⌛ Living in the Phil. is getting more expensive

Since we started our project about a year and a half ago, we have seen the value of the dollar shrink dramatically in that time span.

When we started, it was 52 Phil pesos per US dollar. Now, the conversersion rate is just about to drop under 40 Phil pesos per dollar for the firm time in quite awhile.

This will have quite an impact on expats who rely on the US dollar.

2 blackbelts

 

Even worse, on the poor locals :(

 

Even the pound is shrinking too,hope not too much.The time we bought the lots in valencia the exchange rate to pesos was around P105 - 107 pesos to a pound.Now it goes to P79 for a £,all that's paid ,part relief. And bad news of more lowering value of £ coming,which means have to top up more £s when sending at this lowering rate :( :(

 

Hi All;
Is the Philippines Economy going strong that's why the value of Peso Increases?

 

Both, actually. The peso is improving worldwide, but more than that, the dollar is shrinking everywhere. For the first time in history, the Canadian dollar is worth more than the U.S. dollar. :(

 

the US dollar is the result of the poorest US government since ages.
and there will be no changes untill Jan 09...

Rhoody

 

It's bearable for a year but if it runs a few yrs on as well as other currencies with it ,it would be absolutely depressing.

 

Unfortunately USD exchange rates are almost certainly going to get worse this year. As the Fed cuts interest rates to try and keep the economy afloat....the dollar, and dollar denominated investments, become less attractive for investors. I wouldn't be at all surprised to see the peso/USD rate down to 35 or even a little lower by mid-year...

 

That's dreadful if it goes down to 35 for a dollar,the £ will take the plunge with the $ too.:(

 

Don't think Sterling will take a hit like the USD will get...UK doesn't have the severe economic issues the US will be contending with. The peso is looking pretty firm against major currencies...but it's the USD rate that will be getting hammered worst..