Exchange rate

[Gavanddal]

As the "widget" on my PC show the exchange rate against the Peso slowly getting worse and I wonder whether I should have bought a pile of Pesos a year ago, I hear various reports on how the market will go.

Some people in the know say that the Asian economies will continue to grow whilst the old Western economies will weaken.

Anyone else got any sound predictions on whether we should be putting our money in Peso accounts or not?

Gavin

[imbazzer]

hi all is there any limits to the amount of pesos you can leave philippines with or no limits ?

[aromulus]

hi all is there any limits to the amount of pesos you can leave philippines with or no limits ?

I don't see the point in taking currency out of Phil.
I don't think you can exchange it in Europe. But i think that there is a limit...

Yup, there is....


Frequently Asked Questions: Banknotes and Coins

September 2007

Cash Department 5

18. What is the restriction on currency import/export for Philippine Peso notes and
coins?

Any person can bring in and out of the country legal tender notes and/or coins in the
amount not to exceed P10,000.00 as provided for under BSP Circular No. 98, Series
1995. Larger amounts require authorization from the BSP.

Sorry to burst your bubble. :omg:

[joebloggs]

well i would rather keep what little cash i have in secure £'s than the php, i wonder if the philippine gov would or even could bail out any struggling banks there, while here the gov just gives them a loan from the taxpayer :cwm24:

[andypaul]

Was at the Football today and was asking a few of the city worker bods i bump into there what they think.

One guy is something to do with currency and he said the Pound and the dollar are both:censored:

Was a little bit complicated but although the pound is doing fine agaisnt the dollar everything currency is doing fine agisnt the dollar. Currencies doing well include the rupee, peso and belive it or not Brazills currency has been the best performing of the last few years.

The US ecomony is buggered for low intrest rates, sub prime and a load of other things which i forget, britan is proped up by being at the moments the worlds bank and sterling untill recently (things may change with recent events and the housing price drop which is just starting as all the people who can not afford to remortage at a decent price) is being used by many of the national banks. Im told the banks are using sterling as one of their choice of forigen currenices but this im told could cause a problem if goverments decide they need to exchange the currency in a hurry, dumping loads of uk currency onto the market.

This could also happen to the peso or one of the other strong currencies where people bet on it droping and dump loads of them onto the market (way to complicated to me to understand in detail) So the peso could suddenly dive for no reason what so ever.

My brain was aching by now and kick off was approaching so i said is the peso likely to carry on agaisnt the pound like this and the consenus seemed to be most likely but i will get more info during the week although its only what they feel may happen from all the data.

The pound is not going to get much stronger once the credit crunch bites in although many seem to be reigning themselves in before christmas so who knows, it will be more up to the phill goverment and events in phill it appears. Which is about as easy to predict as when is the next game where defoe is not caught offside 20 times in one half:doh

[andypaul]

hi all is there any limits to the amount of pesos you can leave philippines with or no limits ?


stick it in a bank account you can control from here. Many of the big phill banks are moving over here or are here already.

[bornatbirth]

u have to be carefull where u get ur money!

some of the local money changers can give the best deal,theres a tiny one in the greenhills mall(in manilla)which as given me the best rate every time!
i have just got back and i got 88 peso for my pound,but in the SM mall i only got 83 peso,im pretty sure if u try getting some here the rate wont be good.

if ur gf already as a bank account get a remittance with the PNB they give a very high rate for a bank.
just monitor the rate and wait until it goes up and buy some but u are much better off finding a local money changer which is safe too!

[andypaul]

u have to be carefull where u get ur money!

some of the local money changers can give the best deal,theres a tiny one in the greenhills mall(in manilla)which as given me the best rate every time!
i have just got back and i got 88 peso for my pound,but in the SM mall i only got 83 peso,im pretty sure if u try getting some here the rate wont be good.

if ur gf already as a bank account get a remittance with the PNB they give a very high rate for a bank.
just monitor the rate and wait until it goes up and buy some but u are much better off finding a local money changer which is safe too!


PNB just follows the official rate roughly which is poor and getting poorer it seems:NoNo: and is about the same as sm mall, it hit 83 and a bit the other day .

I guess the local money changers go by a different rules on supply and demand, you might have got 88 a week or so ago so may just react slower.

[bornatbirth]

i have found the PNB to be higher than going to the high street here,just wait until it goes up and check the rate with the PNB before u send some money there.
but u are right the rate looks like it will get worse,maybe the goverment are doing something right for a change,anyway the rate will go sky high when the goverment start realising they have got so much tax money to spend on its people! LOL

[fred]

well i would rather keep what little cash i have in secure £'s than the php, i wonder if the philippine gov would or even could bail out any struggling banks there, while here the gov just gives them a loan from the taxpayer :cwm24:

The government PDIC guarantee 250,000 Pesos if a bank on their list goes under.
You can place that amount in different accounts such as a joint accounts etc which will be covered as a separate acct.
I have not heard of an instance when this guarantee has failed to pay out.

[fred]

I wonder whether I should have bought a pile of Pesos a year ago, I hear various reports on how the market will go.
When the £ was worth P107.00 I was throwing large amounts of money here as if it was my lucky year!!
Nothing like that ever lasts for ever and the rate back then was just begging for a correction..
I own nothing in the UK anymore but I will wait patiently after the bubble bursts and property prices lose 50% or more over the next 4/5 years..
Then I`ll be back to mop up.

[Gavanddal]

Thanks Andypaul for your insider info. Sounds similar to what I was told.
I got P86 to the £ when I sent Christmas money to the wifes family the other day using PNBs Global Filipino Money Card.
At the moment we're still not too far from the magic 100 to 1 rate which makes mental conversion easy! However, if it goes much lower, perhaps below 75 to 1 then I'd start worrying.
Personally, I have a building project to start in the Phils soon and obviously I want my £ to have good buying power. If there's enough evidence that it might get worse then perhaps I will buy maybe £5-£10K worth of Pesos.

As far as taking Pesos out of the country is concerned, why would you want to? The P10K limit is low and I've had more than that in my wallet before when leaving the country, but I only hold on to it and eventually take it back with me on the next trip. If you open a Peso account with PNB, just leave your Pesos in there and manage it from the UK.

[joebloggs]

andypaul, the weak dollar is the excuse rolls royce are using for shutting down a factory in scouserland, 200 will lose thier jobs :cwm24:

http://news.bbc.co.uk/1/hi/england/merseyside/7126252.stm

[andypaul]

Airbus are worried about the cheap dollar as well i read somewhere a few months back. I guess because boeing will be able to sell a cheaper prices.

Im amazed at how salarys differ in the US for the same Job from state to state. Guys in the same role in the same company will be paid 50 percent or even more extra living in new york rather than out in the stick vile.

[andypaul]

The government PDIC guarantee 250,000 Pesos if a bank on their list goes under.
You can place that amount in different accounts such as a joint accounts etc which will be covered as a separate acct.
I have not heard of an instance when this guarantee has failed to pay out.

Do many Phill banks fail? I think i read about one in trouble when over once, but don't know if it sorted out or not as their are so many over there i only know the big names.

[KeithD]

I just bought a wad of dollars :)

[ginapeterb]

I just sent money today guys and we got P84.50 to the pound in London, I would not let the current situation worry you, it goes up and down, and over five year period the pound to peso rate has been pretty good, I can even remember getting P105 to the pound back in 2004, its been hovering around P91-P94 earlier this year, now obviously its not good for us, It is costing me about £60.00 a month now to make up the difference in the money we send into Philippines.

Again, sadly we have to go along with the current exchange rates, i cannot seem to find any information on internet for the reason the pound is dropping against the peso.

[fred]

Again, sadly we have to go along with the current exchange rates, i cannot seem to find any information on internet for the reason the pound is dropping against the peso.Although the £ is doing well against the generally falling $,it seems to be tracking the $`s performance with the Peso.
With the US set to drop interest rates again I expect the Dollar to get much weaker.
I hope Im wrong.


Do many Phill banks fail? I think i read about one in trouble when over once, but don't know if it sorted out or not as their are so many over there i only know the big names.
one of the largest banks based in Cebu went under about 18 months ago..Everyone got their money (up to insured amount)
Rural banks fail here quite often..

[andypaul]

Had a mail tonight saying Tomorrow the us federal bank will anounce if they make a rate cut, which if it happens most likely to see the dollar drop further. Many of the remittance rates seem to be worked out on sterling into dollar into peso so the outcome can be confusing to say the least.

The bsp (Bangko Sentral ng Philipin) are starting to intervene with the currency buying 6 times more dollars than normal a month and new currency exchange rules are to be annoucned this week.

This includes a rule that they will be raising the limits for allowing foreign currency to flow out of the country. But not sure about peso leaving the country.

None of this groundbreaking as the people i have asked hardly knew manila had a stock exchange before i asked.

I emailed a cousin (or is she an aunt but being the same age as the wife i thought she was a cousin) of the missus who works in pasay city exchange to see if she has info on the changes to the rules.

[fred]

I just bought a wad of dollars :)


:icon_lol:

[aromulus]

I just bought a wad of dollars :)

Might as well buy "Andrex"...

At least you get a free labrador puppy.....:xxgrinning--00xx3:

[KeithD]

I'll be spending them in Arizona on 1/2 price stuff (full price to the Yanks :D)

[bornatbirth]

what about thoses nukes flying about?

spend ur bucks before u get fryed! lol

[andypaul]

I'll be spending them in Arizona on 1/2 price stuff (full price to the Yanks :D)

how much is andrex out there:Erm:

[fred]

how much is andrex out there:Erm:

About a $ a sheet.

[andypaul]

About a $ a sheet.

Wow cheap as chips although the chips most likely cost more than a dollar now:rolleyes:

[KeithD]

what about thoses nukes flying about?

spend ur bucks before u get fryed! lol

No nukes in Arizona, they dropped them all on innocent Iraqi's :rolleyes:

[andypaul]

No nukes in Arizona, they dropped them all on innocent Iraqi's :rolleyes:

Knocked out by a jordan air max watist as it hits you on the bonce ouucch:Cuckoo:

[jonnijon]

Exchange rate today with PNB 82.25 to the £ :action-smiley-081::omg:

[eula mackay]

wow, the peso getting stronger and stronger. im sure arroyo will have a happy christmas. atleast someone will! lol.

[andypaul]

wow, the peso getting stronger and stronger. im sure arroyo will have a happy christmas. atleast someone will! lol.



The countries main export ie people will struggle to earn enough to make it worthwhile working abroad. I hope they have the exports to keep the ecomony on the way up:Erm: That will be Arroyos big task next year.

[KeithD]

Export more people.....special offer.....2 for 1 :cwm24:

[rob36london]

I think the peso was once at 8 to the dollar and people think 38 might be feasible soon. So looks like it ll be getting more expensive yet !

[joebloggs]

pnb now give 79.5 php to the £ :yikes::omg::yikes::NoNo:

well the time has come, i'll be sending less money back to the phils now :cwm24: and i know who my wifes family will be blaming,, :cwm23: they have to put up with higher prices and now less money :bigcry:

i read this on another forum "the OFWs are working elbows and knees to the ground to support their families back home . . but what's happening now . .their income could hardly support their families . OFWs are heroes???? now i believe this . . . for heroes are always bound to be gunned down!!!!" :cwm24:

[andypaul]

Im told the Dollar is likely to rise next year as its seen to be good vaule and assets are undervalued and lots of other talk that meant nothing to me. So things may all change yet again, but i doubt that much .

Would be a good question to ask the ofws at what point would they pack their bags and head off home? If the ratios kept heading in the way they are.

[chino]

damn with the Peso getting stronger it is costing me more and more :( and all i get is calls / txt asking for more!

[fred]

Would be a good question to ask the ofws at what point would they pack their bags and head off home? If the ratios kept heading in the way they are.

And what will they do when they get here?
IMO it will only emphasize to them the reasons they left in the first place..
No.They will struggle on and continue to send dwindling amounts..Its in their nature.
Personally I think a big reason that the $$ are rolling in and on the increase is because of online dating.The women here are one hell of a $ resource.

The $ has not finished tanking IMO and by a long shot..Same goes for the £..
A good old fashioned coup de etat is the kind of thing the $ @ £ needs here but with GMA at the helm,this is very unlikely.

[Shamrockdave2003]

Yeah send in the Marines! :)

How low is the peso gonna go jessus!, when i first met my wife it was 105peso to the pound.

Guys just out of interest what is the highest and lowest you have seen it

SD:xxgrinning--00xx3:

[joebloggs]

i'm sure when i first chatted to the misses back in err, 1999 i tihink it was a lot lower than the 79.50, i'm sure it was around 64php to the £ :cwm24:, i would have to check thou, yes highest is around 105-107 i ever got :xxgrinning--00xx3: ..


yes i'm near 100% sure it was in the mid 60's, i hope its not going to fall that low,:yikes::censored::angry::Brick::furious3::Help1:

[andypaul]

whatever it is today and 115 back in 2005.

[andypaul]

And what will they do when they get here?
IMO it will only emphasize to them the reasons they left in the first place..
No.They will struggle on and continue to send dwindling amounts..Its in their nature.
Personally I think a big reason that the $$ are rolling in and on the increase is because of online dating.The women here are one hell of a $ resource.

The $ has not finished tanking IMO and by a long shot..Same goes for the £..
A good old fashioned coup de etat is the kind of thing the $ @ £ needs here but with GMA at the helm,this is very unlikely.

I agree its the losin face thing i have seen plenty of people from around the world live either in povety or at least save every penny they can so they can send back as much as they can and spend as much as they can when they go back for a holiday.
But if the amount they pay on there loan or mortage is so great that they can't send enough money to send it home. For some there will be no point to being here in the uk i would ave thought?

The wife has met quite a few ofws in our local area who have it sounds to me as huge 100 percent mortages i wouldn't be surprised if higher % plus maxed out credit cards, loans etc,if their pay does not go up enough and intrest rates stay as they are or go higher. They simply will have to let the families back in phill with nada.

[Gavanddal]

Well, I'm worried now. I have a dive trip planned in November and the cost has obviously gone up 16% since November. Not only that, I have a house to do up in the Phils so my buying power is dimishing.
I'm seriously considering borrowing £10K (at 5.5%) and sticking it in a Peso account. If the exchange rate drops another 15 points over 3 months that gives me £1230 profit minus 3 months interest if I change it back to Sterling. In all probability we'll just keep it in an account to pay for the house repairs so it doesn't lose value.
I certainly think I need to pay for my dive trip sooner rather than later.

[fred]

Guys just out of interest what is the highest and lowest you have seen it
Joe put the info up before going back to the 1950`s..If we ask him nicely he might even do it again..
I first changed cash at 15 to £1.00 I think..
USD was about 8.00 PHP.

[joebloggs]

well its good to see the £ to php has stopped dropping for the last couple of days and has gone up to 80.2 php to the £ :cwm12::BouncyHappy::Hellooo:

come'on back to 90+ please :rolleyes:

[andypaul]

The pound is buggered, with the euro getting stronger i think we might see it slowly take over.

[katie37pinayuk]

should i be happy with the current £ to Php exchange rate? as an ofw, it makes me gloomy as the weather, but as a filipino, it should cheer me up as Php is getting stronger. however, is the Philippine economy has truly improved ???....asks an ofw here...and moaning

[andypaul]

The problem is a strong currency doesnt mean a good economy for the person in the street always. If the ofws cant remit and the export industries cant compete so close or lose staff

[joebloggs]

why would any british or european company or infact any other country buy anything for the phils when it cost more than 10% more in the last 6 months :Erm:, its going to cost jobs in the phils..

oh its 80 php to the £ :cwm24:

[Alan]

Went in PNB Dumaguete last Friday and they were offering - get this - 73.49p to the £!!!!!!!!!!!!!!!!!!!!!!:yikes:

As Joe said a few mins ago - just noticed on Foreign Exchange it is now at 80.513p.

Still losing bucket loads of money though. :bigcry:

Al.:)

[joebloggs]

AL, on pnb europe, its not fallen below 79 php to the £ at all for many years, unless i've missed it... :D

yes not good days for us, or filipino's back home. just as the strong £ against the $ cost jobs here, it will do the same in the phils..

[andypaul]

I was going to say the rich and the powerful in phill would like it but most properly have dollar accounts anyway.