News Some OFWs in UAE rejoice over the increase of...

Some OFWs in UAE rejoice over the increase of dirham against peso

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OFWs in the UAE saw a gradual increase in the value of the dirham against the peso for the past few weeks, with some rejoicing over the weaker peso exchange rate. 

Yesterday, the value of AED1 to PHP was 14.89, indicating that the latter is dealing at the weakest point ever. Citing the Google exchange rate graph, this happened 17 years ago in November 2005, when the exchange rate touched AED1 = Php 14.88. 

However, in 2004, the highest exchange rate reached AED1 = Php15.31 in December 2004. 

Below are some of the messages The Global Filipino Magazine is receiving:

“Wow na wow sana mag 15 pa yan sa araw ng sahod!”

“Higher please.. Thanku po… 😘😁”

“sana umabot pa eto next salary ulit❤️❤️🙏🏻😂”

“Tapos pagdating ng sahuran bababa na naman😢😢”

“Sana tumaas pa ❤❤”

“13yeara na akong nabingi sa mga ganitong style

“Sa araw ng sahod biglang bubulusok pababa nyan…..!

Staka di lang sa Pinas ang nagsitaasan mga bilihin

“Kahit dito sa UAE masyado na mahal mga bilihin renta ng bahay mga pagkain nagsitaasan na rin” 👉 1 pc. Shawarma unang punta ko dito 2aed lang yan, NGAYON MAGKANO…..?”

In an ABS-CBN report on June 23, 2022, economist Solita Monsod said the weakness of the local currency also has benefits for the domestic economy. 

Talking about the value of USD to PHP, she said: “Pag bumaba ang piso natin. that means our exports will increase. There will be an increase in our competitiveness in exports.” 

Rogel de Luna, the Philippine Corridor Head at LM Exchange, said that despite the fact that it’s a few days from payday, many OFWs have already sent their remittances to the Philippines to take advantage of the high exchange rate. 

LM Exchange is one of the few exchange and remittance centres in the UAE that offers competitive rates. 

“Kadalasang tumataas ang nagpapadala sa atin tuwing ikatlong linggo ng buwan o mid-month dahil yan yung mga panahong tumataas ang exchange rate natin. Ito yung magandang oras para maghulog sa mga savings account at sa mga kababayan nating nag-hihintay ng mataas na palitan,” he told The Global Filipino Magazine. 

“Sa LM Exchange, siguradong may saya sa bawat padalang pera sa pamilya,” he further added.

De Luna said that most of their customers are thankful for the high exchange rate they’re enjoying at the remittance centre. 

“Malaki ang pasasalamat nila dahil sa mataas na palitan dahil sulit ang pagod at sakripisyo nila sa ibang bansa. Dito kasi as LM Exchange, malaki man o maliit ang padala itinotodo na natin ang ibinibigay nating exchange rate,” he said.

Ryan Namia
Ryan Namia spends most of his days reading over drafts of new written content and determining which ones make the final cut for online and print publication. He received his Bachelor's degree in Journalism in 2015 and has been writing since 2016. Got a story to tell? Email him at eic@theglobalfilipinomagazine.com. Or follow his IG @rtnamia.

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