MECO Supports Filipinos in Earthquake-Hit Taiwan, Philippine Reserves Rise
HUALIEN COUNTY, Taiwan — The Manila Economic and Cultural Office (MECO) has been vigilantly overseeing the condition of Filipinos in Taiwan following a significant earthquake on April 3, particularly focusing on those in the most affected areas.
According to Philippines News Agency, chair Silvestre H. Bello III traveled to Hualien County, the epicenter of the earthquake, on Sunday to provide relief packs and financial assistance to numerous Filipino workers whose lives and employment were severely impacted by the disaster. Bello conveyed President Ferdinand “Bongbong” Marcos Jr.’s deep concern for the affected Filipinos, asserting the president’s directive to offer comprehensive support to ameliorate their situation. The earthquake, which was reported to have a magnitude of 7.2 (with some accounts citing magnitudes of 7.3 and 7.4), caused significant destruction off the eastern Taiwanese coast early in the morning. As reported by Focus Taiwan, the calamity resulted in 13 fatalities, 1,133 injuries, and six individuals missing as of Sunday morning.
During his visit, Bello also engaged with local officials, expressing gratitude for their care of the Filipino community and reaffirmed the Philippine government’s solidarity with the people and government of Hualien. He was accompanied by MECO deputy resident representative Alice Visperas, Migrant Workers Office director Cesar Chavez, and Welfare Officer Ruth Vibar. Notably, Hualien, which is the largest county in Taiwan and a prominent tourist spot, is home to approximately 1,400 overseas Filipino workers.
Earlier on Friday, Bello had discussions with about 30 leaders from the Filipino community who updated him on the conditions of their members. In these meetings, he also transmitted the president’s assurances to the OFWs. MECO has allocated T$150,000 (about PHP265,000) for assistance, and Bello personally visited four injured OFWs, providing them with T$10,000 each.
In related news from MANILA, the Philippines’ gross international reserves (GIR) experienced an increase, reaching USD104 billion at the end of March this year, as revealed by preliminary data from the Bangko Sentral ng Pilipinas (BSP). This level marks an improvement from the USD102 billion recorded month-on-month. The BSP attributed this growth to several factors, including the national government’s net foreign currency deposits, upward adjustments in the value of gold holdings due to rising gold prices internationally, and net income from abroad investments.
The net international reserves also saw a rise to USD103.8 billion from USD102 billion at the end of February 2024. The BSP highlighted that the current GIR level ensures a robust external liquidity buffer, equivalent to 7.7 months of import coverage for goods and services payments, and significantly surpasses the country’s short-term external debt, thereby reinforcing the economic stability of the Philippines.