Monthly Average Exchange Rate of Philippine Peso and US Dollar

by Gil

in Exchange Rate

One of the things that you will start to be concerned with and should know when you become an OFW is the exchange rate of Philippine Peso to US Dollar or the currency of your current country. However, many countries in the world do not have direct conversion from their currency to peso. For example, South Korean Won cannot be directly converted to Philippine Peso when you’re sending money from there to Philippines. The bank will need to convert Korean Won to US Dollar then when the money reached your Philippine bank, dollar will be converted to peso according to the prevailing exchange rate at the time it was credited to your bank account.

I’m just wondering maybe you’re looking for the data of exchange rate of Peso to US dollar in the last five years. I got some information from National Coordination Statistics Board (NCSB) about the average monthly exchange rate from 2005 until October 2011. If you carefully study the figures, you will notice that the exchange rate is going down. Meaning, it will need more dollars now to convert a same amount in Peso. For example, during the year 2005, if you exchange $100, you can get P5,500. This year if you want to get P5,500, you need more or less $130.

Peso-dollar exchange rate is also very important to importers and exporters of goods and products. Since almost all industries depend on the exchange rate of dollar, companies are closely monitoring the movement through the Internet and banks’ websites.

Below you can see the history of monthly average exchange rate of Peso and US Dollar starting from 2005 to 2011. As one observation, you could see that US dollar is consistently weakening against the Philippine peso according to the facts on the table.

 Monthly Average Exchange Rate of Philippine Peso and US Dollar

Month 2011 2010 2009 2008 2007 2006 2005
Average 45.11 47.637 44.475 46.148 51.314 55.085
December 43.95 46.421 48.094 41.743 49.467 53.612
November 43.49 47.032 49.186 43.218 49.843 54.561
October 43.45 43.44 46.851 48.025 44.380 50.004 55.708
September 43.02 44.31 48.139 46.692 46.131 50.401 56.156
August 42.42 45.18 48.161 44.877 46.074 51.362 55.952
July 42.81 46.32 48.146 44.956 45.625 52.398 56.006
June 43.37 46.30 47.905 44.281 46.160 53.157 55.179
May 43.13 45.60 47.524 42.902 46.814 52.127 54.341
April 43.24 44.63 48.217 41.820 47.822 51.360 54.492
March 43.52 45.74 48.458 41.252 48.517 51.219 54.440
February 43.70 46.31 47.585 40.671 48.381 51.817 54.813
January 44.17 46.03 47.207 40.938 48.914 52.617 55.766

 

The information on table above clearly indicates what’s happening on the exchange rate of US Dollar and Philippine Peso. It might be a good indication on recovering economy of the Philippines but it is not so good news for OFWs who are earning money in US Dollar currency since it will mean lesser money for remittance to their family.

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