The US dollar to Philippine peso exchange rates have been falling. Most of the time I use an online remittance company to send money to my family in the Philippines and like most remittance companies, the exchange rate they use is often lower than the market rate. I am certainly not thrilled about the recent dollar to peso exchange rates. If you are working overseas and send money home to your family in the Philippines every month, you can relate to how I feel. As I type this article, the current exchange rate of 1 USD = 45.42 PHP doesn’t do much for the budget.
I have been keeping close eye on the US dollar to Philippine peso exchange rate because my hubby and I have an upcoming trip to the Philippines this fall. If the exchange rate continues to worsen it will definitely affect our budget. It will be a little harder than usual. Since we will be staying for several months this time, we will be able to rent longer term which will give us lower rate on an apartment. Hopefully we can save some money that way over staying in a hotel.
Today’s exchange rates is the worse since I started sending money back home. The best exchange rate occurred when I was still in the Philippines in 2005-2006. When my hubby sent me $1 USD then it was worth almost 54 pesos. Today that same dollar is worth only 45.42 pesos. What makes it worse now is that my hubby is also retired and on a fixed income.
The stronger peso is definitely going to hurt the Overseas Filipino Workers who are sending US dollars to their loved ones in the Philippines. The good news is that, without those OFWs, the economy there in the Philippines would suffer since those remittances comprise a tenth of the total economy there.