Filipinos in the oil and gas field are one of the sectors affected by the strengthening peso, brought about by the weakening US dollar. The US dollar is still suffering from the sub prime mortgages problem. It would be beneficial if they could suggest or request reasonable adjustment in compensation as their earnings now are too much lower in value (dollar converted into peso) as compared to the peso value they signed in their contract. Will there be reasonable and generous employers who will heed their request?
HSBC economist Paul Neumann expects that the peso will appreciate further to 44php to a dollar at the end of this year and 41php by the end of 2008.