Rising every day! Fingers crossed EH?

[OnMyWay]

On 5/21/2024 at 2:52 PM, Jack Peterson said:

 i guess that will be it for the day but it got there*********************

1 Pound sterling equals

 

74.02 Philippine peso ****************

Zooming again!  GBP 74.34, USD 58.52, source XE.

I just exchanged at BPI Online USD 58.40.

Edited May 31 by OnMyWay

[Ziggy]

As the value of the Piso/Peso takes a deeper and deeper nose-dive, prices on necessities keep going up and up. IMHO, I don't really see much of a benefit to most Filipinos, which has become more and more noticeable ever since my wife's family suddenly needs more and more money. 

BUT:

Since this is an expat forum, I honestly don't see much of a notice benefit to the 'average westerner' living in the Philippines. By 'average westerner,' I mean those of us who depend on a steady monthly payment from their homeland as their sole source of income.

[hk blues]

11 hours ago, Ziggy said:

As the value of the Piso/Peso takes a deeper and deeper nose-dive, prices on necessities keep going up and up. IMHO, I don't really see much of a benefit to most Filipinos, which has become more and more noticeable ever since my wife's family suddenly needs more and more money. 

BUT:

Since this is an expat forum, I honestly don't see much of a notice benefit to the 'average westerner' living in the Philippines. By 'average westerner,' I mean those of us who depend on a steady monthly payment from their homeland as their sole source of income.

I'm confused by your last para.

Obviously any ex-pat who is receiving money from overseas will benefit from the weakening peso as their home currency will buy more pesos.  This will help offset the cost of living increases which locals have no option to suck up unless they are also receiving payments from overseas.

[GeoffH]

1 hour ago, hk blues said:

Obviously any ex-pat who is receiving money from overseas will benefit from the weakening peso as their home currency will buy more pesos. 

Not necessarily... USA ex-pats will benefit from the hike in the USD to PHP rate but some other currencies have not benefited as much (or at all).

The AUD to PHP rate is currently at 39 (up from around 36) which might just about match local inflation (if it holds) but every time the AUD gets near 40 the market tends to get nervous and it drops again.

And some other currencies are doing worse than that.

[hk blues]

1 hour ago, GeoffH said:

Not necessarily... USA ex-pats will benefit from the hike in the USD to PHP rate but some other currencies have not benefited as much (or at all).

The AUD to PHP rate is currently at 39 (up from around 36) which might just about match local inflation (if it holds) but every time the AUD gets near 40 the market tends to get nervous and it drops again.

And some other currencies are doing worse than that.

Yes, point taken.

I was generalising in response to the idea that the average westerner ex-pat isn't benefiting from the exchange rate currently when many clearly are i.e. the American and British. 

 

[Jack Peterson]

 Well  Even though this is my Topic you can all have your opinions and such But Today**************

1 Pound sterling equals

 

74.53 Philippine peso****

[OnMyWay]

5 hours ago, hk blues said:

I was generalising in response to the idea that the average westerner ex-pat isn't benefiting from the exchange rate currently when many clearly are i.e. the American and British. 

Now, it is very hard to measure if we are winning or not.  A few years ago before Covid, when inflation was tame, and the U.S. was not printing money like it grew on trees, I could see a big difference when the rates went up.  Now, everything is so expensive, the additional pesos per dollar are quickly eaten up.  Probably more so in my case, because the imported groceries I like to buy have soared much more than local goods, although those are way up too.

Back then I didn't worry to much about weak peso impact on Filipinos, but now, I can see it really hurting them.  

[Mike J]

9 hours ago, OnMyWay said:

Probably more so in my case, because the imported groceries I like to buy have soared much more than local goods, although those are way up too.

I was shopping last week and saw cans of chili and thought that sounded good.  Checked the price and left them on the shelf.   

 

[scott h]

10 hours ago, OnMyWay said:

I like to buy have soared much more than local goods,

 

1 hour ago, Mike J said:

Checked the price and left them on the shelf.

I grew up in a penny-pinching household (no my parents were not Scottish, despite my name ) there are time where I balk when I see the prices and SnR on some imported goods. But then I think it out, with the amount I save on taxes, most utilities and other types of daily expenses that I would encounter back home, as well as the relative low cost of basic food stuffs purchased in the pelenke, I save enough money that I can afford these "luxury" items. For example, I just did a quick google and the average water bill in my home town is $90 here it is $10-$15 (my wife has lots and lots of plants to water lol) so I can buy 7 cans of chili and still break even.

But then I can rationalize anything if I try hard enough 

 

[Lee1154]

1 hour ago, Mike J said:

I was shopping last week and saw cans of chili and thought that sounded good.  Checked the price and left them on the shelf.   

 

I leave things on the shelve too.  I find that many things are just not worth the price to me.  During inflation cycles it seems that many companies try to take advantage of rising prices to raise their price even higher than the inflation rate in order to try to get more of their normal share of the "pie".  I think that in the Philippines the companies can only squeeze a small amount from the average Filipino so they are trying to grab more of the pie by over inflating prices on things that mostly expats tend to buy.  I vote with my money.  If the prices are inflated more than other items, I leave it on the shelf.