2007-11-12 00:33:32 · 24 answers · asked by Anonymous in Travel ➔ Asia Pacific ➔ Philippines
Canadian$ = 47 pesos last week, it was around 43 pesos two months ago.
Last week Filipinos here in Canada lined up in remittance centers and took advantage of the exchange rates to send money to the Philippines.
If viewed from this side of the earth, Peso is not improving.
Actually US $ is plummeting. Some Canadians are going on a shopping spree in the US taking advantage of the stronger Canadian$ against the US$.
I think the Philippines can only benifit from this, when buying products from the US.
but OFW's whose contracts are paid in US$, wont be too happy. Their income now have lesser "bang" when they send it to their families in the Philippines.
2007-11-12 03:21:39 · answer #1 · answered by otter2 4 · 4⤊ 5⤋
Yes. But I don't believe the peso is strong. It's just that the US economy has suffered tremendously, almost a recession like in the 1930s and which has made the dollar decline in value. It's not only the peso that has gained, so has the other currencies.
2007-11-13 07:16:26 · answer #2 · answered by annabelle p 7 · 1⤊ 1⤋
Nope. Actually, there's a big misconception here. The peso is not stronger per se compared to the US Dollar. The true reason to this is that the US is a lot weaker compared to a lot of currencies like Canadian Dollar, the Euro, Yen. So before we get fooled by our government that the Philippine Economy is on it's way up, that is not true. I'm not hurting because I'm in Canada right now and as the other person just stated, we are taking advantage of it by sending money to our families back in the Philippines.
2007-11-12 17:14:21 · answer #3 · answered by millet_0220 4 · 3⤊ 3⤋
NO.
I never bought my dollars speculating anything. I keep a dollar account only so that I will be able to draw from it when I need to. I do not acquire dollars hoping that the Philippine economy collapses and my dollar would be equivalent to P1,000 pesos. That is an evil and criminal thought.
2007-11-13 01:47:21 · answer #4 · answered by boyplakwatsa.com 7 · 2⤊ 1⤋
Yup...huhuhuhu
I just hope that the prices of the basic commodities and the fare will decline also....
What can I say, it's my first time to work overseas..and tada the dollar is deppreciating its value, whereas the prices in the Philippines are continuing to soar high above the sky.huhuhuhu
2007-11-13 01:27:17 · answer #5 · answered by Soop3rNLuVkJB 3 · 1⤊ 1⤋
Everybody is hurting.
Yes, it's now cheaper to buy US dollars, but that ain't exactly pulling down the price of basic commodities. Looking at the exchange rate, the economy seems as if it's strengthening, when the exact opposite is what's really happening.
And to the millions who depend on overseas dollars to survive, this only means cheaper food at the noche buena table.
I myself will be loosing 35,000 pesos of vacation money in January, and this is if the dollar rate will stay the same as it currently is today. But experts say the rate will just keep on falling.
Anyone who thinks that the Philippines is benefiting from it's alleged "strengthening" is delusional.
2007-11-12 17:28:25 · answer #6 · answered by Anonymous · 2⤊ 5⤋
I feel for you guys in the Pines but as for me in Australia the peso is looking pretty favourable atm. I hope there is no big change when I get there.
2007-11-12 22:30:04 · answer #7 · answered by Johny 5 · 1⤊ 3⤋
Double ouch! My biggest nightmare is that the dollar exchange rate will turn to 40 pesos! OMG! <*-*>
2007-11-12 09:41:00 · answer #8 · answered by Anonymous · 2⤊ 3⤋
Is it the peso that's strong or is it the dollar dropping. I think it's more of the latter.
The Canadian dollar has increased against the dollar as has the Australian dollar.
So, no, I am not hurting from the weakening dollar
2007-11-12 13:06:53 · answer #9 · answered by PC 7 · 1⤊ 5⤋
Yes. My wife is having to send more dollars home since they don't buy as much as they used to.
2007-11-13 17:32:17 · answer #10 · answered by louiebraile 2 · 0⤊ 0⤋