{
  "id": "fx-eur-php",
  "title": "Euro in Philippine peso, annual average",
  "metric": "EUR/PHP annual average of daily ECB reference rates",
  "unit": "PHP per EUR (calendar-year mean of daily fixings)",
  "kind": "fx",
  "volatility": "annual",
  "direction_note": "lower = a euro-denominated pension converts to fewer Philippine peso in the Philippines",
  "publisher": "No Margin Left",
  "source": {
    "label": "European Central Bank euro foreign exchange reference rates, daily history (eurofxref-hist)",
    "url": "https://www.ecb.europa.eu/stats/eurofxref/eurofxref-hist.zip"
  },
  "license": "CC BY 4.0",
  "license_url": "https://creativecommons.org/licenses/by/4.0/",
  "attribution": "No Margin Left, \"Euro in Philippine peso, annual average\" (EUR/PHP annual average of daily ECB reference rates). CC BY 4.0. https://nomarginleft.com/data/fx-eur-php.json",
  "canonical": "https://nomarginleft.com/data/fx-eur-php.json",
  "csv": "https://nomarginleft.com/data/fx-eur-php.csv",
  "retrieved": "2026-08-12",
  "stale": false,
  "observations": [
    {
      "date": "2006",
      "value": 64.379,
      "confidence": "sourced",
      "checked": "2026-08-12",
      "note": "255 daily fixings; the base year of the real-purchasing-power panel; also near the peak of the 2003-2011 commodity-currency cycle for AUD and CAD.",
      "readings": [
        {
          "value": 64.379,
          "source": {
            "label": "ECB euro reference rates, mean of all daily fixings in the year",
            "url": "https://www.ecb.europa.eu/stats/eurofxref/eurofxref-hist.zip"
          },
          "retrieved_via": "eurofxref-hist.csv, cross-rate arithmetic"
        },
        {
          "value": 64.466,
          "source": {
            "label": "World Bank PA.NUS.FCRF (the Philippines, LCU per USD, annual average) crossed with FRED DEXUSEU (USD per EUR) annual average",
            "url": "https://api.worldbank.org/v2/country/TH;PH/indicator/PA.NUS.FCRF?format=json"
          },
          "retrieved_via": "independent reconstruction — World Bank annual averages x Federal Reserve H.10 daily averages"
        }
      ],
      "rationale": "Two independently assembled readings agree to 0.14%. The ECB figure is resolved as the value because the whole panel is built from one file on one set of dates; the World Bank x Federal Reserve reconstruction exists to show the panel is not an artefact of the ECB's fixing convention.\n"
    },
    {
      "date": "2007",
      "value": 63.0261,
      "confidence": "sourced",
      "checked": "2026-08-12"
    },
    {
      "date": "2008",
      "value": 65.1715,
      "confidence": "sourced",
      "checked": "2026-08-12",
      "note": "256 daily fixings; global financial crisis; the commodity currencies fall hard and recover."
    },
    {
      "date": "2009",
      "value": 66.3376,
      "confidence": "sourced",
      "checked": "2026-08-12"
    },
    {
      "date": "2010",
      "value": 59.7387,
      "confidence": "sourced",
      "checked": "2026-08-12"
    },
    {
      "date": "2011",
      "value": 60.2604,
      "confidence": "sourced",
      "checked": "2026-08-12",
      "note": "257 daily fixings; the alternative base year — the commodity-currency peak proper."
    },
    {
      "date": "2012",
      "value": 54.2463,
      "confidence": "sourced",
      "checked": "2026-08-12"
    },
    {
      "date": "2013",
      "value": 56.4277,
      "confidence": "sourced",
      "checked": "2026-08-12"
    },
    {
      "date": "2014",
      "value": 58.9788,
      "confidence": "sourced",
      "checked": "2026-08-12"
    },
    {
      "date": "2015",
      "value": 50.5217,
      "confidence": "sourced",
      "checked": "2026-08-12",
      "note": "256 daily fixings; mid-window reference."
    },
    {
      "date": "2016",
      "value": 52.5555,
      "confidence": "sourced",
      "checked": "2026-08-12"
    },
    {
      "date": "2017",
      "value": 56.9734,
      "confidence": "sourced",
      "checked": "2026-08-12"
    },
    {
      "date": "2018",
      "value": 62.2101,
      "confidence": "sourced",
      "checked": "2026-08-12"
    },
    {
      "date": "2019",
      "value": 57.9851,
      "confidence": "sourced",
      "checked": "2026-08-12"
    },
    {
      "date": "2020",
      "value": 56.6149,
      "confidence": "sourced",
      "checked": "2026-08-12",
      "note": "257 daily fixings; pandemic year; the baht holds, the peso does not move much either."
    },
    {
      "date": "2021",
      "value": 58.2991,
      "confidence": "sourced",
      "checked": "2026-08-12"
    },
    {
      "date": "2022",
      "value": 57.3138,
      "confidence": "sourced",
      "checked": "2026-08-12"
    },
    {
      "date": "2023",
      "value": 60.1626,
      "confidence": "sourced",
      "checked": "2026-08-12"
    },
    {
      "date": "2024",
      "value": 62.0072,
      "confidence": "sourced",
      "checked": "2026-08-12"
    },
    {
      "date": "2025",
      "value": 64.977,
      "confidence": "sourced",
      "checked": "2026-08-12",
      "note": "255 daily fixings; the last complete calendar year in the panel.",
      "readings": [
        {
          "value": 64.977,
          "source": {
            "label": "ECB euro reference rates, mean of all daily fixings in the year",
            "url": "https://www.ecb.europa.eu/stats/eurofxref/eurofxref-hist.zip"
          },
          "retrieved_via": "eurofxref-hist.csv, cross-rate arithmetic"
        },
        {
          "value": 65.017,
          "source": {
            "label": "World Bank PA.NUS.FCRF (the Philippines, LCU per USD, annual average) crossed with FRED DEXUSEU (USD per EUR) annual average",
            "url": "https://api.worldbank.org/v2/country/TH;PH/indicator/PA.NUS.FCRF?format=json"
          },
          "retrieved_via": "independent reconstruction — World Bank annual averages x Federal Reserve H.10 daily averages"
        }
      ],
      "rationale": "Two independently assembled readings agree to 0.06%. The ECB figure is resolved as the value because the whole panel is built from one file on one set of dates; the World Bank x Federal Reserve reconstruction exists to show the panel is not an artefact of the ECB's fixing convention.\n"
    },
    {
      "date": "2026-08",
      "value": 70.0366,
      "confidence": "sourced",
      "checked": "2026-08-12",
      "note": "Partial year: mean of the 156 fixings from 1 January to 12 August 2026. Not comparable with the complete-year rows above and excluded from the 2006-2025 panel; carried so the series does not end nineteen months short."
    }
  ],
  "corrections": []
}