The exchange rate between the UAE dirham and the Philippine peso is currently stable at the AED 1 = Php 15 level.
According to the graph from Google’s Exchange rate, the exchange between the two currencies slipped .30 cents from highs of 15.39 two weeks prior in July 18.
The current scenario nevertheless provides a chance for many overseas Filipino employees here in the UAE to transfer money to their family, given that they will be getting larger remittances,
OFWs ought to take advantage of these rates by going to their nearest or preferred remittance exchange facility to transfer money back home – especially those who pay for their investments and/or other obligations in peso denomination.
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.
