Philippines - Official exchange rate (LCU per US$, period average)

The value for Official exchange rate (LCU per US$, period average) in Philippines was 49.25 as of 2021. As the graph below shows, over the past 61 years this indicator reached a maximum value of 56.04 in 2004 and a minimum value of 2.01 in 1960.

Definition: Official exchange rate refers to the exchange rate determined by national authorities or to the rate determined in the legally sanctioned exchange market. It is calculated as an annual average based on monthly averages (local currency units relative to the U.S. dollar).

Source: International Monetary Fund, International Financial Statistics.

See also:

Year Value
1960 2.01
1961 2.02
1962 3.73
1963 3.91
1964 3.91
1965 3.91
1966 3.90
1967 3.90
1968 3.90
1969 3.90
1970 5.90
1971 6.43
1972 6.67
1973 6.76
1974 6.79
1975 7.25
1976 7.44
1977 7.40
1978 7.37
1979 7.38
1980 7.51
1981 7.90
1982 8.54
1983 11.11
1984 16.70
1985 18.61
1986 20.39
1987 20.57
1988 21.09
1989 21.74
1990 24.31
1991 27.48
1992 25.51
1993 27.12
1994 26.42
1995 25.71
1996 26.22
1997 29.47
1998 40.89
1999 39.09
2000 44.19
2001 50.99
2002 51.60
2003 54.20
2004 56.04
2005 55.09
2006 51.31
2007 46.15
2008 44.32
2009 47.68
2010 45.11
2011 43.31
2012 42.23
2013 42.45
2014 44.40
2015 45.50
2016 47.49
2017 50.40
2018 52.66
2019 51.80
2020 49.62
2021 49.25

Development Relevance: In a market-based economy, household, producer, and government choices about resource allocation are influenced by relative prices, including the real exchange rate, real wages, real interest rates, and other prices in the economy. Relative prices also largely reflect these agents' choices. Thus relative prices convey vital information about the interaction of economic agents in an economy and with the rest of the world.

Limitations and Exceptions: Official or market exchange rates are often used to convert economic statistics in local currencies to a common currency in order to make comparisons across countries. Since market rates reflect at best the relative prices of tradable goods, the volume of goods and services that a U.S. dollar buys in the United States may not correspond to what a U.S. dollar converted to another country's currency at the official exchange rate would buy in that country, particularly when nontradable goods and services account for a significant share of a country's output. An alternative exchange rate - the purchasing power parity (PPP) conversion factor - is preferred because it reflects differences in price levels for both tradable and nontradable goods and services and therefore provides a more meaningful comparison of real output.

Statistical Concept and Methodology: The exchange rate is the price of one currency in terms of another. Official exchange rates and exchange rate arrangements are established by governments. Other exchange rates recognized by governments include market rates, which are determined largely by legal market forces, and for countries with multiple exchange arrangements, principal rates, secondary rates, and tertiary rates.

Periodicity: Annual

Classification

Topic: Financial Sector Indicators

Sub-Topic: Exchange rates & prices