It's 46.40 Today

Yeah, it's the Philippine Peso against the US Dollar. Looking at its one-year graph, it has been increasing its exchange rate from 52.3 Pesos to a Dollar July last year (I remember it plunged to 55), to 46.40 as of today (June 15, 2007). This is "good" for the Philippines because it is a sign that the Philippine economy is catching up; the Philippine Peso is doing really strong against the US Dollar. They say this is caused by the millions of Dollars worth of remittance sent by Overseas Filipinos and the Government says it’s also because of President Gloria Arroyo’s excellent service (even though she is / deemed as "fake president") in handling our country’s economy. But honestly, selfish might it be to say, but for the sake of those in abroad and all Overseas Filipino Workers sending bucks home, wish the rate is higher; one peso or even few cents over it will make a big difference; 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. Break-even, the Government who relies heavy on remittances from OFW's are only too much aware that they are losing remarkable percentage on the total remittance value. If it is good for the economy and the Philippines as a whole, so be it and be it, as long as they don't fall into some people's pockets.

The graph below from exchange-rates.org shows historical exchange rates
between the Philippine Peso (PHP) and the US Dollar (USD)
between 7/31/06 and 6/15/07

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2 comments:

  RJRMC

June 17, 2007 at 7:55 PM

Correct! But according to 'good' pinoys who are there, they can't feel the catching up of the Phil's economy. In fact, prices of the basic commodities are increasing almost everyday.

Forgve my tongue --- but the president is just faking her 'orgasms' about the Phil's econ.

Haaaay ma HB jd ko maghuna2 ani. Sakto jd ka dai every cent matters jd.ofw ra japon tawn nahasngan.

sadly 'their' pockets are made of leather d jd tawn mabuslot bsan pag kada-oras hulugan. Faet jd kaayo. :-)

  lotis

June 17, 2007 at 9:48 PM

It’s just a good sign that the economy is catching up with others'. It is not that easy or instant though for the commodity prices to, (if they may, which I doubt), decrease. When it finally catches up, it means it will be valued at let's say, 25 peso to a dollar. : D and inflation rate is ok.. :D Did you know that the lowest exchange rate was PhP3.90 to a Dollar, dated November 1965 (correct me if I’m wrong)? How it is to come back to that time :D. we're always in the middle, unfortunately, in the harder part side of the middle. Well...as it is said, we are being punished by our own (economic)success:(