The New Peso Rate

[TheMason]

I knew it would happen ... it is time for me to get my allowance from my mum for next month ...... OH well who cares ........ still beats 41/1 when I first got here ......

When I made my budget and plans for living here, I planned on 42/1, so as long as it doesn't drop below that, I'm still happy. Although, it has been nice having the extra cash the weaker peso gives me. I don't pay a lot of attention to the exchange rate anymore though. With a budget of $500 per month, it really doesn't impact me all that much. I'm much more concerned about the RP inflation rate then I am the exchange rate. Prices for food have really gone up in the past month or so. Meat has gone up about 20 pesos per kilo in the past month and rice has gone up 10 per kilo. Those are increases of between 15-20%. The peso dropping from 48 to 46 is only a 4% change.

[Mr Lee]

http://finance.yahoo.com/currency-converte...SD;to=PHP;amt=1Back to 48.185 to the US dollar today

[Mr Lee]

Fiscal blowout to weaken peso to 50 to $1 studyGrowing concern over the country's widening budget deficit may push the peso to two-year lows against the dollar, Dow Jones Newswires reported.It quoted a Royal Bank of Scotland report that sees the local unit sinking to more than P50 per dollar by September on expectations that the full-year budget deficit would surge to 4.3 percent of gross domestic product, beyond the government's official ceiling of 2.5 percent of GDP.It forecast the peso to trade at 52 to the greenback by June next year, soon after the May 2010 presidential election, the lowest level since the height of the financial crisis in November 2008.The local currency closed at 48.16 to the US unit yesterday.

Edited July 22, 2009 by Mr. Lee

[Mr Lee]

The exchange rate seems to be climbing again for the dollar and other currencies, today it is 46.665 and has been heading up since the beginning of the new year.Euro 65.6421 British Pound 75.2176Canadian Dollar 43.6816Australian Dollar 41.792New Zealand Dollar 32.8905So how is your currency doing so far in 2010? Check out your own currency here

[TheMason]

I just got back from Robinson's and they were offering 46.40. That is up from 45.90 on Monday of this week. There are a LOT of moneychangers in my neighborhood and the ones outside the mall generally offer higher rates, but some of them look like very dodgy places with lots of people hanging out on the sidewalk outside. I have to change dollars soon and I'm trying to hold out until it hits 47+. I never go with the street touts offering money changing, but other than that, does anyone have some tips or recommendations on how to evaluate if a money changer is safe and honest?If anyone has recommendations for money changers in Ermita....that would be very helpful as well.

[Guest OceanBreeze]

If anyone has recommendations for money changers in Ermita....that would be very helpful as well.

In Manila I usually go .. already since years ... to EDZEN (in Mabini Street between Pedro Gil and Salas Street; opposite is a 7-11 Store.)

[Art2ro]

I knew it would happen ... it is time for me to get my allowance from my mum for next month ...... OH well who cares ........ still beats 41/1 when I first got here ......

When I made my budget and plans for living here, I planned on 42/1, so as long as it doesn't drop below that, I'm still happy. Although, it has been nice having the extra cash the weaker peso gives me. I don't pay a lot of attention to the exchange rate anymore though. With a budget of $500 per month, it really doesn't impact me all that much. I'm much more concerned about the RP inflation rate then I am the exchange rate. Prices for food have really gone up in the past month or so. Meat has gone up about 20 pesos per kilo in the past month and rice has gone up 10 per kilo. Those are increases of between 15-20%. The peso dropping from 48 to 46 is only a 4% change.

A $500 a month budget? That's great! How do you do it? My total living expenses is at approx. at $1,350 a month (PhP62,000), and that mostly covers everything one could think of! And it's just my wife and I in a small house that's almost paid for and we don't have any other bills. We can't live on $500 a month as you can see! Our mortgage payment is only Php11,983 a month, utilities; phone, DSL, Celph use, water, electricity, cable approx at PhP9,000 a month, PhP2,500 live-out housekeeper. Our grocery budget alone is already at PhP28,000 ($600) a month! How do you do it? And I base my conversion rate at PhP46 to the dollar.

[Mr Lee]

The peso exchange we get seems to still be heading back up for us and is 46.74 to a dollar now. Here is a chart to show what it has been doing since May 2008 to now.Peso rate and chart

[volstateguy]

Hope it keeps on moving up...be nice to see 48P or 49P to the dollar by the time I arrrive in March...

[volstateguy]

Years ago, a friend of mine told me that I squeeze a nickel so hard you could hear the buffalo scream.