Philippine Peso To Canadian Dollar Exchange Rate History
The Philippine peso to Canadian dollar exchange rate has been fluctuating over the years, affected by various economic and political factors. The exchange rate shows the value of the Philippine peso against the Canadian dollar, which is the currency used in Canada.
Early Years
In the early years of the exchange rate, the Philippine peso was pegged to the US dollar. This means that the value of the Philippine peso was fixed to the value of the US dollar. In 1971, the US dollar went off the gold standard, causing the value of the US dollar and the Philippine peso to fluctuate.
1970s-1980s
During the 1970s and 1980s, the Philippine peso to Canadian dollar exchange rate was unstable due to political instability in the Philippines. The country was under martial law, and this affected the economy, leading to a devaluation of the Philippine peso.
1990s
In the 1990s, the Philippine peso to Canadian dollar exchange rate stabilized due to economic reforms in the Philippines. The country introduced policies that liberalized the economy, leading to increased foreign investment and economic growth. This led to a strengthening of the Philippine peso against the Canadian dollar.
2000s
In the 2000s, the Philippine peso to Canadian dollar exchange rate continued to fluctuate due to various factors such as political instability, natural disasters, and global economic crises. In 2008, the global financial crisis caused the value of the Philippine peso to decline against the Canadian dollar.
2010s
In the 2010s, the Philippine peso to Canadian dollar exchange rate remained volatile due to factors such as the US-China trade war, geopolitical tensions, and the COVID-19 pandemic. In 2020, the Philippine peso reached its lowest value against the Canadian dollar in 12 years, due to the economic impact of the pandemic.
Current Exchange Rate
As of August 2021, the Philippine peso to Canadian dollar exchange rate is around 0.025 CAD per PHP. This means that one Canadian dollar is worth around 40 Philippine pesos. The exchange rate is subject to change depending on various economic and political factors.
Conclusion
The Philippine peso to Canadian dollar exchange rate has been influenced by various factors over the years, leading to fluctuations in its value. The exchange rate is affected by economic and political factors and can change rapidly. As of August 2021, the exchange rate is around 0.025 CAD per PHP. It is important to keep track of the exchange rate to make informed decisions when converting currencies.