The Philippine peso continued to fall against US dollars on Thursday, September 1.
The rate closed at PHP56.42 vs. 1 USD at PH time but continued to fall hours later. The said rate is an all-time low record compared to the lowest exchange rate recorded in year 2004.
According to the graph from Google’s Exchange rate, the exchange between the two currencies as of 3.30PM (UAE time) is at 56.73Php = 1 USD.
As per the latest record of Bangko Sentral ng Pilipinas, the amount of money sent home by overseas Filipino workers (OFWs) increased to its highest level in two months by two percent in May.
The data released by the BSP showed that personal remittances, or cash or kind transfers between families, reached $2.70 billion (Php 151.9B)* in the fifth month of 2022, up 1.27 percent from $2.67 billion in April and 1.99 percent from $2.65 billion in May 2021.
