One of the things that you will start to be concerned with and should know when you become an OFW is the exchange rate of Philippine Peso to US Dollar or the currency of your current country.
Peso-dollar exchange rate is also very important to importers and exporters of goods and products. Below you can see the history of monthly average exchange rate of Peso and US Dollar starting from 2005 to 2011. The information on table above clearly indicates what’s happening on the exchange rate of US Dollar and Philippine Peso. However, many countries in the world do not have direct conversion from their currency to peso.

I got some information from National Coordination Statistics Board (NCSB) about the average monthly exchange rate from 2005 until October 2011. Since almost all industries depend on the exchange rate of dollar, companies are closely monitoring the movement through the Internet and banks’ websites. As one observation, you could see that US dollar is consistently weakening against the Philippine peso according to the facts on the table. It might be a good indication on recovering economy of the Philippines but it is not so good news for OFWs who are earning money in US Dollar currency since it will mean lesser money for remittance to their family. For example, South Korean Won cannot be directly converted to Philippine Peso when you’re sending money from there to Philippines.

The bank will need to convert Korean Won to US Dollar then when the money reached your Philippine bank, dollar will be converted to peso according to the prevailing exchange rate at the time it was credited to your bank account.

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