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Rates Are Up!


OnMyWay

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54.80 on XE.  BPI online 54.65.  54.69 at Villarica.

This is the highest rate since 2005 when it went over 56.

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8 hours ago, Mike J said:

Weak peso is good for exports and AFWS, as well as expats whose income comes from overseas.

https://news.abs-cbn.com/business/06/23/22/weak-peso-to-boost-exports-benefit-ofws-economist

MANILA - While many Filipinos are worried over the depreciation of the peso, economist Solita Monsod said the weakness of the local currency also has benefits for the domestic economy. 

The peso closed at P54.47 to the dollar on Wednesday.

"We seem to be the only ones worried when the price of our currency goes down. Europeans are happy when their currency depreciates," she said. 

Although the country would have to pay more for its dollar-denominated debts, the weaker peso could boost exports and reduce imports, Monsod noted.

"Pag bumaba ang piso natin (If the peso goes down) that means our exports will increase. There will be an increase in our competitiveness in exports," she added.

More Filipinos will also buy local goods compared to imported items, which will be more expensive as the peso weakens, she added.

Monsod said those who depend on imported goods would be the most affected.

Meanwhile, families receiving remittances will also benefit from getting more pesos for every dollar sent home.

 

 

Excuse my sarcasm, but do we really need an economist to explain to us that where exchange rates are concerned there are winners and losers for every scenario?

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54.644 on world remit early this morning. 

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Philippines peso is dropping against the US dollar due to import increases and oil prices.  The local export industry, including tourism, needs time to revive.  As interest rates in the United States go up, money denominated in other currencies are converted to dollars and then deposited in US currency accounts.  Until the situation changes, you can expect the Philippine peso to continue to decline.

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