For the very first time in 18 years, the Philippines’ Peso has closed at P15 to AED1 on Friday, July 1, 2022.
The last time the AED reached P15 was in 2004, according to records.
Many overseas Filipino workers (OFWs) in the UAE are rejoicing over the news, saying that it’s just in time with the salary period.
It is also, perhaps, the very first time the rate increased on the first day of the month.
“This is very historical because, for several months, the rate was AED1=P14,” LM Exchange’s Philippine Corridor Head, told The Global Filipino Magazine.
The exchange centre, today, offers AED1 to P15 flat. They belong to a few remittance centers that offer competitive rates.
In a recent interview with him, he said that the Philippine peso rate usually increases on the third or mid-week of the month.
In a June 23, 2022, report, 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.”