If you’re sending money to the Philippines, the value differences of the Canadian dollars (CAD) to Filipino pesos (PHP) will impact your money transfer. Good news for you, the exchange rate works in your favor. Learn the differences between Canadian dollars and Filipino pesos so you can set up an international money transfer between the two countries.
What does the exchange rate from the Canadian dollar to the Filipino peso look like?
As of September 2023, you can exchange 1 Canadian dollar for approximately 42 Filipino Pesos. That means $100 dollars in Canada means roughly ₱4,200 in the Philippines.
That said, exchange rates constantly fluctuate based on a variety of reasons. Check the most up-to-date exchange rate between CAD and PHP with the Western Union Canada currency converter for accuracy.
Understanding currency fluctuations in Canada vs. the Philippines
The early 2020s brought about huge fluctuations in the Canadian/Filipino exchange rate. Why is that? Market trends set the currency value, meaning the more people who want to buy certain goods and services a country is selling, the higher their currency value will be. Canada and the Philippines approach currency value differently.
The Bank of Canada does not intervene to support its currency value, instead, the country lets the market set the value of their currency, letting the Canadian dollar float despite economic changes. This method allows Canada to cope well during times of economic crisis.
In contrast, the Bangko Sentral ng Pilipinas does not predetermine the value the currency will maintain. The exchange rates fluctuate in response to economic changes. This method leaves the Filipino dollar at the mercy of the ever-changing economy.
On top of that, the Philippines rely more heavily on imported goods than Canada does. A weakened peso means higher prices for imported commodities such as gasoline. The Philippines only thrives when the economy leans in its favor.
In contrast, Canada’s economy depends more on exported goods such as oil—allowing the country to navigate different economic scenarios with relative ease. If export prices fall, the currency value falls, but when that happens, the cost of their goods becomes cheaper—enticing more buyers. If prices rise, the value of the dollar increases and makes their exported goods more expensive—increasing returns. Canada benefits in both scenarios.
As a result, the cost of living looks very different in the Philippines than it does in Canada.
Cost of living in the Philippines vs. Canada
Check out these Toronto to Manila apartment rental comparisons to get a better sense of the cost-of-living difference between the two countries.
Renting a 1-bedroom apartment in the city center in Manila:
- $712
- ₱30,074
Renting a 1-bedroom apartment in the city center in Toronto:
- $2,562
- ₱108,069
Average monthly salaries look wildly different between Toronto and Manila residents as well. Take a look:
Average monthly salary in Manila:
- $633
- ₱26,714
Average monthly salary in Toronto:
- $4,579
- ₱193,182
How to transfer money to the Philippines
With the exchange rate and cost-of-living differences between the two countries, it’s no wonder you may want to send money to friends and family who need it in the Philippines.
Download the mobile app, get started on the website, or visit an agent location to send money with Western Union. We’re happy to walk you through the process and give you to the tools to track your transfer so you know exactly when your receiver gets their funds. Set up an account with Western Union and get started today.
