Here’s good news for Overseas Filipino Workers (OFWs). The Overseas Workers Welfare Administration (OWWA) has reduced the OWWA contribution US Dollar-Peso exchange rate from US$1.00 : PhP 51.00 to US$1.00 : PhP 42.00. This has taken effect last 17 December 2007 when the Board of Trustees enacted OWWA Resolution No. 38. As a result, the OWWA contribution rate has been reduced to One Thousand and Fifty Pesos (PhP 1,050.00).
OWWA Resolution No. 38 will also be applied retroactively to benefit OFWs who paid the OWWA membership contribution at the old exchange rate for the period of 01 January – 18 December 2007. OWWA contributors during the said period will be issued credit memoranda, which shall entitle the bearer OWWA member to an extended OWWA membership for a period of three (3) months beyond the two (2) years / twenty-four (24) months maximum entitlement to OWWA programs and services. These members will be notified in writing of their entitlement to the said credit memorandum.
And to make sure that the collection of OWWA membership contributions would reflect accurately the changing dollar-peso exchange rate, the aforementioned resolution also provided that the said exchange rate would be based on the average dollar-peso exchange rate of the preceding month as determined by the Bangko Sentral ng Pilipinas.
Please take note that this rate is only for December 2007. OWWA contribution rate for January 2008 is PhP 1043.58 as US Dollar-Peso exchange rate for this month is US$1.00 = P41.743. To keep you updated, we suggest you visit the OWWA website to check on the monthly changes in the US Dollar-Peso exchange rate.