Trading on Philippine Peso vs US Dollar
The dollar to Philippine Peso trend has been virtually unchanged since December 24th. The numbers I usually watch have not been updated since the 24th. Those are the trading value and the official government rate 
but is slightly different than bank rates. It appears that there just has been no trading since the 24th but there’s a lot to this market I have not learned yet.
Most banks have been closed as well but one bank, Metro Bank, here in Bogo was open for one day. It was open for Friday, January 2nd. The service I most often use, Remit Home has been at 46.6 to 1 USD since the 24th.
Christmas Officially Ends
The Official close to Christmas use to be the 6th of January per my waray waray source. I point out where her roots are as I’ve learned you can’t apply one persons traditions as common to all of the Philippines. She tells me they changed this to the first Sunday in January which is today. Jollibee’s was still playing Christmas tunes yesterday and that caused me to ask about it. She explained the official end of Christmas at that time. There’s that curious combination of casual yet formal that I’ve seen so many times in the Philippines and have written about in the past.
Trading Expected To Resume
There is likely to be movement in the dollar to peso value tomorrow. I have one transaction in process and I was tempted to wait a few more days in hopes the dollar will go up. It has been both up and down against the yen, euro and pound though so I’m not going to risk it going down. The price has already fallen enough that I’ve wiped out about $75.00 of my monthly income.
While I’m hoping the dollar will go up, there are lots of downward pressures on the dollar. With inflation going down in the Philippines that will put upward pressure on the peso. However, there has been talk of manipulating the value of the peso to intentionally push it down. The reasoning is that this will make the remittances into the Philippines by Overseas Filipino Workers (OFW) worth more and thus stimulate the economy. That would certainly stimulate the heck out of me. 
It points out just how important OFWs are to the economy of the Philippines. One politician actually wanted to require some college graduates to spend two years over seas. It is my understanding that idea was quickly squashed.
Tomorrow should see things return to normal. I am going to watch and learn and see what happens tomorrow.
Tagged with: Cebuano Culture • Expat Finances • Living In The Phlippines • OFW • Philippine Peso • Philippines
Filed under: Expat Finances
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Well it went up a little then down a little. this is fairly normal. I guess we will see if the trend continues up or down as the month goes on. I am thinking unless something happens it will go back up a little.
Hey Tom, what are you basing your prediction on?
What do you think printing 2 trillion spanking new dollars in “stimulaspalooza” here in the US will do to the dollar in about 12 months or so?
Robert, it will have downward pressure on the dollar. I’ve been saying that all over the place.
However, the dollar may fall less than other economies and remain in a strong position. It was shooting up before all the bailouts were announced then it went down.
Right now its not moving much, the central bank of the Philippines keeps signaling that they will cut interest rates. That will put downward pressure on the Peso.
For the last three to four weeks the dollar has been mostly falling against the GBP and Euro after strong rise in October and November.
I look for the dollar to fall myself but I can also see reasons why it may not. I hope I’m wrong and the upside beats out the downside. It depends on what other currencies do too.
I think most people underestimate how large a trillion is. While it is not a good thing to me, I think the stimulus package of Obama is a good plan.
how much is 1 American Dollar to one Philippine Peso???
That is pretty much all over the site but it changes every day and during trading hours every minute.
1 dollar will get you about 47 Philippine Peso.
I said on the 14th that I thought the dollar would fall, so far I’ve been proven wrong. Its been steady against the PhP but rising against most other currencies.
Seems the American economy is in bad shape but still trusted by the rest of the world in comparison to other currencies.