Filipinos in the Mideast are expected to make a beeline at exchange houses over the next few days, as their home currency languishes in multi-year lows.
Today the Philippines’ peso fell to 52.63 to a US dollar (1 SAR = 14.01 peso), the lowest in 12 years, consequently pushing up the remittance power of the Asian country’s migrant workers based in the Mideast.
The currency has been losing strength partly due to high-interest rates in the United States, and in one year alone, expats have been able to send more out of their dollar-pegged earnings.
Filipinos are one of the biggest remitters of funds from Saudi Arabia, sending a total of USD 2.5 billion in 2017.
