GBP to PHP Exchange Rate
Ah, the Philippines: dominating world leader (if you’re ranking by coconut production and number of megamalls).
What influences the GBP/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). In the last decade, the PHP has climbed fairly steadily against the GBP with one pound purchasing 97 pesos in 2007 down to a low of less than 60 at the end of 2016.
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 PHP/GBP exchange rate depends on whether Duterte pursues isolationist foreign policy or takes action to intervene in the current free-floating monetary policy. The aftermath of Brexit is also likely to play a role in PHP/GBP valuations.
According to Bloomberg, “Philippine officials say the nation’s fundamentals are strong and a weaker currency will boost the value of two key drivers of growth: money repatriated by Filipinos working abroad, and outsourcing revenue.”
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.2 With the Philippine economy so dependent on the value of its currency, the GBP/PHP exchange rate may depend on how much the Philippine government intervenes to maintain the currency within a particular range. Learn more about what influences the value of the GBP.
“The Philippines and the United Kingdom have had a long history of interaction dating back to Sir Francis Drake’s landing in Mindanao in 1579.” – Embassy of the Philippines3
The Philippines experienced accelerated economic growth from 2011-2015. It averaged 6% growth per year. The biggest areas of growth are the services sector, which include manufacturing, tourism, and real estate.4
In 2015, the Philippines came in 39th in the world for GDP, while the United Kingdom came in 5th.5
Trades between the Philippines and the UK include machinery, manufactured goods, chemicals, crude materials and fuel, tobacco, and food and beverages.6
Whether you’re planning a trip to the Philippines or sending money back home to friends and family, OFX can help you save on your international money transfers. If you need to make a payment to the Philippines, use OFX so you don’t get stung by high bank margins and fees. Register today to get access to our low rates and personalised service.
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 GBP exchange rate analysis. Check out our daily market analysis to learn the factors influencing the PHP to GBP exchange rate today.