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OFWs in Middle East send home more money as PHP vs USD highest exchange rate hit P57 today

Representative photo, courtesy of: iMoney

The Foreign Exchange Summary of the Bankers Association of the Philippines shows that the highest Philippine peso and US Dollar Exchange rate on Wednesday, September 14 was at P57.27. The exchange rate closed at P56.77. 

This rate is one of the all-time lowest rates of our currency against US dollar. The lowest recorded rate as of date is P57.313 last September 6.

Read: Philippine peso weakens to P57 for third straight day

Overseas Filipino Workers are taking advantage of the high exchange rates by sending more money to the Philippines.

Bernadette, an OFW based in California said it is now her fifth time to send money back in the Philippines.

“We’re not sure when the rates are going to be this high again, so why not take advantage of it. At saka sakto magpa-Pasko na rin so advanced na lang,” she said.

In UAE, the rate of Php versus dirham remains steady at an average of P15 this week.

OFWs in the Middle East are also making the most of the rates, according to global remittance and foreign exchange company Al Ansari Exchange.

Rashed Al Ansari, CEO of Al Ansari Exchange, said in an interview with The Filipino Times that several Filipinos have sent back money to the Philippines considering the high exchange rates last week.

WhatsApp Image 2022 09 09 at 10.18.51 AM
Rashed Al Ansari, CEO of Al Ansari Exchange

“Remittances to the Philippines have been on an upward trend since last July, with the surge fuelled by the depreciation of the Peso, which hit another record low earlier this week. On a more positive note, our data show that remittances to the Philippines have increased by 6% during the first week of September when compared to the same period the previous year,” said Al Ansari.

Al Ansari sees that the trend in exchange rates has allowed Filipinos to send more than what they normally remit.

“The weakening of the Peso and the strength of the UAE Dirham have provided Filipino expats with greater purchasing power for their Dirhams, allowing them to remit more money. In addition to that, we have just launched our Philippines corridor promotion making transfers back home more attractive and rewarding.

We are committed to serving the Filipino community, which is the third-largest expatriate group in the UAE and an important remittance corridor for us,” added Al Ansari.

Economic experts in the Philippines forecasted that the peso will be stronger in the next months as BPO industry demand increases and more OFWs are expected to send more money back home for the holiday season.

Justin Aguilar

Justin is a former TV News Reporter for ABS-CBN News in the Philippines where she covered news stories at Northern Luzon for their nationwide audience. Her news reports were featured in their TV and radio programs such as ANC, TV Patrol World, Umagang Kay Ganda, Bandila and DZMM Teleradyo. She moved to Dubai three years ago and served as an online host, Brand and Marketing Manager and Communications Executive before finding her way back to her passion which is writing stories that matters. She enjoys capturing people’s hearts by highlighting the excellence of Filipinos in her stories and bringing the latest updates to both OFWs and global readers of The Filipino Times. Want to share your story? Reach Justin on Facebook: www.facebook.com/justinlico.aguilar or send your story at: [email protected]

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