Ninong Give Foreign Money, Inaanak Shocked After He Knew to Value in Peso
Godchild (Inaanak) received foreign money from his godfather (Ninong) as a Christmas gift this holiday season, but he was shocked after he found the true value of the money.
Many are looking forward to receiving a gift this Christmas. Especially if you have an OFW grandparent (Ninong, Ninang), it is no wonder that they have imported gifts or dollars or money from other countries.
Recently on Facebook, George Ivan Domingo was so happy that his godfather gave him foreign money. A red envelope contained 50,000 Venezuelan Bolivares that have been given to him.
But when George converted it to Philippine pesos, it cost only 53 pesos. His supposed ‘wealth’ will not be granted.
“Binigyan ako ni ninong kong seaman ng pamasako. Akala ko ikayayaman ko na eh.” He said to his caption.
His photos have gone viral on social media after he posted them. It earned various and hilarious reactions from the netizens.
But why is Venezuela’s currency so low? A short fact will be given.
According to CNBC report, in 2014, the price of crude, the main product of Venezuela, fell. The government’s crude oil business lost. When the government ran out of money, it printed a lot of money in return for its expenses.
In 2016, Venezuela was going through a socioeconomic and political crisis. Due to the former government’s control of Hugo Chavez’s leadership (ruling from 1999-2013) on the price of food and medicine, this has resulted in the loss of its makers. In response, the government paid for the importation.
As more money went into products, it led to higher prices for commodities. The excess increase is called hyperinflation where you can buy 1 Bolivar previously, now worth 10,000,000 Bolivars by 2019.
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