Overseas Filipino Workers (OFW) in the UAE are anticipated to line up at exchange houses within the day, as the exchange rate between the Philippine Peso and the United Arab Emirates Dirham has reached the Php 14 level as of 9:00 am UAE time.
Google’s official currency converter, as well as XE.com shows that the Philippine peso closed weaker at 51.56 against the US dollar on Monday, January 17 compared to a rate of 51.31 per dollar last Sunday, January 16.
According to statistics from the Bankers Association of the Philippines, the local unit closed trading at P51.255 per dollar on Monday, down 14.5 centavos from Friday’s close of P51.11.
The peso started Monday’s session down against the dollar, at P51.25. Its poorest performance was at P51.34, while its greatest intraday performance was at P51.255 versus the US dollar.
Filipinos in the UAE hope that the rate will remain the same until they get their salaries by month-end so that their families will get to enjoy receiving higher remittances.
“Wow ang taas ng palitan, pera nalang kulang,” said Shan Laggui.
“Wow ang laki ng palitan sana hnd na mag baba po lord,” commented MD Jonatas.
