The markets are expecting that US interest rates will remain high for the foreseeable future because of Trumps insane tarriffs policy. I think (I don't know for sure) that the Philippines has quite large dollar reserves hence via triangulation and the fact that our interest rates have declined a little bit the peso has not lost much or indeed changed much against the dollar, it's actually strengthened against the dollar a little in the last two weeks, 59.22 two weeks ago and now a dollar is only buying 58.105. The net result is the pound is down 3 peso against the dollar in the same period, about 75 peso two weeks ago and now 72 peso.
Peso always gains strength this time of year. OFW cash flowing in. Generally increased spending. Hopefully things will settle down during the next week or so. I'd still much rather be here spending my peso pittance in 'paradise' rather than back in the miserable sinking UK...self-inflicted by successive idiot governments.
I agree but normally this happens in advance of Christmas by a month or two and lasts for about 3 or 4 months and that hasn't happened the last couple of years. It got slightly better towards the end of the day but it's very very volatile right now and this is weekend markets so there should not be any real movement.
We can never rely on the currency strength and we should remember that what's good for our FX pocket is not neccessarily good for the average Filipino, a weak peso makes their rice imports more expensive, while governments in the west would argue that a weak currency cools spending and borrowing to pay for foreign goods which can sometimes be a good thing, it's a different matter when you're talking the price of food.
Did you know OFWs remittances total nearly $14 billion a year... and that's just the USA! Add on Saudi, Singapore and ROW and all in all it's about $20 billion.