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GBP £ strengthening against peso


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udonthani

xe.com has it 67.74. That is the most it has been for five years at least. It's gone up by around 10% in the past three months.

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Skywalker

 

That is the most it has been for five years at least.

 

In April 2011, when I transferred the cash from my UK Bank (Barclays) to pay for my condo, the rate was slightly over 71 pesos to the £.

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udonthani

I haven't got over 65 between October and March since 2008.

 

in Thailand you would usually get more baht for a pound in the northern hemisphere summer months like June and July. That may be a pattern in the Philippines too.

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Skywalker

In my experience, changing your cash for currency, in-Country gets you a better rate.  Last week a moneychanger in JY (near to IT Park) was offering 67.90 to the £.

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udonthani

yes you can always get a better rate inside than what xe.com says. I have never bought baht, ringgit or pesos outside those countries. There is no need. From a UK forex shops, even in London where the rates are best, it will still probably be less than 60 right now. The rates at Mactan airport are really bad, much worse than NAIA or Clark, however even there they will be better than in the UK.

Edited by udonthani
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Skywalker

I am currently in London, and the rate I am being quoted by my London based FOREX chap is 67.30 right now.  I literally just got off the 'phone to him. 

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BPI offering 67.6 for FX from a BPI Europe a/c as at the time of this post.

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David_LivinginTalisay

Just type the Currency Pair,followed by =X intoa browser and hit enter  

 

ie GBPPHP=X     and this will bring up  http://finance.yahoo.com/q/bc?s=GBPPHP%3DX+Basic+Chart

 

GBP/PHP (GBPPHP=X)  -CCY

 

67.4990 transparent-1093278.png 0.1457(0.22%) 

 

It was previously above 67 on-until Sep14, 2012 to Oct 01, 2012

 

It has generally been above 70 on the FOREX Market util April 26,2010.  

 

Since then it has not hone significantly above 70, nor for significantly long periods either.

 

It was the LOWEST (since before Dec 2003) of under 61 on Mar 4, 2013

 

It was the HIGHEST of 108.83 on Nov 24, 2004

Edited by David_LivinginTalisay
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philuk

it was around the 100 mark when i got married there 7 years ago

 

hope it goes up some more before november, it will save me a couple of grand

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Skywalker

 

BPI offering 67.6 for FX from a BPI Europe a/c as at the time of this post.

 

I spoke to the London office this afternoon.  They charge £5 (about 340 pesos) to transfer funds to your BPI account in the RP.

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SirMadrigal

Does the pricing locally of good and services have no correlation though?

 

I remember before the crisis in 2008 1 USD was about 4 UAH (Ukrainian Grivna), post 2008 it has been fairly stable at 8UAH to 1USD (with heavy manipulation from the Ukrainian side or so it would seem) however it didnt make living in Ukraine really any cheaper, everything just went up in price.

 

I have to imagine if the PHP drops too much against the G7 currencies prices would simply go up in PH for everyone.

Edited by SirMadrigal
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I spoke to the London office this afternoon.  They charge £5 (about 340 pesos) to transfer funds to your BPI account in the RP.

 

... and it's transferred instantly.

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Does the pricing locally of good and services have no correlation though?

 

I remember before the crisis in 2008 1 USD was about 4 UAH (Ukrainian Grivna), post 2008 it has been fairly stable at 8UAH to 1USD (with heavy manipulation from the Ukrainian side or so it would seem) however it didnt make living in Ukraine really any cheaper, everything just went up in price.

 

I have to imagine if the PHP drops too much against the G7 currencies prices would simply go up in PH for everyone.

 

Yes, there is a correlation although these days you should not restrict the mechanism to G7 currencies, China must be included as well,  Most onerous is that the Philippines imports all of its petroleum products, mostly refined, which are priced internationally in USD.  Any strengthening of the USD is automatically (and seemingly instantly) reflected in pump prices.  This price increase quickly works its way into the transportation costs of goods and hence consumer prices. 

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SirMadrigal

thats what i would have assumed thus a weak peso is not necessarily a good thing in many ways, im assuming electricity is also mainly diesel generated?

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thats what i would have assumed thus a weak peso is not necessarily a good thing in many ways, im assuming electricity is also mainly diesel generated?

 

I'd be interested in the answer to this.  I have asked Filipinos who should know but have yet to receive an answer.  There is some hydro-electric generation and a wind farm was recently built in, I think, North Luzon.  Otherwise it's good old fossil fuel.

Edited by GoHuk
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