Time to remit: Philippine peso sinks to new all-time low, now at Dh15.66

One dollar was worth 57.13 pesos on Tuesday



File photo
File photo

By Web Desk

Published: Tue 6 Sep 2022, 1:08 PM

Last updated: Tue 6 Sep 2022, 9:13 PM

The Philippine peso hit another record low on Tuesday, crossing the 57-peso mark against the US dollar.

In the UAE, the currency was trading at 15.66 against the dirham on Tuesday afternoon, based on rates published on Google Finance.

The Southeast Asian country’s currency has been trending down since Friday, when it closed at 56.77 against the dollar. Its previous all-time low was set in October 2004 at 56.45.

For economists and experts, the weakening peso raises alarm and bolsters pressure on the country’s central bank — but for Filipino expats in the UAE and around the world, it meant one thing: Being able to remit more money back home.

Analysts however cautioned that higher import costs could worsen the Philippines’ inflation crisis.

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