Rates Are Up!

[scott h]

10 minutes ago, JJReyes said:

The Bangko Sentral is likewise reluctant to increase interest rates

Part of the reluctance is OFW remittance which is usually in USD. With each bump there is a windfall profit for the families at home. With the exception of petroleum products the only ones who really suffer is those wealthy folks who buy imported goods.

[OnMyWay]

56.89 on XE right now.  I got 56.65 at BPI online yesterday.

[RBM]

2 hours ago, scott h said:

Part of the reluctance is OFW remittance which is usually in USD. With each bump there is a windfall profit for the families at home. With the exception of petroleum products the only ones who really suffer is those wealthy folks who buy imported goods.

Not exactly, everything is, has, increased. My weekly ice cream was P20 in January, went to P25 now P30.

The Boso olive oil we use was a month ago P450 now P590 well, at least the label says pure olive oil.......

[OnMyWay]

3 hours ago, RBM said:

Not exactly, everything is, has, increased. My weekly ice cream was P20 in January, went to P25 now P30.

The Boso olive oil we use was a month ago P450 now P590 well, at least the label says pure olive oil.......

Yup, everything is up.  So far, for an American expat, IMHO, the stronger exchange rate outweighs the loss to inflation, but that could change.  Inflation in the U.S. is super high.  Not sure that Philippines won't follow.

[hk blues]

55 minutes ago, OnMyWay said:

Yup, everything is up.  So far, for an American expat, IMHO, the stronger exchange rate outweighs the loss to inflation, but that could change.  Inflation in the U.S. is super high.  Not sure that Philippines won't follow.

For us Brits, we're a little down v the peso compared to 9 months or so ago, maybe 5%.  

[hk blues]

7 hours ago, JJReyes said:

According to Benzinga.com, we can continue to expect for the Philippine peso to drop against major foreign currencies.

After the USD, the Euro and the GBP are probably the next most "popular" foreign currencies.

Euro to PHP Jan 1 2022 -58.0 / Euro to PHP Sep 2 2022 - 56.5 so DOWN 3%

GBP to PHP Jan 1 2022 - 70.0 / GBP to PHP Sep 2 2022 - 65.1 do DOWN 7%

So, not all of us are winners! 

 

[JJReyes]

6 hours ago, hk blues said:

After the USD, the Euro and the GBP are probably the next most "popular" foreign currencies.

Euro to PHP Jan 1 2022 -58.0 / Euro to PHP Sep 2 2022 - 56.5 so DOWN 3%

GBP to PHP Jan 1 2022 - 70.0 / GBP to PHP Sep 2 2022 - 65.1 do DOWN 7%

The Euro and GBP low exchange rates are more likely down because of the energy crisis caused by the Russia-Ukraine conflict.  Once the embargo on Iranian oil is lifted (they will grab the Russian oil export market) currency exchange rates should improve.  One reason for the strong dollar is the US produces oil and gas.  They can even export energy.

[JJReyes]

11 hours ago, RBM said:

Not exactly, everything is, has, increased. My weekly ice cream was P20 in January, went to P25 now P30.

RBM, that's a 50% increase!

 

[OnMyWay]

12 hours ago, RBM said:

Not exactly, everything is, has, increased. My weekly ice cream was P20 in January, went to P25 now P30.

The Boso olive oil we use was a month ago P450 now P590 well, at least the label says pure olive oil.......

We have a lot of Bayan ice cream guys in Subic Bay Freeport.  They were all p20 1-2 years ago, and raised prices to 30 during Covid.  Not sure if they were ever 25 because we were locked up!  Their business here tanked during Covid as there were no tourists and restrictions on locals.

We have known one of the sellers, Roberto, for almost 10 years.  Nice guy.  He sets up at our daughter's school starting at lunch and until 4:30-5.  Then he is at our church on Sundays.  He works his butt off some days.  I think he works 7 days.  He lives in Olongapo and walks a few km to the Freeport, and then sometimes we see him all over the place.  He told my wife a few weeks ago that he has put 15 family members through college!  My kids love the Bayan cheese ice cream and I like the Bayan too, but no more sugar for me.

Do you mean Basso olive oil?  I also noticed it was expensive last time and remembered that S&R had big bottles of U.S. brands.  I went to S&R and bought a 2L bottle of Member's Selection (Sam's Club) Extra Virgin.  I think it was p899.  They also hand some others for higher prices, but still a good price compared to Basso.  I think Kirkland (Costco) Organic 2 L was ~1300.

   

[Kingpin]

9 hours ago, OnMyWay said:

for an American expat, IMHO, the stronger exchange rate outweighs the loss to inflation

The positive third factor:

22 minutes ago, OnMyWay said:

 I went to S&R and bought a 2L bottle of Member's Selection (Sam's Club) Extra Virgin.

FYI if you're buying EVOO for the health properties, you want it in glass, never plastic, and never large bottles since it starts to oxidize upon opening.
 

Quote

 

PET packaging materials are a source of estrogen-like compounds.

https://www.sciencedirect.com/science/article/pii/S0960076010003572