Due to the volatility of the market, the peso slid against the dollar and consequently, against the dirham to hit Php14.15—the highest in the past months.
Remittance companies in the UAE told The Filipino Times the decline in exchange rates have also been affecting most other currencies as the US dollar continues to get stronger while the market stays unpredictable.
“Hindi lang currencies ang affected, pati stocks,” said Michelle Sanchez, Philippine corridor head at UAE Exchange.
Edwin Punzalan, assistant vice president at BDO-Emirates NBD, added: “Right now, ganyan ang mangyayari. Medyo volatile and situation; ups and downs ang magaganap (sa palitan). Lahat kasi naghihintay ng signals and indicators na pwedeng mag-perk-up ng market.”
Sanchez and Punzalan said the exchange rate could stabilize around March.
For his part, Gemmy Lontoc, who used to be head of UAE Exchange Southeast Asia Corridor marketing, said OFWs should take advantage of the situation.
“As the peso depreciates, the desire to remit via saving and investing must appreciate. The volatility of the peso should make OFWs be more mindful about their finances and remittances. Bloomberg reported sometime in December 2017 that the peso will be one of the worst-performing currencies in Asia for 2018,” he said.
