⌛ $ Acct vs Peso Acct Conundrum

There are lots of very interesting TV news interviews with key "experts" discussing the state of the US economy. For me, I am debating where I put my trust. Here, I have a Dollar account and a Peso account. Do I anticipate the Dollar will go down drastically and convert the account to Pesos, even with a lousy excahnge rate? Or do I not trust the Philippines economy enough to put all my Dollar into my Peso account?
At this point, I think I will gamble and see how the debt solution will unfold by the end of the month.
Anybody else pondering over this?

 

Not wanting to get political, one day soon I hope to go Peso's.
Ron

 

Its an interesting question, I have friends who are financially minded, and they recently, took all of their money out of the states. putting some here and some in europe. They consider US a financial risk, also Europe too !!!

 

I have a friend that converted loads of Dollars to Peso's when the exchange rate was 55, he is all smiles now.
Ron

 

Since the peso is so closely tied to the $ I would study the historic exchange rate charts and watch for yearly cyclical exchange rate changes before I would go solely with one or the other.

 

I have heard many horror stories related to the state of banking in the Philippines, up to and including monies vanishing in thin air. I consider the source of some of these stories as reliable.
I would like to ask the group: Do you feel that your money is safe in Philippine Banks?

 

A few years ago an American friend of mine was faced with the same problem when he inherited a large sum of money. He opened an account with HSBC in Singapore and transferred his money there. He's done well from the move and he didn't even have to go to Singapore to set it up.

 

I would only use the older state banks that have been around for several years. I just do not trust the Chinese and newcommer banks, the government has limited vested interest in them. But the problem with most PI banks is that they are just starting to fully automate their operations. Most still depend on pen and ink ledgers. I have been using the PI state banks for years with no problems except speed of transactions, they can be painfully slow.

 

Just don't use any one of the Rural Banks. They are a joke!

 

Thanks for the info...