In this article, we’ll be discussing the exchange rate between US Dollar and the Philippine Peso.
How Many Philippine Pesos Are in $1.00?
Looking to visit or start out fresh this year in the Philippines? Other than learning about its climate, customs, traditions, and living costs, it’s important to know about the exchange rate so you’ll know how much to bring when you visit.
In this article, we’ll be discussing the exchange rate between US Dollar and the Philippine Peso. But first, here are some basic things you need to know about the Philippines’ currency:
The Philippine peso is the currency used in the Philippines. It’s also known as piso in Filipino and the name comes from the Spanish word peso, which means “Spanish dollar,” a silver coin widely circulated during the Spanish colonial period. The symbol for the peso is ₱ while the international currency code for the Philippine peso is PHP.
The exchange rate between US dollars and Philippine pesos has fluctuated over time. While this can be confusing at first glance, understanding these fluctuations can help you plan for your next trip to the Philippines or prepare for when you choose to migrate or set up business in the country.
What’s the current exchange rate?
Now that you understand the basics about the Philippine peso, it’s time to find out how much those pesos are worth today. The first step is to determine the current exchange rate.
To find out how much one dollar will get you in the Philippines, you can use online currency converters to see the value of a US dollar or any other nation’s currency, for that matter. As of this writing, the exchange rate for the Philippine peso vs. US dollar is shown below.
There are also sites online that show the fluctuation of currencies over the years. Right here is one such graph generated by Tradingeconomic.com which shows the exchange rate between the Philippine peso and US dollar.
One thing that can be deduced from this graph is that exchange rate between the two currencies have been especially volatile during the pandemic.
What makes exchange rates fluctuate?
The exchange rate between the Philippine peso and the US dollar is determined by the supply and demand of each currency. Supply and demand are influenced by many factors, including:
- The strength of the Philippines economy – e.g. Inflation rate in the Philippines spiked to 8.1% in December 2022.
- Interest rates in both countries – e.g. The US Federal Reserve System’s initiative to raise policy interest rates to control inflation led to several currencies weakening against the US dollar.
- Current events that affect economic performance – e.g. The War in Ukraine
If you’re looking to plan your travels and want to know where the exchange rate is going to be, it’s good to keep an eye on what’s happening in your own country’s currency as well as your destination’s:
- The current exchange rate can give you a general idea of how much money will buy out there—but don’t forget that this number is constantly changing. It can be helpful to look at historical data from past years as well so that you have some context for what’s going on now.
- Also important: What’s happening in each country? Is there political unrest? Are there any major economic issues or changes coming up? These factors play into currency fluctuations too. For example, if a country is facing economic turmoil and corruption scandals, its currency might be less stable than usual and could experience wild swings in value over time.
- Finally, consider looking at other factors like gross domestic product (GDP) growth rates, inflation levels (both domestically and internationally), interest rates set by central banks (such as the Federal Reserve System), foreign direct investment inflows; all these things can affect how much money buys out there too!
Knowing about past changes to the peso-dollar conversion can help you better understand future changes.
The currency exchange rate between two countries’ currencies can be understood as the price of one country’s currency in terms of another country’s unit of money (i.e., how many units of money you’d have to give up for each unit of foreign currency). And because the value of your home currency affects your purchasing power when traveling abroad, knowing about past changes in this ratio can help you better understand future fluctuations and plan accordingly.
When you’re planning a trip to the Philippines or thinking about investing in the country, it’s important to know how much your money will be worth once it gets there. There are many factors that can affect the exchange rate between two currencies, including economic conditions and government policies like quantitative easing (QE). In this post, we looked at how Philippine pesos have changed over time against the U.S. dollar—and why those changes matter for people who live here or have plans to visit soon.
References
Africa, Sonny. “PH Peso: Catch Me I’m Falling – IBON Foundation.” IBON Foundation, 6 Oct. 2022, https://www.ibon.org/ph-peso-catch-me-im-falling/.
“Currency Exchange Rates – International Money Transfer | Xe.” Currency Exchange Rates – International Money Transfer | Xe, https://www.xe.com/.
Keliher, Irene. “Philippine Currency Guide: History, Exchange Rate, and Transfers.” Beyond Borders, https://www.facebook.com/Remitly/, 23 May 2022, https://blog.remitly.com/currencies/philippine-peso-guide-peso-rates-exchanging-transferring/.
“Philippine peso.” Wikipedia, Wikimedia Foundation, 8 Jan. 2023, en.wikipedia.org/wiki/Philippine_peso.
“Philippine PESO2023 Data – 1997-2022 Historical – 2024 Forecast – Quote – Chart.” Philippine Peso – 2023 Data – 1997-2022 Historical – 2024 Forecast – Quote – Chart, tradingeconomics.com/philippines/currency.
Sicat, Gerardo P. “The Peso Exchange Rate and the Economy | Philstar.Com.” Philstar.Com, Philstar.com, 14 Sept. 2022, https://www.philstar.com/business/2022/09/14/2209477/peso-exchange-rate-and-economy.
Ta-asan, Keisha B. “Policy Tightening Seen to Continue – BusinessWorld Online.” BusinessWorld Online, https://www.facebook.com/bworldph, 8 Jan. 2023, https://www.bworldonline.com/top-stories/2023/01/09/497223/policy-tightening-seen-to-continue/.
