along with sustained rise of US Treasury rates weakened both the Philippine peso, which closed to its weakest since November 2006, and the local equities market Friday.

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