The Killing Peso Dollar Exchange Rate
Posted on May 27th, 2007 | Subscribe in a Reader | Subscribe by Email
Alright, I admit that the Philippine Peso is doing really strong against the US Dollar and it really hurts Filipinos working abroad and the local people who are also earning dollars because the value of each dollar is getting really low every day. I remember last May 2006 when the exchange rate was about 52.654 Pesos to a Dollar and it has been decreasing until now where the rate is PhP46.114 (as of May 25, 2007. That’s about PhP6.54 decrease for the past 12 months.
I have been saving my Dollar earnings ever since I got my first pay from design and link building projects and since I got . I also recently opened a Dollar account so I can deposit the money and hope it will earn interest and improve its value when the Peso-Dollar exchange rate increases. But because of the recent weakening of the Dollar I have to get more projects than I usually accept so I can have enough to spend and save for the future. I’m also feeling that creating the Dollar account wasn’t such a good idea as its worth is decreasing everyday.
Checking the Peso Dollar Exchange Rate History in exchange-rates.org, you can see the slow but constant decreasing value of the Dollar against the Peso.
They say this is caused by the millions of Dollars worth of remittance sent by Overseas Filipinos and the Government says its also because of President Gloria Arroyo’s excellent service in handling our country’s economy.
Many would disagree about the PGMA factor because of her reputation as a “fake president”, her admission in the Hello Garci scandal, her taking over the Presidency after Former President Estrada stepped down from office and other issues and cases filed against her. Even with all the bad reports against the President I could say she did a good job in strengthening the value of the Peso. I just hope she can do something to stop the oil price increase as this is affecting everybody.
Did you know that the lowest exchange rate was PhP3.90 to a Dollar, dated November 1965 (correct me if i’m wrong)? I’m sure that time you can buy a whole day’s meal for a few cents and the monthly income was only a few Pesos. How I wish we can have that kind of Peso value now and still have the salary we have today.
One last thing, imagine that if this rate (PhP6.54/year) will stay like this until the 2010 elections, our exchange rate will then be PhP26.494 = USD1.00. Wow!
Related posts:
- 2010 Philippine Presidential Elections
- Cost of Living in Makati
- White Elephants of the Philippines
- Withdraw PayPal to Philippine Banks
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May 28th, 2007 at 4:19 pm
how many times have you checked out with your adsense?
June 6th, 2007 at 2:33 pm
i Was inspired by your Page… how i wish i could make a web site like yours, the problem is… i am just an ordinary man. less knowledge than yours. i dont even earn that much.
but i am quite observant about the status of our nation. I agree for your testimony… more power and god bless!!!
June 15th, 2007 at 11:51 am
Get the lastest exchange rate history here
http://www.bsp.gov.ph/dbank_reports/ExchangeRates_1.asp
November 12th, 2007 at 10:26 pm
I admire your page. It’s really a great topic for us Filipinos to get much updated to our country. Though, Peso got stronger than US Dollar still, our economy shows a very little improvement for this thing to take effect. Oh.. How I wish that US Dollar will turn back to its original circulation so that the value of Peso will go down once more. Not just once. Anyway, Thanks for this info! It’s really fun to bear this infos. in mind. Godbless!
December 1st, 2007 at 10:10 pm
haay.. i’m not sure if i’m happy or sad about the strengthening of the philippine peso. for one thing, my earnings online decreases.. *sigh*
but good thing is i can buy more stuff online……
December 5th, 2007 at 7:07 pm
I am not happy of what is happening with our economy now. Dollar is keep on decreasing but we can’t feel the victory of Peso…I think people should do something about it…
December 13th, 2007 at 12:28 am
It is now 41.10 to a dollar! waaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
December 18th, 2007 at 2:28 pm
The artificial inflation of the peso is a scam by the rich elite filipinos who have been buying dollars like crazy for the past 6 months. At the expense of the average filipino , the rich will drive the already weak filipino economy into doom and the country will enter a severe depression possibly leading into civil war.
December 22nd, 2007 at 12:02 pm
Actually the Philippines’ economy is not going strong like what PGMA is telling all the Filipinos. The truth is the value of US Dollar is very weak in the world market not the Philippine Peso going strong.
February 20th, 2008 at 5:27 am
Jay Bray is right. The prices in Philippines are rising. Sometimes I dream that if I can become wealthy, I can help the people without being president[my family first]…Maybe my help will be more than the help of the government.
March 15th, 2008 at 11:37 am
hey! bro thanks you for the info. but i think prayer is the only solution for everything as of now hehehe. because it’s all written in the bible, pls. read the book of revelation if you have time. i really appreciate if your do it for me. God Bless Bro.
June 16th, 2008 at 10:01 pm
thanks for the info it really helped us students in our economics class ….God bless.take care olweiz..