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answer: at this time the peso-to-dollar exchange rate is 49.76 to one us dollar. it is close to hitting the p50 mark, and we have not seen the philippine peso perform this way in a long time. the exchange rate around 10 years ago was 53.52 to a dollar, and it would look like things are going in the same direction again.
to those who have overseas filipino workers family members who remit money to the philippines, this is good news. for the rest of the country, however, there are other repercussions to consider. it would be better if everyone would have a basic understanding of the effects of a higher exchange rate. should we be happy or worried? what are its implications?
when the exchange rate is high, there are both advantages and disadvantages. when the peso is weak, for one thing, we sell our products in the international market at a lower price. this, in turn, boosts production and employment. also, when filipino families back home are enjoying the increase in remittance value, they get to enjoy higher purchasing power. more consumption is generally better for the economy.
on the other side of the coin, when the peso is weak then basic commodities, like coal and crude oil, become more expensive. and we all know what happens when prices of oil increase—trade goods become more expensive, too.
so should we be concerned? should we start investing now or begin trading our dollars for bigger money? as a matter of fact, the philippine peso is still a strong currency in southeast asia despite its performance of late. so the best economic advice for every juan would be to keep watching.
the bangko sentral ng pilipinas listed the following reasons
we all should pay close attention to the exchange rate:
the exchange rate is the connection between the local and overseas markets for goods, services and financial assets;
it can affect inflation and expectations about price movements in the future;
it can impact foreign trade; and
the exchange rate can also affect our payments of foreign debts.
when we are aware of what is going on in the economy, we are able to make better decisions with regard to investments, trading and other purchases.
explanation: iam not sure in my answer