Exchange Rate

WEAK DOLLAR OR STRONG PESO?

The dollar to Philippine peso exchange rate is quite low right now.  A lot of people have asked me “What is up with the dollar?”  Or “Why is the peso so strong?”

I don’t think it is as much of the matter of a strong peso as it is a weak

dollar.  Though there is speculation that Bangko Sentral ng Philipinas will raise rates, so far they have not.  This speculation caused the value of the peso to rise a bit. 

source: http://cebuexperience.com/dollar-to-philippine-peso/why-the-dollar-to-philippine-peso-exchange-rate-is-so-bad/

One economic issue is the exchange rate of US dollar to peso. It symbolizes the progress of the Philippines when it comes to economy. As the value of dollar decreases, businessmen and investors in the country could reach a high profit in a short period of time because of the materials bought abroad becomes cheaper. For me, Philippines could be one of the most outstanding countries in the near future especially with this kind of economy combined with enough knowledge to improve the economy throughout the time.

On the other hand, there’s a negative effect on the increasing value of Peso. OFWs and theirs families are the ones who are affected negatively by this economic issue because the money remitted by the OFWs will have a lesser value in peso unlike before. 

I have two cousins and an aunt working abroad and I believe that they are struggling hard to earn money especially now that the value of dollar has decreased. At some point, I could say that the situation could make Filipinos think twice in working abroad.