The Department of Budget and Management said the weakening of Philippine peso against the dollar will boost the purchasing power of overseas Filipino workers (OFWs)’ families.
Budget Secretary Benjamin Diokno said peso’s decline against dollar is not a cause of worry because it will the value of export earnings.
“A peso depreciation favors more than half of Filipinos because of the OFWs. I’m not worried about the peso depreciating,” Diokno told the media.
The peso has reached P50.624 on Friday, the lowest value in 11 years.
Diokno added the depreciating value of peso will also attract investors, which could lead into creation of more jobs in industries that earn in dollars.
“We are not too dependent on foreign loans because of the inflow of business process outsourcing income and also the overseas Filipino remittances,” he said.
The Filipino Times previously reported that OFWs sent home $29.9 billion (Dh109.8 billion) in 2016, making the Philippines the third top remittance-receiving country.
Philippine peso to UAE dirham conversion as of this posting is at DH13.758. Here’s the exchange rate history last week based on www.aed.fxexchangerate.com
| Date | UAE Dirham | Philippine Peso | History |
| Sunday 16/07/2017 | 1 AED = | 13.75827 PHP | AED PHP rate 16/07/2017 |
| Saturday 15/07/2017 | 1 AED = | 13.75827 PHP | AED PHP rate 15/07/2017 |
| Friday 14/07/2017 | 1 AED = | 13.75827 PHP | AED PHP rate 14/07/2017 |
| Thursday 13/07/2017 | 1 AED = | 13.76409 PHP | AED PHP rate 13/07/2017 |
| Wednesday 12/07/2017 | 1 AED = | 13.73921 PHP | AED PHP rate 12/07/2017 |
| Tuesday 11/07/2017 | 1 AED = | 13.81348 PHP | AED PHP rate 11/07/2017 |
| Monday 10/07/2017 | 1 AED = | 13.79986 PHP | AED PHP rate 10/07/2017 |
| Sunday 09/07/2017 | 1 AED = | 13.7793 PHP | AED PHP rate 09/07/2017 |
