Overseas Filipinos who are planning to send money back home to their nearest remittance center can have their dirhams exchanged at a rate of AED 1 = Php 15.47.
The Philippine Peso enters its weakest value for the past 19 years since 2003, which in turn, makes it ideal for OFWs to send money back home to take advantage of these rates, considering that their families will be receiving bigger sums.
Data from Google’s exchange rate graph shows that this is 0.30 Philippine cents higher compared to a month earlier as August 2’s rate was at Php 15.17.
OFWs can take advantage of the situation by heading to their nearest or preferred remittance exchange center to send their money back home – particularly for those who pay for their investments and/or other bills in the peso denomination.
Prior to this, the highest exchange rate was 18 years ago in December 2004, when the rate peaked at AED 1 = Php 15.31.
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.
