The Philippine peso continued to dip as it closes at P57.18 on Thursday, September 8. This has been the fifth day straight that the value of peso decreased versus US dollar.
On Wednesday, the peso closed at P57.135 per dollar and even peaked at P57.33 mid-day.
Previous peso close:
* Sept. 2 = ₱56.77
* Sept. 5 = ₱56.999
* Sept. 6 = ₱57
* Sept. 7 = ₱57.135
Overseas Filipino Workers (OFWs) are taking advantage of the rates by sending money back home. Bernadette, who has been living in California sent her Christmas allowance to her relatives this week.
“We’re not sure whether it will fluctuate again in the coming months so why not send now that the exchange rate is bigger. On the other hand, I know that it has implications on our economy,” said Bernadette in an online interview with The Filipino Times.
Read: Philippine peso weakens to P57 for third straight day
Meanwhile, the exchange in peso-dirham is at P15.53 per dirham as of Thursday, September 8.
Market Exchange house LuLu Exchange said OFWs in UAE are also maximizing the current rates.
“They are taking advantage of it for one reason since mataas yung peso rate mas lesser yung dirham na pinapadala nila sa Pilipinas. May mga Pilipino na nagpapadala ng 500 dirham para mabigay yung needs ng family nila sa Pilipinas since tumaas yung rate, nabawasan na. An estimate of 400 dirhams na lang,” said Mark Jamora, Philippine Corridor – Incharge of LuLu Exchange.
According to Jamora, this would mean lesser expense on the OFWs part or an additional allowance.
“May natitirang pera sa kanila dito sa abroad, especially sa OFWs,” added Jamora.
Financial analysts in the Philippines have forecasted for the value of peso to get better in the coming months as the seasonal remittances are expected along with the increase in demand for Business Processing Outsourcing (BPO) companies in the Philippines.
