Overseas Filipinos who are planning to send money back home to their nearest remittance center can have their dirhams exchanged at a rate of AED 1 = Php 14.98.
The Philippine Peso remains weak for the past 10 days since June 23 when it started trading for Php 14.89 to the Dirham.
Data from Google’s exchange rate graph shows that this is 0.58 Philippine cents higher compared to a month earlier as June 4’s rate was at Php 14.40.
Despite this, the current situation presents an opportunity for many overseas Filipino workers here in the UAE to send money to their families, considering that they will be receiving bigger sums.
OFWs can take advantage of the situation by heading to their nearest or preferred remittance exchange center to send their money back home – particularly for those who pay for their investments and/or other bills in the peso denomination.
The graph also shows that the last time this took place was 17 years ago in November 2005, when the exchange rate was AED 1 = Php 14.88.
Data showed that the highest exchange rate ever reached was in Dec 2004, peaking Php 15.31 to AED 1.
Earlier, the United Arab Emirates ranked sixth among top sending countries to the Philippines as of January 2022.
Data from the Bangko Sentral ng Pilipinas (BSP) said that the sum of transfers sent in cash or in-kind via informal channels reached $2.966 billion (Php 154,831,132,000) in January 2022. Of this number, $94,912,000 or Php 4.9B came from the UAE.
