Crisis Affects Us Pinoys 'balikbayan Box

[Guardian]

http://www.abs-cbnnews.com/pinoy-migration...-balikbayan-box Crisis affects US Pinoys 'balikbayan box'By RODNEY JALECO/ABS-CBN North America News Bureau | 12/01/2008 12:37 PMWASHINGTON D.C. - Relatives of overseas Filipino workers in the United States could find their annual "balikbayan box" packages a little lighter than usual as the financial crisis affects incomes.According to Carmen "Chit" de Jesus, chief finance officer of Chartered Forex Inc., there is no stopping Pinoys and Fil-Ams here from sending gifts to the Philippines. She adds, however, that economic hardships are changing the way they express their Christmas tidings back home."You know Filipinos. They would rather scrimp and sacrifice here just to send something to family and friends back home. It's just the way we are. We want to share the blessings we receive here in the US," she said.For most East Coast-based Pinoys, Forex has become synonymous with the ubiquitous "balikbayan box" as well as next-day dollar remittance services."The priority of people is to send money. Balikbayan boxes are now luxury items. They still send but if people used to send three balikbayan boxes before, now they will just send one," she explained.She said that for every Pinoy who sends a balikbayan box this Christmas season, five more would prefer to simply send dollars home.Overseas Filipinos sent about $15 billion home in 2007, half of that coming from Filipinos and Fil-Ams in the US. About $700 million of the total amount went through non-bank foreign remittance companies.With Philippine dollar reserves falling, the ensuing rise in the exchange rate has provided added incentive to send cash instead of a Balikbayan Box.Virginia-based Flor de Guzman has complained to ABS-CBN's Balitang America that the balikbayan boxes she sent to relatives in Cabanatuan City last May hasn't been delivered yet."They said the boxes will get there in 45 days. I don't know what happened because when I call their office, they just kept giving promises," she said.De Guzman alleged she sent her balikbayan box through Atlanta-based Fame Cargo International (FCI). ABS-CBN left messages for FCI chief Ernie Agustin but didn't get a response.De Guzman said her son managed to pick-up one of their boxes in Manila but they had to spend extra money to move the goods to their province. She said she still has to get her other box, as well as three others sent by her uncle, World War II veteran Guillermo Rumingan. In her missing box, De Guzman said, were review books for her daughter who is preparing for the US nursing licensure examinations, and other goods that she estimates were worth $600."At this time of the year, there will be a lot of Balikbayan Box service companies setting up shop. They will be offering low prices, but this is no guarantee that those boxes will get there," De Jesus explained.She urged patrons to visit the Federal Maritime Commission website to get a listing of companies accredited to engage in the cargo forwarding and dollar remittance business."Some companies might probably be an agent of somebody; you're not going to find their names in the FMC website. They're called non-vessel operating common carrier, an NVOCC. They would be safe because these companies listed in the FMC are licensed and bonded. So if they have complaints they can just go to the Federal Maritime Commission," she said. as of 12/01/2008 11:35 PM

[retired]

http://www.abs-cbnnews.com/pinoy-migration...-balikbayan-box Crisis affects US Pinoys 'balikbayan box'By RODNEY JALECO/ABS-CBN North America News Bureau | 12/01/2008 12:37 PMWASHINGTON D.C. - Relatives of overseas Filipino workers in the United States could find their annual "balikbayan box" packages a little lighter than usual as the financial crisis affects incomes.According to Carmen "Chit" de Jesus, chief finance officer of Chartered Forex Inc., there is no stopping Pinoys and Fil-Ams here from sending gifts to the Philippines. She adds, however, that economic hardships are changing the way they express their Christmas tidings back home."You know Filipinos. They would rather scrimp and sacrifice here just to send something to family and friends back home. It's just the way we are. We want to share the blessings we receive here in the US," she said.For most East Coast-based Pinoys, Forex has become synonymous with the ubiquitous "balikbayan box" as well as next-day dollar remittance services."The priority of people is to send money. Balikbayan boxes are now luxury items. They still send but if people used to send three balikbayan boxes before, now they will just send one," she explained.She said that for every Pinoy who sends a balikbayan box this Christmas season, five more would prefer to simply send dollars home.Overseas Filipinos sent about $15 billion home in 2007, half of that coming from Filipinos and Fil-Ams in the US. About $700 million of the total amount went through non-bank foreign remittance companies.With Philippine dollar reserves falling, the ensuing rise in the exchange rate has provided added incentive to send cash instead of a Balikbayan Box.Virginia-based Flor de Guzman has complained to ABS-CBN's Balitang America that the balikbayan boxes she sent to relatives in Cabanatuan City last May hasn't been delivered yet."They said the boxes will get there in 45 days. I don't know what happened because when I call their office, they just kept giving promises," she said.De Guzman alleged she sent her balikbayan box through Atlanta-based Fame Cargo International (FCI). ABS-CBN left messages for FCI chief Ernie Agustin but didn't get a response.De Guzman said her son managed to pick-up one of their boxes in Manila but they had to spend extra money to move the goods to their province. She said she still has to get her other box, as well as three others sent by her uncle, World War II veteran Guillermo Rumingan. In her missing box, De Guzman said, were review books for her daughter who is preparing for the US nursing licensure examinations, and other goods that she estimates were worth $600."At this time of the year, there will be a lot of Balikbayan Box service companies setting up shop. They will be offering low prices, but this is no guarantee that those boxes will get there," De Jesus explained.She urged patrons to visit the Federal Maritime Commission website to get a listing of companies accredited to engage in the cargo forwarding and dollar remittance business."Some companies might probably be an agent of somebody; you're not going to find their names in the FMC website. They're called non-vessel operating common carrier, an NVOCC. They would be safe because these companies listed in the FMC are licensed and bonded. So if they have complaints they can just go to the Federal Maritime Commission," she said. as of 12/01/2008 11:35 PM

Maybe we should start a thread about how the crisis affects the Filipino living in the Philippines ? Does the average Filipino keep up with interest and exchange rates or the stock market , NOT . All the average Filipino relates to is the current price of rice , lpg , fuel , etc . But then the average Filipino would most likely never encounter this site or similar would they ?

[Mr Lee]

Maybe we should start a thread about how the crisis affects the Filipino living in the Philippines ? Does the average Filipino keep up with interest and exchange rates or the stock market , NOT . All the average Filipino relates to is the current price of rice , lpg , fuel , etc . But then the average Filipino would most likely never encounter this site or similar would they ?

IMHO I think the average Filipino and poor people all over the world are going to be the ones who suffer the most from the world crisis. Things were already bad enough and now with family sending less home to the Philippines in balibayan boxes and cash, things will no doubt get a lot worse. :thumbsup: