• O.G. Wright

1 Dirham Continues To Move Closer To 15 Pesos

This is the best time to send money from the UAE to the Philippines because the peso rate is now clinching to 15.

Photo Credit : http://www.manilatimes.net/economic-imbalances-weighing-peso/344563/

For the past few days, the rate has been increasing, and in what could be a miracle, it increases by the end of the month – where the majority of UAE workers get their salaries.

As of Friday, Philippine peso fell to 52.63 to 1 US dollar, the lowest in 12 years. This condition pushes up the remittance power of the Asian country’s migrant workers based in the UAE.

As of this posting, the peso is standing at 14.30 to a dirham.

Filipinos are among the five biggest money senders in the UAE alone and in fact, a total of AED 3.1 billion has been sent in the last quarter of 2017.

“We expect the remittance to spike in the next few days,” Promoth Manghat, CEO of UAE Exchange Group, said in a report.

For his part, Rajiv Raipancholia, treasurer of the Foreign Exchange and Remittance Group (FERG), said that there might not be further declines soon, as the Philippines’ Central Bank has recently stepped in to stem of depreciation.

So if you’re going to send AED 1,000 to the Philippines today, they’ll receive PHP 14,300.

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