It was just two weeks ago when we sent a few Euros for our families in the Philippines as Christmas gift. When I checked the exchange rate between Euro and Peso in the Bangko Sentral ng Pilipinas website, it was in the Php58.00 range. Deducting bank charges and I said most probably it would be credited at over Php56.oo per Euro and I was right.
I have observed when I was still in the Philippines that Euro is more volatile than the US Dollar. Peso rate vs Euro can go as high or as low as Php0.50 – Php1.00 overnight while Peso vs US Dollar moves just a few cents. This became more evident this third quarter of the year.
Since the Christmas season came, the value of Euro, same with the US Dollar vs the Peso exchange got lower and lower. And this is due to the downpour of forex coming in to the country. These mostly come from relatives working in foreign lands or what we call the Overseas Filipino Workers and sending cash gifts to their families left home.
Last night we sent again a few Euros and guess what the exchange rate is? Php56.511 to a Euro! Oh no! So again deducting bank charges and it will be a little over Php54.00 by the time it reaches our families. I hope this situation will not take long. I know that low value of Peso vs any currency means strong Philippine economy. But I just want my family to receive higher value and have more purchasing power this holiday season.