How has inflation affected the value of 100 pesos in recent years?

Inflation has significantly impacted the value of money in many countries, and the Philippines is no exception. Over recent years, inflation has steadily eroded the purchasing power of the Philippine Peso, meaning that 100 pesos today buys far less than it did in previous years.

In 2023, for example, the average inflation rate in the Philippines was around 6%, which has caused prices of everyday goods and services to rise. This inflation rate means that the value of 100 pesos is lower than it was a few years ago, affecting everything from groceries to transportation costs. For individuals relying on remittances, this is an important factor to consider, as their loved ones may receive less purchasing power from the same amount sent over time.

Remittance businesses are crucial in helping bridge the gap caused by inflation. By offering competitive exchange rates and low fees, remittance services can help ensure that the funds sent are maximized, helping recipients cope with the rising costs of living. As inflation continues to impact the economy, the role of remittance services becomes even more essential for families in the Philippines.

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