The peso-dirham exchange rate is now at Php14.58 on Tuesday, September 4, as it continues to near the Php14.6 mark.
The exchange rate is slightly higher than the average over the last 30 days at Php14.52.
The rate is also higher than the 90-day average of Php14.51, as per XE Currency Converter.
Conversion rate in money exchange outlets, however, may vary.
Earlier, UAE remittance companies told The Filipino Times that the peso-dirham exchange rate, which has continuously been moving up since last year, is headed to Ph15, citing different factors.
One of which is the US’ move to hike interests resulting to a struggling peso.
OFWs react to exchange rate
The rising exchange rate is a big help for many OFWs in the UAE as it gives them the opportunity to remit more money to their families in the Philippines.
OFW Jordene Nopra, who has been working in Dubai as a logistics coordinator for more than three years, said that current exchange rate is higher than her previous experiences.
“Definitely mas mataas siya ngayon and masaya sa feeling na mas mapapalaki pa ang perang mapapadala natin sa Plipinas and it helps a lot of our kababayans here in the UAE,” Nopra told TFT.
Despite this, the OFW still worries about the increasing prices of goods in the Philippines which only cancels the high exchange rate.
“Ang sad part kasi economically mas tumataas ang bilihin sa Pinas at humihina ang value ng peso kaya parang wala ring nangyayari,” Nopra said.
Another OFW also echoed this concern. “Pataas nga ng pataas ang palitan ng piso pero pamahal din naman ng pamahal ang mga bilihin sa Pinas kaya wala rin. Sayang ‘yung masa-save mo na sanang pera,” Cynthia Tating said.
Meanwhile, Ryie Faborada is thankful since she will be able to send her family a bigger amount of remittance.
“So far mataas naman [‘yung exchange rate] compared last year. Nakakatulong siya kahit papaano lalo na ngayon tumaas lahat ng bilihin sa Pilipinas. Okay na din,” Faborada told TFT.