The Philippine Peso is currently strengthening today amid the impact of the coronavirus disease (COVID-19), pandemic, with the exchange rate now at AED1 = PHP13.42, according to the latest advisory from Al Dahab Exchange.
According to its Sales and Marketing Head Anujohn T. Kuttiyil, this means that for every AED1 sent, there is a loss of PHP1.
Despite this, experts believe it is still a good time to send money back home, as it is too risky to wait for the best rate to come given the situation.
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“Waiting for the best rate to come back can be risky, so the rule of trading applies here too, keep booking profit by reducing your risk exposure,” he said, adding that just like any other economic cycle, what goes up in five to six years comes down as well, and vice versa.
He also said that the new rate is still considered as good if you take an average of the last five years.
“The average remittance ticket size is AED2,500 to AED3,000, so the impact of rate dip is minimal,” said Kuttiyil. “It’s only when the rates keep falling that the impact can be felt in the long run.”
The Sales and Marketing Head also advised Filipinos sending a huge amount home to send half of the amount first if they want to take advantage of the good rate. “In case it shows a downward trend, then you can send the rest of the balance too at the earliest, so that you can reduce your losses,” he said.
He also noted that for Filipinos sending money back home, exchange and remittance centers are still the best choice as they offer a better rate than banks—as the latter gives more charges.
“With Al Dahab Exchange, we always offer the best rate for our customers. You can send your first transaction for just AED2 by using our promo code DAHAB2020,” added Kuttiyil.
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