Forex Philippines Peso
Which currency should i get paid in British Pounds, Philippines Peso or UAE Dirhams?
I live in the Philippines, but i work most of the year in the Middle East and i get paid in British pounds. I work a 8 weeks on 2 weeks off rotaion. I have a British Bank account which i can access anywhere with no additional cost for cash withdrawls. Which currency should i ask to get paid in in order to maximise my profits and protect me from forex fluctuations?
In the last 6 months i have seen the pound weaken against the peso from about 100 to 78
So in effect i am about 22% worse off when i spend my salary in the philippines
Let’s try to break this down:
UAE dirham is hard to exchange outside the UAE, and it’s exchange rate is fixed to the US dollar.
UK pounds are accepted everywhere, and right now, are probably a better bet than the US dollar.
The Philippine peso has been all over the map over the last twenty years. When I was there in 1990, it was 22 / US$1 and it was about 50 / US$1 until this most recent run-up. I just don’t have enough confidence in the peso to recommend it. It is also hard to exchange outside the Philippines.
What are your exchange costs, and can you convert Dirhams to pesos and back easily? If your exchange costs are less than 5%, I would say Dirhams, Pesos, and Pounds in that order. If more than 5%, pounds becomes my second choice.

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