How Much Is 1000 Dollars In The Philippines
How much is 1000 dollars in the Philippines is another question I am asked a lot. I’m always a little unsure what they mean. Does one mean how many peso is that or do they mean is that a lot of money?
To most Filipino $1000 would be a huge amount of money, to others not so much. Most Filipinos earn less $300 a month. Most earn a lot less than that. So it would $1000 would a lot of money in the Philippines if you consider it that way.
While it certainly is not a small amount to me, I wouldn’t consider it a lot of money. I do think it is enough for most people to live comfortably in the Philippines. The cost of living in the Philippines is substantially less than it is in the USA and other Western countries.
How Much Is 1000 Dollars in the Philippines Today
But now let’s consider how much $1000 in the Philippines is. That is how many pesos is that. That will depend on the dollar to Philippine peso exchange rate. What is happening in the Philippine forex at the time you send money to the Philippines.
It appears that dollar to Philippine peso rate of exchange took a bit more of a dive during the day after the Federal Reserve Bank in the USA held its meeting and signaled that there would be no change in policy and that any interest rate hike is even further off that I and real experts thought. No, I don’t consider myself a real expert.
The current rate is now: 42.9300. That’s a hefty drop considering the rate was above 43.2 the day before. I hope the dollar will recover a tad before the end of the month when I will send money to the Philippines.
Let’s assume you’re going to use a remittance company. I just checked Xoom and their exchange rate is 42.1002 so that means your going to have 42,100.20 in pesos.
If you sent the same amount a couple of years ago when the exchange rate was above 50 you would have received P50,000 so at a base exchange rate of P45 to 1 dollar to Philippine peso you’ve just lost $177.
I’m loosing about P15,000 a month! I could buy a multicab (truck) with that! I sure would like to have one, with air con. But when the dollar does rise again, can I count on it to stay that high over the time it would take to pay off that amount. The answer is a clear no.
In fact, my budget needs adjusting since the answer to how much is 1000 dollars in the Philippines has changed so much. For a long time I had the conversion set to 42 to 1 dollar to Philippine peso but I did increase that upward. I need to go readjust it some more. I might as well set it for the dreaded 39 to 1 dollar to Philippine peso just to be on the safe side. Perhaps, I won’t be taking that trip to Bantayan Island next month after all!
So the answer to the questions “How much is 1000 dollars in the Philippines” has many answers. How much 1000 dollars in the Philippines is worth in pesos changes every day. How well you can live off it also changes because of the Philippines forex.
You can certainly live better in the Philippines on $1000 than you can in the USA. Money does go further here but some might consider their standard of living has also declined. I know I felt that way when I first arrived. I don’t feel that way any more though. As my opportunities to do other things has dramatically increased. Like going to a beach resort as one example or living in a four bedroom home for less than $300 a month.
You can see other articles written about the cost of living in the Philippines by following that link.
While how much is 1000 dollars in the Philippines doesn’t have a direct impact on the cost of living in the Philippines, it is obvious that how much money you have to spend in the Philippines does depend on the exchange rate.
I hope that helps answer the question of “How much is 1000 dollars in the Philippines.”
Filed under: Cost of living in the Philippines
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