The Overseas Workers Welfare Administration (OWWA) Board of Trustees enacted OWWA Resolution No. 38 dated 17 December 2007, Series of 2007, which lowered the OWWA contribution US dollar-peso exchange rate from US$1.00 : PhP 51.00 to US$1.00 : PhP 42.00, thus,  reducing OWWA contribution rate to One Thousand and Fifty Pesos (PhP 1,050.00).

Overseas Filipino Workers (OFWs) who paid the OWWA membership contribution at the old exchange rate for the period of 01 January to 18 December 2007 will be issued credit memoranda, which shall entitle the bearer OWWA member to an extended OWWA membership for a period of 3 months beyond the two years 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.

Taken From: http://www.owwa.gov.ph/article/articleview/172/1/8