Exchange Rate Of Canadian Dollar To Phil Peso
Introduction
When it comes to exchanging currencies, it is essential to keep track of the exchange rate to get the best deal. If you are planning to exchange Canadian Dollars to Philippine Pesos, you must know the current exchange rate. In this article, we will discuss the exchange rate of Canadian Dollars to Philippine Pesos and factors that affect it.
Current Exchange Rate
As of September 2021, the current exchange rate of Canadian Dollars to Philippine Pesos is 1 CAD = 38.52 PHP. This means that for every Canadian Dollar, you will get 38.52 Philippine Pesos. However, the exchange rate is not fixed and keeps fluctuating due to various factors.
Factors Affecting Exchange Rate
The exchange rate of Canadian Dollars to Philippine Pesos is affected by various factors such as:
- Economic Stability: The economic stability of both countries plays a significant role in determining the exchange rate. If the economy of Canada is stable, then the value of Canadian Dollars will increase, resulting in a higher exchange rate. Similarly, if the economy of the Philippines is stable, then the value of Philippine Pesos will increase, resulting in a lower exchange rate.
- Inflation: Inflation affects the value of a currency. If the inflation rate in Canada is higher than in the Philippines, then the value of Canadian Dollars will decrease, resulting in a lower exchange rate.
- Interest Rates: The interest rates set by the central banks of both countries also affect the exchange rate. If the interest rates in Canada are higher than in the Philippines, then the value of Canadian Dollars will increase, resulting in a higher exchange rate.
- Political Stability: Political stability is also a crucial factor in determining the exchange rate. If there is political instability in Canada or the Philippines, it can result in a lower exchange rate.
Exchange Rate History
The exchange rate of Canadian Dollars to Philippine Pesos has varied over time. In 2020, the exchange rate was relatively stable, with an average of 1 CAD = 36 PHP. However, in March 2020, the exchange rate dropped to 1 CAD = 33 PHP due to the COVID-19 pandemic. Since then, the exchange rate has been slowly recovering.
Where to Exchange Canadian Dollars to Philippine Pesos
If you are looking to exchange Canadian Dollars to Philippine Pesos, there are various options available such as:
- Banks: Most banks offer currency exchange services. However, their exchange rates may not be the best.
- Money Changers: Money changers offer better exchange rates than banks. You can find them at airports, malls, and other tourist spots.
- Online: You can also exchange currencies online through various websites. However, make sure to choose a reliable website.
Conclusion
Knowing the exchange rate of Canadian Dollars to Philippine Pesos is crucial if you are planning to exchange currencies. The exchange rate is affected by various factors such as economic stability, inflation, interest rates, and political stability. You can exchange Canadian Dollars to Philippine Pesos through banks, money changers, or online. Make sure to choose the option that offers the best exchange rate.