With the current value of the Philippine Peso (PHP) dropping toward the middle of 2013, it is time to look back and see how the PHP has compared over time.
This page looks at the PHP value against the Australian Dollar, from the perspective of the 180,000+ Filipino’s living in Australia. Many of these will be active in remitting funds back to their families in the Philippines.
2011 Australian Census:
At the end of June 2011, 183,010 Philippine-born people were living in Australia, 31 per cent
more than 30 June 2006. This is the seventh largest migrant community in Australia.
To begin with, the chart below shows the change in the Australian Dollar versus the Philippine Peso for the last six months:
This chart shows a definite drop in the value of the Australian Dollar with only 4,080 PHP being available for each A$1,000 sent back to the Philippines. At the beginning of the year, this may have been as high as 4,300 PHP, and even hit the same rate in April 2013.
This next chart shows a different story, over a term of 10 years, 2003 to 2013.
During 2005, the figure would have been closer to 4,200 PHP but dropping to around 3,900 during 2006 and 2007. 2008 and 2009, during the Global Financial Crisis (GFC), the values went between 3,000 and 4,400 in relatively short periods of time. This then recovered back to 4,200 and 4,400 during 2011 and 2012.
The latest figures however show a drop to nearer the 4,000 PHP value.
Note: All Exchange Rates quoted are the midpoint range. The actual rate given by a bank will be slightly higher or lower depending on which currency is being sold.
For example: If the Midpoint FX rate is 43, then you may be able to get 42PHP if you are selling Australian Dollars, but if you are buying AUD then you may need to pay 44 PHP for each dollar. That is using one of the best Currency Transfer options that I found, and used myself.