SGD to PHP Exchange Rate
Ah, the Philippines: dominating world leader (if you’re ranking by coconut production and number of megamalls).
What influences the AUD/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) was gaining ground against the AUD. 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, devalued the currency, and strained foreign relations.1
How Duterte’s leadership will affect the PHP exchange rate longer term depends on whether he pursues isolationist foreign policy or takes action to intervene in the current free-floating monetary policy.
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 AUD/PHP exchange rate may depend on how much the Philippine government intervenes to maintain the currency within a particular range. Learn more about how commodity prices influence the value of the AUD.
“Australia and the Philippines have a long history of bilateral cooperation. Both countries have much in common, being geographically proximate and sharing perspectives on many regional, economic and security issues.3
– Australian Embassy
- The Philippines has experienced accelerated economic growth that has averaged 6% each year from 2011-2015. However, unemployment remains high at around 6.5% and underemployment is 18-19%.4
- Major industries in the Philippines include manufacturing, agriculture (specifically coconuts and sugar), and construction. Consumer goods produced include foods and beverages, clothing and footwear, and tobacco.5
- Australia’s diverse economy includes import sectors such as the service industry, mining industry, and agricultural industry. Its primary exports to the Philippines include beef, wheat, copper, and metal.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 AUD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the PHP to AUD exchange rate today.