Dollar and Peso Exchange Rates
Many people visit this site looking for exchange rate information. 
To make it easier to find, I thought I’d post this “sticky topic” to make it easier to find what you are looking for.
The best two links for that information on this website can be found at:
and
These two links will return some of the same information. All the articles should be included in “Expat Finances” but there should be additional information as well, related to banking, spending and anything else I think might be of interest to expats.
I’m also trying to post some data that will build up some historical data for exchange rates in an easy to read format. You can find those links, broken down by month on the top menu of the websites.
I try to do some research in the field daily, refreshing my knowledge and often adding to it. Would love to have some experts join in the discussion and point me in the right direction should I make a mistake or miss some important information.
I believe that most markets are efficient and almost always reflects the true price of what something is worth. However, there are times when this is not true and then governments can move into to stimulate corrections. Better yet, proper regulations can ensure transparency. I know very little about the markets of the Philippines and even less about regulation of them. Learning about the Philippines though is one of the main goals of my life. I’m learning more, every day.
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Hey Joe,
2nd time to comment here. I appreciate your trying to understand my country and learning its culture and way of life. You are the antithesis of the so-called “ugly american,” and you seem like the traveler type who can adjust anywhere in the world. Like you, my wife and I (we’re pinoys) plan on retiring early in the PI because life is too short to be spending it working just to have enough money to afford a $4k/month nursing home later in life. Mind you, we won’t have the amount that most retirees should have; but, like you said, you won’t need as much if you live in the PI.
I’d like to get your comments/advice since you’ve been there for awhile now.
1) Does a depreciation in the peso actually increase your purchasing power (after conversion) or do prices rise (inflation) to offset this?
2) Which type of ATM card works there? Cirrus or Pulse?
3) What’s the most convenient way for you to access your money? Do you wire transfer from a U.S. acct?
4) How do you file your 1040 taxes? Is it a 1040 or something else and is the due date still April 15?
5) Do credit card companies give you flack for having a non-U.S. residence? Did you have to notify them ahead of your retirement there?
Thanks in advance. I appreciate it.
1) The rise of the dollar from P39 to P49 (25%) far exceeded the high rate of inflation in the Philippines. Right now the rate is P47 which means I’m usually getting P46. That is still substantially more than the rate of inflation. Growth in the Philippines has slowed and the inflation rate has also slowed. The central bank of the Philippines may be doing more to effect the value of the dollar vs peso than free markets do. I see that asserted a lot but so far, no one is providing proof. I’m going to have to do more research on it. Hard to find the time.
2) Plus cards work. The Cirrus card I tried did not work. Don’t think I have Pulse.
3. Wire is too expensive and takes too long. I use RemitHome and have been sending money every month for at least two years, maybe three. If you use that link your first transfer will be free and I’ll get $5.00 too.
ATM is the fastest way but if you bank charges fees its too expensive. Remithome hits you with too low of an exchange rate but it is still cheaper than most people can get via ATM. Some areas limit ATM’s to P10,000 and others are P20,000. Either way, Visa usually imposes a 5% fee, I thought they would at all times. I know some don’t pay any fees with an ATM but perhaps they use Mastercard and Mastercard does not have that fee. I don’t know.
4. I will be filing my return via Philpost with tracking. I’ve got it prepared but need to pay Quicken $80 to print it. Grrrr You can’t file electronically with a non-us address. I could use my US address but I have reasons to use my Ph address for reasons that I may not be allowed to disclose. I’m unsure on that.
5. I have kept my credits card using a US address but let the bank know I’m out of the country so they wont disallow any charges from overseas. I would strongly recommend you keep a US bank account and a US address. You can get a US address HERE
Hey Joe,
Thanks for invaluable info. I like to glean ideas off of retirees already in the PI. Good to know that I can still bring my credit cards as long as I keep a U.S. address. I’ll probably just request electronic statements as well for convenience.
Thx again.
Your welcome
It’s worrying here in the uk. We are now printing money (quantitive easing) and many economists now believe a run on sterling is inevitable. It’s already taken a pounding in the last 12 months but we could see it fall by 10-30% in a few short weeks if the uk goes cap in hand to the IMF (like we did once in the 1970s). It’s one of the main reasons i am choosing to move to the philippines, instead of thailand (although not the only one – it just sounds like more fun). Buy gold….and a gun!
UK Currency has been taking a beating, no doubt about that. In the US we’ve seen just the opposite. The banks refusing to lend has caused a shortage of dollars and pushed the dollar up. Creating more dollars or pounds by printing wont do ANYTHING if the banks wont lend and people wont spend. Stock piling it will do nothing to end a recession. Out banks are trying to build reserves so when the losses from the housing collapse come they will not be taken over by the Federal Reserve Bank.
These days, money is not created by printing. Its all paperless paper.
The amount of lending plays a much bigger role as when one bank lends they bank that gets the money can then lend out 10 dollars to every one dollar they take in. I’m thinking the British economy is much the same.
On the other end of this though depends on what Bangko Sentral ng Pilipinas does. If they wish to have a higher peso then our currency will go down. It appears though the dollar is headed up against the peso which will ease the blow to the pound too.
I should say that printing is not the major way to create money. Because if you print it and it doesn’t get spent, it has little effect.