The Philippine Peso is very weak right now.
PHP 60:1 USD
Historically? 50:1
PHP 41:1 AUD
Historically? 34:1
PHP 69:1 EUR
Historically? 58:1
PHP 80:1 GBP
Historically? 67:1
The Peso has been steadily losing value over the past 10 years.
Why? I have no idea.
What does it mean for you?
If you’re contracted to pay your VAs in your currency, it means they’re getting paid more now than in the past just because of the currency conversion.
If you were paying them $1000, 5 years ago they were getting 50,000PHP. Today they’re getting 60,000PHP. 20% increase.
However, inflation has taken all of those gains from them. Inflation in the Philippines has been rampant (maybe this is part of the cause of the devaluation?).
If you’re contracted with them in PHP, it means you’re paying less in your currency than ever before.
If you’ve thought about hiring before but haven’t, now’s a great time to take the leap.
John