The peso-dirham rate has been hovering at the P13.95 to P14.04 range during the early months of 2018. It hit the Php14-mark in August last year. The current Php14.30 rate is the highest in over 10 years.
DUBAI: The peso-dirham exchange rate, which has been hovering at Ph14.30 as of press time, could yet hit Ph15 owing to a robust US dollar and increase crude oil prices, a top official of a big money remittance company in the UAE told The Filipino Times.
“Today, the Philippine peso was at Php14.33 against the dirham. With the US Dollar ascending continuously and the increase in global crude oil prices, the Asian currencies have been in a state of flux since the past month,” Promoth Manghat, UAE Exchange Group chief executive officer, told The Filipino Times in an email interview through a public relations company on May 30.
“If this trend continues,” Manghat added, “the peso might depreciate further to Php15 against the dirham soon.”
Manghat said this would be advantageous for overseas Filipino workers who can “further capitalize on the competitive exchange rate and remit more to their home country, thus, encouraging economic stability.”
“With salary time around the corner, we also expect to see a surge in the remittance volume in the coming weeks,” he said.
For his part, Banco de Oro Assistant Vice President for Remittance, Edwin Punzalan said the rate will be around Php14.40 to Php14.70 in the next two to three months.
Punzalan added that while a Php15 rate might be good for senders, OFWs should also think about the purchasing power of their families back home. “Yung cost of living nila (in the Philippines) tumataas din so parang ino-offset lang,” explains Punzalan.
Punzalan say OFWs should take the chance to send money now. “This is a great opportunity to send para ma-maximize ng mga OFWs ang padala nila. Since mataas ang value ng dirhams, malaki ang makukuha ng mga nasa Pilipinas,” he said.
Those in the middle of their condo amortizations may also consider making huge payments, officials said.
The peso-dirham rate has been hovering at the P13.95 to P14.04 range during the early months of 2018. It hit the Php14-mark in August last year. The current Php14.30 rate is the highest in over 10 years, remittance companies said. (With reports from Neil Bie)
The peso-dirham rate through the years
• Jan. 1, 2007- Dh 1 = Php 13.3
• Jan. 1, 2008- Dh 1= Php 11.2
• Jan. 1, 2009- Dh 1= Php 12.96
• Jan. 1, 2010- Dh 1= Php 12.5
• Jan.1, 2011- Dh 1 = Php 11.8
• Jan.1, 2012- Dh 1 = Php 11.9
• Jan.1, 2013- Dh 1 = Php 11.17
• Jan.1, 2014- Dh 1 = Php 12
• Jan.1, 2015- Dh 1 = Php 12.17
• Jan.1, 2016- Dh 1 = Php 12.8
• Jul.3, 2017 -Dh1 = Php 13.77
• Aug. 2017 – Dh 1 = Php 14
• Feb. 2018 – Dh 1 = Php14.04
• May 26, 2018 – DH1 = Php14.30
Source: Wall Street Exchange and other remittance centers