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Exchange rate

Discussion in 'Money Matters' started by OTT, Dec 4, 2017.

  1. OTT
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    OTT Member

    Nice to get 67 pesos to the GBP today , not so long ago was down to around 60 , so hope it continues .
    I'm sure on my first visit I received about 70 pesos to the pound , (2014) so that was my best rate yet . Just wondering what is the best rate that some of the guys on here have received in past years , How high , and how long ago ?
  2. Markham
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    Markham . Lifetime Member

    I remember getting 98 back when I first visited towards the end of 2006. But the rate has gone steadily downhill ever since.
  3. graham59
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    graham59 Well-Known Member

    Yep, got over 100 to the pound a few years back, when sterling was very strong against the US dollar. :like:

    65-70 will do me though. :)
  4. John Surrey
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    John Surrey Active Member

    Like the UK...
  5. OTT
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    OTT Member

    Thanks for replies guys , wow 98-100 , that's got to be the highest I would think .
    It seemed to nosedive after Brexit , so I'm happy that its picking up now obviously , but curious as to why that might be .
  6. Markham
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    Markham . Lifetime Member

    The Pound nose-dived against all currencies when the Referendum result was declared, especially the US Dollar and the Euro. The Peso tracks the US Dollar and the Philippine Central Bank tries to keep the exchange rate to between 48 and 52 Pesos to the Dollar.
  7. OTT
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    OTT Member

    Ah that's interesting , thanks Markham .
  8. DavidAlma
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    DavidAlma Active Member

    Don't think so Markham. My salary is in UAE Dirham which is directly linked to the US$ and I have seen my exchange rate to peso shift by +10% in the past 2 years. In fact the US$ has increased by 15% to the peso in the past 3 years.
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  9. Bluebird71
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    Bluebird71 Well-Known Member

    When I first changed money, it was 93 to a £. The rate was seen as being low then!

    The Peso is the worst performing currency in Asia at the moment. The rate was touching 52 pesos to a $ a few weeks ago, its lowest rate for 11 years as foreign investors continue to withdraw money. If the Pound was not also struggling, then you may have been looking at 80 pesos to a pound.

    This is remittance season, so the peso may perform better for the next few weeks. If I were to bet, I'd be expecting the peso to hit 53 to a $ by Spring. The pound will struggle on though so I can't see it breaking the 70 peso mark.

    I wonder what effects the weak peso are having on the poorer Filipinos though. Are petrol prices rising, and therefore jeepney costs and food costs. Inflation has been rising gradually in the last few months - from 2.7% inflation in June (peso to $ rate was 49.5 PhP) to 3.5% this month (51 PhP to a dollar). Oil prices have been rising in that time too.
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  10. Bluebird71
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    Bluebird71 Well-Known Member

    The PhP doesn't track the USD. The fluctuations are too great. The HK$ does track the USD - it's rate bounces between HK$7.79 - HK$7.83 over the last 6 months. In other words. a variance of +/- 0.5%. The PhP has a variance of 4.8% in the same time. All currencies have a target range that they would like to keep their currency to, in relation to the USD. The main reason is that oil is bought in USD, and so a Treasury of a non G-14 country would be pretty dumb not to keep their currency within certain parameters against the USD. That is different to tracking though, as the HK$ rate of variance proves.
  11. Bootsonground
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    Bootsonground Well-Known Member

    Best rate we got was 108/109.00?? in around late 2004... and OH!!!! did we take advantage!!
    Last edited: Dec 7, 2017
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  12. OTT
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    OTT Member

    108-109 really ???? Omg , heady days indeed . I never realised it was ever that high.
    Thanks again to all the members for their info and experiences , It's really interesting to read them all .
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  13. Bootsonground
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    Bootsonground Well-Known Member

    I remember once getting 14 Peso for my hard earned Pound.. Funny enough though,it was a lot cheaper place to live in back then.

    [​IMG]
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  14. Jim
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    Jim Well-Known Member Trusted Member

    same here, bought my lot and built most of the house, happy days.
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  15. Markham
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    Markham . Lifetime Member

    The Pound has strengthened this morning upon the news that there is now agreement of Britain's "divorce settlement" with the EU. The mid-market rates at 11.30 GMT were:
    • £ - Php = 68.0807
    • £ - US$ = 1.3469
    • £ - €uro = 1.1475
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  16. Drunken Max
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    Drunken Max Active Member

    I wish I had bought bitcoin when it was $2
  17. OTT
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    OTT Member

    Really interesting replies , thanks guys , and thanks Bootsonground for showing the graph , I've really enjoyed this feedback .
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  18. Bluebird71
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    Bluebird71 Well-Known Member

    That is crazy, I guess there was a period of high inflation in the 80s. There was a jump in '86 which, I suppose, was down to EDSA. A huge jump in 1988 and again in 1990. I'm guessing the jump on 1997 was down to the Asian market crisis. It is common for countries in high debt to devalue their currencies and inflate their way out of debt.

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