46.395 pesos to the Dollar!

[Flt Simulation]

Things are really looking good for anyone getting paid in US Dollars and living here in the Phils!

Just checked Yahoo Finance ... Were up to almost 46.4 Pesos to the greenback now! ... I know lots of Filipino family members that recieve remittances in US Dollars from there OFW relatives  sent here to the Philippines that are happy too.

This is going to make building that new house much more affordable. Unfortunatly, when I bought the lot, I bought it when the exchange rate was just 41.5 ... not good! 

I don\'t know how all the other currencies are doing against the Peso, but I\'m hoping for 50 by the end of the year ... Hope that\'s not just wishful thinking on my part ... Anyone remember when it was 56 Pesos to the Dollar about 3 years ago? .... Those were the days!  Unfortunatly, it didn\'t last very long.

[ricemannv]

Yes, I locked in a pre-sell condo in pesos.  I had the option of paying pesos or dollars.  I choose pesos hoping the rate would rise and stay high over the next two years that the condo is built and I pay for it.  We will see how that works out.  It is always a gamble.

I recall when they \"floated\" the peso as opposed to pegging it to the dollar.  This was about ten years ago.  The rate went from 25 pesos/dollar to about 40 peso/dollar almost overnight.  I purchased a new car at the new rate.  The price of the car did not change with the increase of the exchange rate.  What a savings that was.

I\'m keeping my fingers crossed.  The rate sometimes drops around Christmas as overseas filipinos send dollars home for the holidays.  We\'ll see...

Riceman

[imtheredrum]

B-Ray...

I\'m thinking with the downturn in corporate profits (4.6%), rising inflation (12%), the banks raising the interest rates... the peso with fall against the dollar more and I really think that 50+ will be seen again by this comming spring.  I will keep a close watch, as I will start construction on Bohol in the late Spring... I\'ll keep my fingers crossed for the better exchange rates.

[rainymike]

Yes, I like the move and hope it lasts for another year or so. I had planned for the worst case (like dropping to 40:1), and looks like I\'ll have change to spare now when I make the move. But in your opinion has the cost of basic goods like food still going up or are the price increases slowing down?

[imtheredrum]

I\'m hoping that with the 1.5 billion pesos the Govt. is putting into domestic rice production, that the prices will stabilise by the end of Oct.  There will also be a influx of money coming from Pinays living in the US during late Oct., Nov., and December due to the holidays. My only concern is that influx may help to slow the rising peso per dollar aspect.  I would love to see 50 to one by spring.  Plan on building at that time.... 

[John Amend-All]

Well, from a British perspective I am also glad to see the rise of the dollar against the peso. The pound has been dropping like a stone against the dollar in recent weeks, from £1 = 2$ a few weeks ago to $1.766 today. I think they have finally worked out that the British economy is shot. Imagine if the dollar had not risen, we Brits would be living on rice and bagoong.

John

[Flt Simulation]

Keeps getting better ...

Afternoon of Tues, Sep 16 ... the official rate is now up to 47.3 pesos to the USD even though the US stock market crashed to the tune of 504 points on the Dow! 

About 5 months ago when the peso was at 41.5 to the USD, I bought a lot for 3,137,000 pesos ... Cost me $75,600

Had I bought that lot today at 47.3 ... It would have cost me only $66,300

A very large difference of $9,300 ... But, who can predict what the FOREX will do ... oh well

[Lee2]

Peso 49.09 which hopefully means 50 is coming.   
http://tinyurl.com/jykghnb