The Philippine peso has rallied to a near one-year high. This comes as the value of the US dollar depreciated amid uncertainties over President Donald Trump’s economic policy. But a strong peso isn’t necessarily good news for millions of Filipinos working overseas.

Manila

The Philippine peso has reached its highest value in nearly a year, coinciding with a decline in the US dollar. The depreciation of the US dollar has been linked to ongoing uncertainties regarding US President Donald Trump’s economic policy, including the implementation of blanket tariffs.

Remittances from Filipinos working abroad continue to play a significant role in the country’s economy. In 2024, overseas workers sent a record $38 billion to families in the Philippines, contributing to more than 8% of national GDP and bolstering domestic consumption. However, recent data indicates that cash remittances in March were only slightly higher than February’s nine-month low of $2.7 billion.

The strengthening peso, while positive for the country’s balance sheet, poses challenges for households reliant on US dollar remittances. Many families, such as those of commercial sailors and freelancers working for US clients, are experiencing reduced purchasing power as their dollar earnings convert to fewer pesos. Some have had to delay expenses and tighten household budgets due to fluctuating exchange rates.

Economists have cautioned that ongoing global economic uncertainty could impact the stability of overseas employment and remittances. There is concern about potential job losses among Filipinos working in manufacturing and supply chains worldwide. Freelancers with American clients have also reported declining income and job losses amid the stronger peso and a weaker dollar.



Falling U.S. dollar pushes Phillippine peso up

Working as a commercial sailor, Mandy de la Cruz's husband is away for most of the year. It's a sacrifice, she says, but it's something their families learn to live with, especially as his salary, which is paid in dollars, has given them a comfortable life. He put his youngest sibling through nursing school. Of course, we're able to provide for our children's needs, and we've also been able to afford some travel. But the U.S. dollar has dropped following U.S. President Donald Trump's blanket tariffs. That's pushed the value of the Philippine peso to its highest in nearly a year. In 2024, overseas workers collectively sent a record $38 billion to their families here in the Philippines. That accounted for more than 8% of the country's GDP and helped increase domestic consumption. But the latest data shows cash remittances in March were just slightly higher than their 9-month low of $2.7 billion in February. Along with millions of other Filipinos, Mandy says she's now having to tighten their household's budget. I've had to put off some purchases, but the problem is, who knows what the exchange rate will be next month. Economists warn protracted global economic uncertainty could lead not only to decreased income, but job losses. There would be reduced trade, global trade. There are Filipinos employed all over the world in various manufacturing facilities, in the supply chains for various exporters in their respective host countries. Nicole Madrid, a freelancer who works remotely with American clients, is already feeling the pinch. One of my long-term clients that I've had for eight years, I brought in so many people to work for him, and then one day he goes, everyone's fired. Nicole lost a major source of income, and what's left of her dollar earnings is diminishing as well. And with a baby on the way, she says she's never felt more worried about her family's future. Barne below, Al Jazeera, Manila.

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