Filipino expatriates in the UAE are welcoming a favorable shift in exchange rates, as the Philippine peso has dropped to 15.5 against the UAE dirham — its lowest level since mid-April.
This marks one of the best exchange rates in recent months for Overseas Filipino Workers (OFWs) in the UAE and other Gulf countries. “Even by market close yesterday, all indicators suggested the peso would weaken further, which benefits UAE-based Filipino remitters,” said Neelesh Gopalan, Treasury Manager at a Dubai-based fintech firm. In Saudi Arabia and Qatar, the peso is also trading at favourable rates — 15.28 and 15.72 respectively against local currencies.
Many Filipino expats in the UAE have already started using banking apps and money exchange platforms to take advantage of the peso’s decline. Remittance fees on popular digital platforms are around Dh10.50 per transaction, while traditional exchange houses charge over Dh20.
Meanwhile, reports from the Philippines suggest the central bank governor has expressed reluctance to intervene in currency markets to support the peso, reinforcing expectations of continued weakness. For the past month, the peso had remained stable around 15 to 15.1 per dirham, making this latest drop a welcome opportunity for OFWs to maximise their remittances.
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