Trading on Philippine Peso vs US Dollar
The dollar to Philippine Peso trend has been virtually unchanged since December 24th. The numbers I usually watch have not been updated since the 24th. Those are the trading value and the official government rate but is slightly different than bank rates. It appears that there just has been no trading since the 24th but there’s a lot to this market I have not learned yet.
Most banks have been closed as well but one bank, Metro Bank, here in Bogo was open for one day. It was open for Friday, January 2nd. The service I most often use, Remit Home has been at 46.6 to 1 USD since the 24th.
Christmas Officially Ends
The Official close to Christmas use to be the 6th of January per my waray waray source. I point out where her roots are as I’ve learned you can’t apply one persons traditions as common to all of the Philippines. She tells me they changed this to the first Sunday in January which is today. Jollibee’s was still playing Christmas tunes yesterday and that caused me to ask about it. She explained the official end of Christmas at that time. There’s that curious combination of casual yet formal that I’ve seen so many times in the Philippines and have written about in the past.
Trading Expected To Resume
There is likely to be movement in the dollar to peso value tomorrow. I have one transaction in process and I was tempted to wait a few more days in hopes the dollar will go up. It has been both up and down against the yen, euro and pound though so I’m not going to risk it going down. The price has already fallen enough that I’ve wiped out about $75.00 of my monthly income.
While I’m hoping the dollar will go up, there are lots of downward pressures on the dollar. With inflation going down in the Philippines that will put upward pressure on the peso. However, there has been talk of manipulating the value of the peso to intentionally push it down. The reasoning is that this will make the remittances into the Philippines by Overseas Filipino Workers (OFW) worth more and thus stimulate the economy. That would certainly stimulate the heck out of me. 🙂
It points out just how important OFWs are to the economy of the Philippines. One politician actually wanted to require some college graduates to spend two years over seas. It is my understanding that idea was quickly squashed.
Tomorrow should see things return to normal. I am going to watch and learn and see what happens tomorrow.
Filed under: Expat Finances
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