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What is causing the RP peso to fall?


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Kreole

I have watched in amazement as the peso continues to fall against the dollar.  My only thought is that the ISIS invasion of the RP and security risks are one of the main reasons.  Any insights into this situation?  Certainly Duterte has to factor in this, his admittance that his war on drugs is failing (no surprise).  Is this a crisis of credibility for his administration?

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A_Simple_Man
36 minutes ago, Kreole said:

 My only thought is that the ISIS invasion of the RP and security risks are one of the main reasons.  Any insights into this situation?  Certainly Duterte has to factor in this, his admittance that his war on drugs is failing (no surprise).  Is this a crisis of credibility for his administration?

My thoughts are that it is a repeat of years 2001 to 2006, before Isis or Duterte so I believe its a natural cycle of rise and fall.

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SkyMan

I can't control it so I choose to sit back and enjoy it.

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smokey

I think its spending more them taking in GP has been dropping a few months saw no growth in cash coming home.. build build build because its a lot of loans  but I too sit back and enjoy hey you car shoppers hurry hurry hurry

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Alfred E. Neuman

ASEAN trade agreements taking full effect, minimal customs duties on commodities and products so local producers and factories hit hard. Importation overwhelming exports and local economies.

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battleborn

I read the large amount if infrastructure spending has a lot to do with it.

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GwapoGuy

Over the last several years the peso has been unusually strong and over valued. Finally reality is setting in.

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Soarking

The Philippine Government needs to wake up and start charging fees on ALL money remittances coming into the Philippines.  Like a small 5%.

Rich foreigners won't miss it and will just send that much more to help there loved ones ones here.

Its not like the Government can't use the added cash flow to conduct more studies in how to improve traffic, infrastructure, air quality, life for the common people.

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Alfred E. Neuman
8 hours ago, Soarking said:

The Philippine Government needs to wake up and start charging fees on ALL money remittances coming into the Philippines.  Like a small 5%.

Rich foreigners won't miss it and will just send that much more to help there loved ones ones here.

Its not like the Government can't use the added cash flow to conduct more studies in how to improve traffic, infrastructure, air quality, life for the common people.

5% is not small, most remittance centers take 3-5% from the sender. OFWs sending 100$ will become 90$. That‘s yuuuuge.

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Kreole
19 minutes ago, Alfred E. Neuman said:

5% is not small, most remittance centers take 3-5% from the sender. OFWs sending 100$ will become 90$. That‘s yuuuuge.

Remittance companies are such a scam, but most Filipinos do not have a bank account.  And even if they did, the funds would still be sent through a remittance company.  Instead of allowing remittance companies to skim off a percentage of OFW money, the Philippine government should set up a program that would funnel all of the funds through a central agent, charging only like 1% to cover expenses, and thus allowing more funds to enter the country to be spent in the country by the families of the foreign workers.  

However, as I write this, I realize that the government corruptos in the RP would just skim off their percentage, probably leaving the OFW's in worse shape.  Oh, well....it was a nice thought.

 

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USMC-Retired

The unseen thing in addition to the fees they charge are the lower exchange rates.  So these remittance companies are double dipping.  I tend to use western union and noticed the exchange rate is 1 or 2 pesos lower than the current exchange rate.  

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Richard K

I got 51.15 @ WU today. When I left the house the FX rate was 51.13 (on the site I looked at).. That was about 2 hours before I exchanged. I was pleasantly surprised...:)

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Salty Dog
1 minute ago, Richard K said:

I got 51.15 @ WU today. When I left the house the FX rate was 51.13 (on the site I looked at).. That was about 2 hours before I exchanged. I was pleasantly surprised...:)

I can see where that extra 2 centavos can really come in handy.

If you exchanged $1,000 you can get half a cup of coffee... :yahoo:

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Richard K
2 minutes ago, Salty Dog said:

I can see where that extra 2 centavos can really come in handy.

If you exchanged $1,000 you can get half a cup of coffee... :yahoo:

haha..yeah.... I normally do it at the bank because it is just easier. the little bit of difference is not worth the fooling around with it all... The bank had a problem so today I went out to do it. The bank rate was 51.05.
When I came here it was about 42 ...I am not complaining.. :)

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musicman666
10 hours ago, Soarking said:

The Philippine Government needs to wake up and start charging fees on ALL money remittances coming into the Philippines.  Like a small 5%.

Rich foreigners won't miss it and will just send that much more to help there loved ones ones here.

Its not like the Government can't use the added cash flow to conduct more studies in how to improve traffic, infrastructure, air quality, life for the common people.

Your thought process has gone native.....time for boosting exports but all the Filipinos think is imports cost more because to boost exports which now would increase due to lower world pricing would mean working more to produce them...I know what let's figure out more import tariffs so they don't have to work more ...brilliant thinking.

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