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Peso to the US Dollar

Discussion in 'Expat Section' started by PatO, Jun 3, 2020.

  1. PatO

    PatO DI Forum Luminary Highly Rated Poster Showcase Reviewer Veteran Marines

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    At BDO bank today 49.95 peso to the dollar. Yesterday 50.40. Lots of dollars transferred today, SSA, VA, etc. Ouch for some
     
  2. Always a Poppy

    Always a Poppy DI Forum Adept

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    The GB pound to Peso has increased slightly so far this week, although down a little this morning.

    PatO's comment reminds me of a discussion on fb I've just had with a foreigner. It actually started with one foreigner moaning about the current state and continuation of GCQ and the inevitable response from a local, which was 'go home then'.

    I commented on the income that foreigners bring to the area, with higher spending power. The other foreigner took some issue with this and stated that all money foreigners spend is spent in foreigner owned establishments and that the foreigner contribution to the economy in the Philippines in general is just 2% from 13,000 of us in this province. I took issue with that as any money spent here MUST sooner or later end up in the local economy, whether through employee salaries, tax or to suppliers. Any profits after that will surely be spent in part on locally owned products and services, with the rest going the same route via foreigner owned businesses and so on.

    For myself, I spend almost nothing on what I know to be foreigner owned businesses. All of my income comes from overseas into this local economy. I can't be alone in that. Interestingly, the individual mentioned that the average foreigner contributes the same as 7 local families. The guy mentioned that he's an economist, accountant and lawyer and has done much research on this topic, and I bowed to his knowledge. However, simple maths says that 13,000 foreigners contributing the equivalent of 7 locals each = the same as 91,000 local families. That's a significant number in my simple head.

    If you're on this Forum my correspondent, feel free to add, clarify, contradict. My only issue of disagreement really is on where foreigner money is spent. PatO's comment that there will be a lot of unhappy US citizens because of the rate going down does not suggest to me that many, if any, are sending cash in the other direction; maybe only a select few with large business interests.
     
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  3. danbandanna

    danbandanna DI Senior Member Veteran Marines

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    I was there today, even the teller apologized for the rate exchange.... interesting
     
  4. you_have_been_removed

    you_have_been_removed DI Member

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    Not much need to send cash to the USA these days , they seem to be doing fine without now, all seem to be stocking up for christmas most of the stores seem to be open 24/7 with big discounts.
     
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  5. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

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    Very little stability in the GBP - up and down like a 'lady-of-the-night's' panties (as told to me by @jimeve friend).
     
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  6. Always a Poppy

    Always a Poppy DI Forum Adept

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    The £ actually hasn't moved much in the last few weeks (I check almost every day), but over the longer term has suffered badly. It was P76 before the infamous Brexit debacle and then crashed from P73 to about P58 immediately after. Recovered to P73 until two years ago when crashed again (more Brexit blues) and has been hovering around P61-63 for the last 3 months or so. If I think back 10 years to my first visit here, it was P68/69, so a little recovery post-virus might see it return to what I understand to be reasonable (which I know is relative, depending on how long you've been here or been visiting here. I heard stories while in UK from other visitors talking of P100 ish to the £, which is pie in the sky now, unless this country suffers very serious economic depression relative to the rest of the world).
     
  7. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

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    I also check every day - in fact a few times every day as I am not too busy currently!

    In March it was 59.19 - almost the same as just post the Brexit vote. Two years prior (March 2018) it was 74.26 (a drop of 20%).

    Unfortunately, there may be as much possibility it will go significantly down as to go up. All exchange rates depend on the currency pairing and if the Philippines comes out of the pandemic well and the UK does not, then 50 might be possible!

    This is a good site: https://www.ofx.com/en-us/forex-news/historical-exchange-rates/

    October 04, 2004 was 112.10.

    So we are now about half the 2004 figure!
     
  8. OP
    OP
    PatO

    PatO DI Forum Luminary Highly Rated Poster Showcase Reviewer Veteran Marines

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    Sadly I was going to order my wife a $5,000 Louis Vuitton bag from Macy’s New York to show off to her friends when her Zumba starts back up and a pair of Michael Jordan’s latest basketball shoes from Footlocker for me for when my gym has a reopening but out of stock all over in the U.S. for some reason.
     
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  9. SkipJack

    SkipJack DI Forum Adept

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    We can expect the US and UK currencies to weaken against economies who did a better job reducing the impact of COVID-19.

    On a per capita basis the Philippines have 32 times fewer cases than the US. The Philippines was able to do this without stopping any businesses that compete in the foreign market. (BPOs, etc.)

    It makes sense that their currency will perform better against the US and UK currencies.
     
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  10. jimeve

    jimeve DI Forum Luminary Highly Rated Poster Showcase Reviewer Blood Donor Veteran Army

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    The pound has not seen P76 for over 10 years or longer. In fact after the successful referendum (brexit) the pound was about what it is today.


    And when the pound was 100+ that is when I bought a lot and built a huge house in da fils :cigar:
     
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