Was just watching the XE Currency Converter and was showing 1.00 GBP= 66.9226 PHP so far its good for this month.
Unfortunately the BSP doesn't follow XE and the (official) exchange rate is 62.77 today. The Pound is likely to sliding gradually until after the election and, depending on which parties form a government, it will continue to fall or recover somewhat.
http://www.bsp.gov.ph/statistics/sdds/exchrate.htm The official exchange rate today from BSP is 66.694200 as shown above on their government website.
The UK Pound is still very weak against PHP IMO..I doubt I will exchange anymore for a couple of years or more.. See how it goes. 10 year cycles is my thinking although no crystal ball.
The day I arrived just over a month ago (22nd March) it was at 67, I got some cash changed at 66.6 then it nose dived right up to the day I left (Monday), since I got back it has climbed back to nearly 67, someone up there has it in for me
I inadvertently wrote "official rate" rather than "actual rate" which is what I meant (anno domini). Although the BSP rate was 66+ yesterday, none of the banks or money changers here in Davao were being quite so generous. The actual rate was 62-ish although had I wished to exchange more than £1000 yesterday, HSBC would have given me a better rate. Looks like I will have to close my HSBC accounts in the UK and open Sterling account(s) in Hong Kong ...
When I arrived I used the same money changer I always used to use and didn't like the rate, so I moved to the one in the Pure Gold store over the road, will never use anyone else again, when it was 66.8 on XE he was giving me 66.5 I changed 2000 through him over the 4 weeks and it was always 0.3 less than the published interbank rate.
I take it that you brought cash with you. If I were to draw cash (£50 notes) from my Sterling account here and exchange them in Manila at your Pure Gold store, then I'd probably get the same rate. It's a known fact that better exchange rates are available in central Manila due to the greater number of foreigners living there. But a couple of Pesos in the Pound wouldn't be adequate compensation for the far better lifestyle I have here and would go nowhere near paying for the round-trip airfare!
I changed money here in Mexico yesterday, the lady misread the printed exchange slip and gave me 100 MXN too much, (almost 5 GBP). I got a lovely smile when I pointed out her mistake and handed it back.
It was over 69 for a short while yesterday, in theory a Tory victory should result in Sterling appreciating for while, if we get lucky maybe even back to last year's peak of 75 peso, at least until the markets start factoring in Britain's exit from the EU sometime in 2017-18, something which, in my more cynical depressive moments, I imagine is more or less a foregone conclusion. Unlike most of you because I cannot get my family over here I am continually exposed to fluctuating exchange rates as I continue to support them over there, it is like I had already retired over there ten years ago and watched my savings be completely eroded by international currency movements. Saying that in the space of those ten years Philippine GDP has more than doubled, almost tripled in fact, and will continue in that direction, and is unfair indeed churlish for us foreigner's to moan about the increased relative purchasing power that a stronger Peso represents for those Filipino's who are well enough off to enjoy it.
It would be grand if the exchange rate were to reach the comparatively dizzy heights of 75 but I fear that won't happen unless the Pound rises markedly against both the US Dollar and the Euro. Unlike you, Jim, I don't believe Britain's exit from the EU is at all a foregone conclusion. A Survation poll published today indicates that the country is divided 35%-45% (pro vs against) on the issue. That could well change of course depending on the attitudes of people like Junker but I wouldn't bet the farm on it.
I`m not sure how a strong peso helps anyone here..Imagine just how much more OFW`s have to send in order to keep its remittance records of over 24 billion $$`s. Its fortunate that the country`s GDP doesn't depend highly on exports for obvious reasons and I doubt that anyone here really cares about wealthy Filipino`s on holiday getting more foreign currency for their Pesos abroad. The Peso is too strong for its own good.. Something has to give eventually IMO.
That's why I added "for those Filipino's who are well enough off to enjoy it", a strong peso makes foreign luxury imports cheaper, cars, electronics etc. It also makes foreign travel cheaper as you mention, but I agree totally with what you are saying, OFW's are being crucified and people the likes of me are being crucified as well. Regards exports, with GDP in 2014 of 284 billion dollars they had 54 billion dollars of exports, that's not insignificant.
The only figures that matter here are 42 and 48. Those 'magic numbers' represent the target exchange rate range for the US Dollar.
Predictions can be so wrong! The pound rose against the Peso and only one party now forms our government!
