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60 to the Pound

Discussion in 'Money Matters' started by FreddieB, Aug 1, 2016.

  1. FreddieB
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    FreddieB YOU'RE BANNED JOHN, AND NOT BY DOM

    A gentleman colleague at work told me today he is getting only 60 pesos to the pound right now. He sends home every month. I was amazed as I was used to more like 70. What's going on I wonder?
  2. Timmers
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    Timmers Well-Known Member Trusted Member

    A slight blip due to Brexit :)

    Well worth the drop in the pound.
    • Agree Agree x 1
  3. steven
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    steven Active Member

    me too I found its all since the big vote to leave EU basically, on world remit the day before the vote it was like 67 then day after I'm sure it went to 57 then gone up slightly was 62 other day I sent some
  4. Aromulus
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    Aromulus The Don Staff Member

    I clearly remember when it used to be 98 to the Pound.............
    Good times indeed...
    3 weeks in a 3*** hotel in Cebu for well less than 200 quid.
    • Like Like x 1
  5. walesrob
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    walesrob Administrator Staff Member

    I remember when it was nearly 110 to a pound. Those days are long gone.
  6. HaloHalo
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    HaloHalo Administrator Staff Member

    Maybe that's why people used to once say that you can live like a king in the Philippines. Good exchange rate and low cost of living are gone.
  7. Dave_E
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    Dave_E Well-Known Member Trusted Member

    Currently showing as closing at 61.99 PHP to the pound on XE.com, better than three weeks ago when it dipped to the same lows as seen in March 2013.

    Makes it all the more important to ensure that you don't get ripped off by ATM and bank fees, which can be quite horrendous.
  8. graham59
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    graham59 Well-Known Member

    38 to the pound when I first went there in 1990. :)
  9. joi1991
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    joi1991 Well-Known Member Trusted Member

    It was as low as 58 after the Brexit. Its slowly rising up again.
  10. Bootsonground
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    Bootsonground Well-Known Member

    I remember getting 15.00 Pesos.. Far better value here then than now in real terms.
    Brits living here and OFW`s in the UK must be feeling the pinch real bad.
    • Informative Informative x 1
  11. FreddieB
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    FreddieB YOU'RE BANNED JOHN, AND NOT BY DOM

    Yes. He told me today it was 100 to the pound when he first got engaged, a number of years back. He is a sort of OFW - a Brit working in the UK with a family and home in Luzon.
  12. DJB
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    DJB Active Member

    Gonna get worse if the Bank Of England cuts interest rates this week.
  13. graham59
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    graham59 Well-Known Member

    I don't worry about it.

    Pointless when you've got no money anyway. :( ... and nowt you can do, unless you're in charge of the Bank Of England.
  14. Bluebird71
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    Bluebird71 Well-Known Member

    Brexit.
  15. Timmers
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    Timmers Well-Known Member Trusted Member

    Well worth the bad exchange rate :)
  16. Bluebird71
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    Bluebird71 Well-Known Member

    What is? Nobody even knows what Brexit means yet.
    • Agree Agree x 1
  17. Timmers
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    Timmers Well-Known Member Trusted Member

    Well the sulking remain camp were predicting an immediate economical meltdown if we were to vote to leave, nothing much has happened along those lines :)
  18. Bluebird71
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    Bluebird71 Well-Known Member

    No-one will be able to say until a few years into Brexit. Nobody knows where the negotiations are going to go yet. I doubt that any economic effect will be immediate, be that positive or negative.

    The economy is under strain at the moment, backed by the interest rate decrease to 0.25% with a new round of q.e. The net result is that the pound is at record lows, resulting in cheaper exports (good for manufacturers), but more expensive imports (bad for inflation). People with savings are seeing those savings lose value (through inflation and low interest rates).

    There are good ways to get around this, though. Currently, through a Peer to Peer lending website I am getting 8.1% interest on my savings.
    • Like Like x 1
    • Agree Agree x 1
  19. Timmers
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    Timmers Well-Known Member Trusted Member

    Funny you should mention peer to peer lending, I was talking about that only this week to my wife, just emphasises how bad the interest rates are when people are looking at this way to get a better return on your savings.
  20. Bluebird71
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    Bluebird71 Well-Known Member

    I use Funding Circle. It's actually a bit more fun than a building society book. There is an element of risk, though I have a lot of confidence in it at present. I've loaned money to about 120-130 companies over 4 years. Only 2 companies have defaulted, but they are still paying back their loans. As far as I am concerned, it seems to be a bit of common sense to look at other methods of investment.
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