It's good for us relatively well off foreigners too been a long time since the numbers were this high for any length of time but not so good for the Filipino people, although it will curb imports of foreign luxuries but it will also make rice imports more expensive as I would assume that the FX movements will be similarly proportionate against other economies in the region. The Philippines is very closely tied to the value of the dollar.
Just hit 71.26 on XE hope it stays like this next week when I'm using the ATM. This is the highest since it's been since 12th October 2018 when it got to about 71.55, before that it only got higher than this in April 2018 at 74 peso for a short time and before that 19th Oct 2015, in the last ten years it's only once reached 75 and that was in 2014.
I picked up £1000 at 70.76 sometime after midnight, I have accumulated about 7 grand at a favourable average rate over 70 in Wise just now over the last few months. The dollar weakened today.
Sitting in KLM Crown Lounge on my way out, hence accumulating peso. edit: I maybe bought too early it's 71.179 right now.
Thanks just converted £800 at 72.30 and set up an auto convert for £200 at 72.55 or better. I converted £1000 last week at 71.30 basically just trying to grab the upside. Currently holding just over 51000 in cash here in the UK and 288,000 in Wise. And yeah kids say it's hot, they're not attending classes as classes are suspended due to the heat.
Good one. Woke up this morning and - it's a bit like that feeling you get when you fly into somewhere hot from the UK and walk down the boarding stairs and step onto the tarmac... Delhi was my first taste of that - sort of floats you up
Yeah I know what you mean. I bought extra water bottles last month because I knew that late April and May were going to be bad, we have 5 now, I've told them to maintain 5 bottles because I expect there will be be water supply restrictions soon.
1 Pound sterling equals 72.84 Philippine peso Seems a good time to convert to PHp or wait to see if it goes even higher, can't for the life of me see why the pound is rising as the forecast is for the interest rate to lower sooner rather than later, or is it the Dollar going through a tough time ?.
Are you sure it hit 72.84? I've got a scheduled conversion at 72.55 and it hasn't triggered? XE is showing 72.101 as the peak today. The dollar is strong just now and the USD->PHP at over 57 peso is getting close to its highest since October 2022 when it hit a fraction over 59. Basically the peso is weak, inflation in the Phils is high, local banks were raising interest rates and the Phils needs a lot of imports, the central bank is under pressure to support the peso and stop the rot but have stated that they are comfortable with the current valuations.
