Monthly Average Exchange Rate of Philippine Peso and US Dollar

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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