FILIPINO freelancers with foreign contracts may have a reason to be happy as they are earning more because of the peso’s depreciation versus the dollar, which helps them cope with rising prices.

The local currency slipped to its new record low last Friday at P58.5. It opened the day at P58.35, weaker than its P58.1 start in the previous session. Friday’s new low follows previous record lows on September 2 (P56.77:$1), September 5 (P56.999:$1), September 6 (P57.00:$1), September 8 (P57.18:$1), September 16 (P57.43:$1), September 20 (P57.48:$1), September 21 (P58.00:$1) and September 22 (P58.49:$1).

Meanwhile, the country’s inflation rate hit 6.4 percent in August.

Wyn Jugueta, a content writer handling several US-based clients, told The Manila Times that she is “happy” that the local currency hit the P58:$1 mark, allowing her to earn more. But inflation, which hit 6.4 percent in August, has caused the cost of living to also rise.

“However, with the inflation drastically increasing in just a span of weeks, everything costs more — from goods down to bills — and with that, the exchange rate does not make much of a difference,” she added.

Urian Buenconsejo, a content writer with a foreign contract, is also in the same situation — he gets “more peso value” since the local currency hit P58.50 against the greenback last Friday but “everything else has increased” when it comes to the commodities.

“So far, I can’t say I’m on the losing side but definitely not on the winning side,” said Buenconsejo.

He said the cheapest fish (galunggong) he could buy in the market used to be worth P50 per kilogram and is now worth P200 per kilogram.

He added that the prices of carinderia (roadside diner) food near the place where he is living have also gone up.

“Ulam (viand) is now P50 from P30 and no rice under P10 for carinderia and prepare at least P300 for a [restaurant] instead of the previous P150,” said Buenconsejo.

“Everything is so-so; but then again, I’m just lucky I’m not earning a fixed rate in peso. If I did, I would be even more affected,” added Buenconsejo.

Sarah Mae, a foreign-employed freelancer who declined to disclose her surname, also shared the same sentiment as Jugueta.

Sarah said she is having a challenging time sticking to her budget despite handling multiple clients in her 10-year-journey as a freelancer.

“The price of fuel and groceries went up, and our family needs to catch up with the rising inflation in the country,” said Sarah in Filipino.

However, for Celine Trinidad, inflation has taken a big toll on her cash flow. She has three US-based clients.

“My food and grocery budget is being busted even if I’m earning dollars from my different clients,” said Celine.

She said that she’s paying more than her average since she also likes ordering food away from home, either at restaurants or takeout.

Celine also noted that the cost of grocery items like fruit and vegetables, meat, dairy and other necessities also increased compared to last year.

“I am also feeling the burn when filling up the grocery cart,” she said.

Celine added that she’s also “feeling the pain” in her budget while driving or commuting to work due to the successive oil price increases this year.

To catch up with the inflation, she resorts to buying several items and necessities from bulk retailers to stock up on items in large quantities for a lower per-use cost.

Still an advantage

Meanwhile, Princess Buduan, a virtual assistant who earns dollars, saw the peso depreciation as an “advantage” since her salary would always depend on the foreign exchange rate.

“I would still get compensated with my current salary even if the commodities get expensive these days,” Buduan said in Cebuano, adding that she would get more money once she converted her dollar earnings to pesos.

She added that some freelancers could not relate to issues regarding inflation because of how the peso is faring against the dollar, compared to workers or professionals who earn pesos.

Reina, who works as a part-time virtual assistant, also sees the sinking peso helping her cope with inflation.

“It is like getting a salary increase without asking for it. That is already helpful to us [family], especially with the rising cost of goods,” she said.