A Dubai-based remittance centre records value of AED1 to P14 on Tuesday, January 18, around 1:40pm.
LM Exchange, through their Facebook account, announced that the value of dirham has touched P14, making it the very first time in the remittance history.
For the past couple of weeks since the end of December, the exchange rate of dirhams to peso saw a spike.
Many residents have shown their intention to send more money to their loved ones in the Philippines.
Gilbert Gomez, a social media manager for an educational institution in Al Rigga, was overjoyed about the news.
“This doesn’t happen every day so I am looking forward to sending money back home,” he said.
On its website, online money transfer company XE said the exchange rate of dirham to peso is AED14.05 as of 1:50AM.
To get the latest exchange rate, WhatsApp LM Exchange ‘LM Peso Rate’ at +971 55 213 6892 or visit one of their branches below: