Dollar Shortage??

[OnMyWay]

We have been trying to get some $ from BPI for a week, and they don't have any.  I spoke to the bank manager, and he said there is a shortage in Luzon.  Due to the rate going down, everyone is holding them.

Anybody heard of this?

I speculated to my wife last week that also $ remittances might be way down to the consequences of the Covid.  OFWs lost jobs, etc.

[softail]

I suspect that the difficulty of foreigners are experiencing getting into the country has a lot to do with it as well. I know that I usually bring US dollars with me when arriving back in the country.

[OnMyWay]

Some of my neighbors said that there is no problem at BDO and Metrobank, but I am not sure that is current info.

[Old55]

We are seeing a Dollar shortage here in the States as well.

We went Christmas shopping today. 

[Gas]

Never heard anything and it sounds like a story that the bank has made up for some reason. 

I doubt overseas remittances will be on the decline at this time of year. If anything i think they will increase compared to last year.

 

[Jack Peterson]

5 minutes ago, Gas said:

I doubt overseas remittances will be on the decline at this time of year.

 Not too sure they would be in Dollar Bills anyway  Paid in Dollars but collected in Peso 

[GeoffH]

33 minutes ago, Gas said:

I doubt overseas remittances will be on the decline at this time of year. If anything i think they will increase compared to last year.

I think the need for overseas remittances will increase but with so many jobs suspeded due to Covid shutdowns I'm not altogether convinced that the total amount will be up on last year.

Edited December 7, 2020 by GeoffH

[Gas]

37 minutes ago, GeoffH said:

I think the need for overseas remittances will increase but with so many jobs suspeded due to Covid shutdowns I'm not altogether convinced that the total amount will be up on last year.

Maybe not for the whole year but it will be more in the 'ber' months, as a lot of overseas Filipinos will feel the need to send a bit more than they usually do at this time of year. My wife's nephews who live in Canada don't normally send money, but this year they have sent a sizeable amount to my wife and asked her to distribute it amongst the family. 

[OnMyWay]

3 minutes ago, Gas said:

Maybe not for the whole year but it will be more in the 'ber' months, as a lot of overseas Filipinos will feel the need to send a bit more than they usually do at this time of year. My wife's nephews who live in Canada don't normally send money, but this year they have sent a sizeable amount to my wife and asked her to distribute it amongst the family. 

Unfortunately, quite a few overseas Filipinos are out of work, so that might squeeze their ability to send funds home.  We know a few.

[RBM]

15 hours ago, GeoffH said:

I think the need for overseas remittances will increase but with so many jobs suspeded due to Covid shutdowns I'm not altogether convinced that the total amount will be up on last year.

I did read that October dollar remittances were an all time high. No idea but suspect the percentage of OFW whom have lost jobs would be single figures.