![]() The exchange rate we use is our applicable exchange rate in effect when the deposit is posted to your account. When funds to be deposited into your account with us are in a currency that is different from that account, such as with an incoming wire transfer, we convert the funds into the currency of your account, and then deposit them into your account. Receive a wire payment or deposit a cheque in a currency that is different from the currency of the account into which you are depositing the funds.įor these services, we will quote to you our applicable exchange rate for the transaction and you may choose whether or not to complete the transaction.Send a wire transfer in a currency that is different from the currency of the account you are sending from or.Purchase a draft in a currency that is different from the currency you are using to buy the draft.Purchase foreign currency in cash from us, or we purchase foreign currency in cash from you.We set the exchange rate for foreign currency purchases associated with many services, such as when you: ![]() Exchange rates fluctuate throughout the day. For example, the exchange rate determines how much in Canadian Dollars it will cost to purchase U.S. ![]() A foreign currency exchange is a purchase that occurs when you purchase foreign currency from us or we purchase foreign currency from you.Īn exchange rate is the price at which one currency can be purchased or sold for another currency. When we refer to foreign currency, we are referring to a currency other than Canadian Dollars. Since the start of 2022, the Philippine peso has weakened against the greenback by P6.411 or 12.6% from the P50.999:$1 as of end-2021.This information is for our Personal Banking Customers. “The peso also weakened amid some POGO-related policy uncertainties, especially those allegedly involved in illegal activities may have also added to some market concerns as this could reduce POGO revenues and also reduce other business/economic activities in the country,” Ricafort said.įinance Secretary Benjamin Diokno, on Thursday, said the country should do away with Philippine Offshore Gaming Operators (POGOs), citing what he described as social and reputational risks.ĭiokno said the Philippines can move forward without the industry as it has already seen a decline in revenue generation as revenues from the industry were estimated at P3.9 billion in 2021, versus the P7.2 billion recorded in the previous year. ING Bank senior economist Nicholas Mapa, likewise, said that “financial market outflows are expected to continue to exit as the Fed hikes aggressively…” Security Bank chief economist Robert Dan Roces said that dollar demand also contributed to the weakening of the peso “with the start of the import season.“ Ricafort said expectations of higher interest rates in the US led to a stronger dollar against global, Asian, and Southeast Asian currencies. chief economist Michael Ricafort attributed the peso’s plunge to “expectations of a large 0.75-1.00 Fed rate hike on Septemthat favors the US dollar in terms of higher interest rate earnings” after the US consumer price index rose 8.3% in August. This is the sixth time that the Philippine currency nosedived to its all-time weakest.įriday’s finish surpassed the previous all-time low of P57.18:$1 recorded on Septemthe peso’s fifth straight day of sinking to fresh record-lows. The local currency lost 27 centavos to close at P57.43:$1 from Thursday’s finish of P57.16:$1. The Philippine peso plunged to a new record low against the US dollar on Friday amid expectations of more aggressive monetary policy tightening by the US Federal Reserve to tame inflation in the world’s largest economy.
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