The Philippine Peso has officially crashed past the historic ₱60 mark against the US Dollar.

Collapsing because it has reached 60pp to the $ is a tad strong. It has steadily climbed for, well since at least 1988 when it was 22php to the $. The one exception was 2007-2008 when the US markets crashed it went roughly from 50php to 40php to the $. https://ph.investing.com/currencies/usd-php-historical-data

 

I did not listen to the entire video - I prefer text that I can skim.

But I did not hear him mention that the peso was sliding BEFORE the 28th February and I read that this was down to a loss of international confidence because of corruption scandals in the Philippines, especially regarding flood prevention. I believe also that because of these scandals, many infrastructure projects are on hold and this influences trust in the country's economy. The financial expert within the Forum might elaborate on this.

 

The £ rate is curently about 80.6 pesos but I researched and found that on 20/12/2004 it was 109.322! I believe it was once 32 (but it may have been lower).

I am not too excited about the falling peso rate as, although it increases remittance values and helps exports (it has few!) it increases the country's import costs.

Note on ChatGPT: I recently started using it but found that sometime I had to correct it! For example it said that UK State pensions are frozen to the same rate as when the pensioner emigrated to the Philippines - I know this to be incorrect and it agreed with me when I told it. Also when enquiring about current exchange rates it said that recently the peso per £ was as high as 70! I find it quite amazing in most enquiries but not always totally correct. I am sure that will dramatically improve soon.