Philippines Peso is highest in 3 months against dirham - should OFWs wait to send money?
Dollar continues to weaken against major currencies, and trend could continue
Dubai: The Philippines peso has hit its highest point against the dirham and dollar in the last 3 months, and which leaves Filipino expats in the UAE and Gulf with some tough decisions to make on when to send their next remittance.
The Asian currency is at 15.05 against the dirham (and 55.25 against dollar) as the US currency weakened in trades over the morning and post-noon. “What today’s level means is that Filipino expats are losing quite a bit compared to what they were getting for a dirham in January 2025, when the difference was 16.06 January 10,” said Neelesh Gopalan, Senior FX analyst at a Dubai-based fintech. “The trends point to dollar weakness continuing into the next week, which then takes Filipino expats closer to their next remittance dates.”
Tracking the Peso’s movements over the last 30 days, one can see a drop from 15.34 levels to the dirham.
Remittance levels from the UAE and Gulf to the Philippines rank among the biggest volume generators, given the sizable base of OFWs in these countries. “OFWs will be better off splitting their next remittance home, just to see if the dollar weakness continues,” said a currency trader.
Fintech portals have been pushing limited-time zero-fee promotions on the UAE-Philippines remittance corridors. At the exchange houses, the fees tend to be over Dh20, while digital channels typically charge Dh10 or so.
