Ever since I started making money online, I had been at the mercy of the foreign exchange rates. This is because my earnings are all in US Dollars and I have to convert them to peso since I only have a Peso Savings account. The problem right is that the Peso-Dollar exchange rate is going on a downward trend. The current paypal exchange rate is roughly around $1:P43.00, it was actually P45 early this year. The difference may not look significant at that level, but believe me it really starts to get significant at 4 digits.
Business analysts actually are saying its all because of the coming national elections, I do hope that once the election dust settles the dollar will pick up again. Let’s all hope that nothing bad will happen that will scare investors away thus affecting our economy. Hopefully the forex will get better so that all those who rely on remittances can benefit more. Since I’ve touched about the presidential elections, I am inviting you to answer my presidential survey. It will be ending by tomorrow so please give it a visit.
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