CAD to PHP Exchange Rate
Ah, the Philippines: dominating world leader (if you’re ranking by coconut production and number of megamalls).
What influences the CAD/PHP exchange rate?
Because of the substantial economic growth that has been occurring in the Philippines in recent years, overseas investors and traders have been attracted to the area and the Philippine peso (PHP). However, as of May 2016, the Philippines elected a new and controversial president, Rodrigo Duterte, whose outlandish statements and brutal drug war have already spooked investors and strained foreign relations.1 How this will affect the CAD/PHP exchange rate depends on whether Duterte pursues isolationist foreign policy or takes action to intervene in the current free-floating monetary policy.
The loonie, or Canadian dollar (CAD), works under a floating exchange rate regime. Therefore, the CAD exchange rate may be determined by supply and demand. Other factors that might influence CAD’s value include commodity prices, interest rates, and inflation rates.2
Also, remittances account for almost ⅓ of GDP in the Philippines, and comparatively cheap labour costs have fueled an outsourcing boom that has offset a recent drop in exports.3 With the Philippine economy so dependent on the value of its currency, the CAD/PHP exchange rate may depend on how much the Philippine government intervenes to maintain the currency within a particular range.
“Canada's trade and investment relationship with the Philippines spans many sectors. Canadian companies with expertise in infrastructure (water and waste water, airports, green building), aerospace and defence, cleantech (renewable energy) are in a particularly good position to take advantage of new opportunities within these sectors.” – Embassy of Canada in the Philippines4
- In 2015, Canada was ranked 10th in GDP, while the Philippines ranked 38th.5
- In 2015, Canada was the 11th largest exporter and 10th largest importer in the world.6 The Philippines was the 39th largest exporter and the 37th largest importer.7
- Top exports from the Philippines include computers, integrated circuits, and office machine parts, while its top imports include refined petroleum, crude petroleum, and cars.7
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Currency Name: Philippine Peso
Currency Code: PHP
Currency Symbol: ₱
Central Bank: Bangko Sentral ng Pilipinas
Countries Used In: Philippines
Major Unit: One Piso
Minor Unit: One Sentimo
Note Denominations: 5, 10, 20, 50, 100, 200, 500, 1,000 piso
Coin Denominations: 1, 5, 10, 25 sentimo; 1, 5, 10 piso
PHP to CAD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the PHP to CAD exchange rate today.