The Value of the Australian Dollar to the Philippine Peso
With the value of the Australian Dollar dropping from around 42 Philippine Peso for each dollar to the current rate of about 32 pesos, it has been a harsh hit to many people relying on Australian Dollars in the Philippines. These may be relatives of Filipinos living in Australia who send support, or they may be Australians retired in the Philippines living of an Australian pension income. Both will suffer the same percentage drop in income.
The chart below, from www.xe.com shows how the PHP-AUD rate has changed over the last ten years.
There was a similar drop in 2008 where it went as low as 30 pesos to the dollar in September 2008, but the Dollar began to recover again in March 2009 and reached 44 again by October 2009.
It has hovered between 40 and 46 between October 2009 and September 2014 when the decline appears to have begun. The 14th September 2014 seems to be the last time the rate was over 40 pesos to the dollar.
On the 23rd January 2015, the rate went below 35 pesos to the dollar. On the 24th to the 26th March 2015 the rate jumped back to 35 again from a low of 33 on the 11th March 2015. But it was short lived and hit 33.5 on the 2nd April 2015.
These rates are the quoted Interbank rate, and NOT the actual rate that a person would get on exchanging.
An example of actual version Interbank is:
Current Interbank rate quoted at 33.86855 pesos to the dollar at 12:22 pm 7th April 2015 at www.xe.com
The actual rate that I can get at my normal FX supplier CurrencyOnline is: 33.37245 at the same time.
However the big banks are different with my Australian bank quoting $ 1.00 AUD = ₱ 30.96 PHP
This does not sound much, but the differences for a A$10,000 sum work out at:
Interbank rate of 33.83855 = 338,385 peso
Currency Online rate of 33.37245 = 333,724 peso (= transfer cost of 4,661 peso or A$140)
NAB rate of 30.96 = 309,600 pesos (= transfer cost of 28,785 pesos or A$929)