When I checked the value of Philippines peso against euro today using yahoo finance, it is Php68.90. Euro was stronger during the first week of July but now it seems to get weaker everyday, trend of euro is going down just like US dollar.
I can’t help but sympathize with Filipino families who are depending on remittance from a family member working outside of the country and receiving either euro or dollar for their monthly expenses. Many Filipinos would wish that dollar or euro is stronger because whether peso is weak or strong, they experience same quality of life. Imagine if one family is receiving say a thousand euro monthly, the value 3 weeks ago was around Php71.00. So, by now, the same remittance is already less by Php3,000 which is already a huge amount. Call center agents who receive commission in dollar and export industry are also experiencing the same when peso gets stronger.
But then, the value of peso going up is a good sign for the economy of the country. That means peso is getting stronger. Good for the businesses whose business is importation because they are able to acquire goods from other country at lower price and sell goods in the Philippines at the same local retail price when the dollar was still high.
I guess, it’s just a game of being quick and wise, when you are dollar/euro earner, change your money the moment that you see that the value is high, grab the opportunity at once. Don’t wait for it to go up even higher or else you will be surprised the next day it’s already down and you lose more money. When you are an importer, buy as many goods as you can when the dollar is low and sell it at the same local retail price when you were still acquiring goods at high dollar value.
Your blog is interesting!
Keep up the good work!
Thanks!
I now live in the Philippines, and I have a very small pension from the Department of Veterans Affairs. This trend I see now is disturbing to say the least. As you have said, those over seas workers are having to send more money, in order to maintain the lifestyle for their loved ones. As for me, it makes life more difficult to maintain my family as well. With the price of rice at the moment, being very high, and the cost of fuel only rising, I see nothing good coming from the increased value of the peso.
I truly hope that the dollar makes gains after the upcoming May elections. Hate to say this, but the more unstable/corrupt the government is seen, the lower the value the peso with have, making life better for everyone living from funds coming in from abroad.
Thank you very much for your comment. yes, that is so true. every peso that a dollar loses creates big impact to those whose primary source of living or business transaction is in dollar amount.