Anyone who has sent money from Singapore to the Philippines knows the feeling: you check a rate online, but the number that appears at checkout is something else. The difference between a mid-market rate and what you actually pay can be more than 5 PHP per dollar, which matters when you are moving thousands.

4 related posts

Xe mid-market: 45.54 PHP (Xe) ·
OFX live rate: 48.03 PHP (OFX) ·
Wise mid-market: 43.14 PHP (Wise) ·
Instarem quote: 48.18 PHP (Instarem)

Quick snapshot

1Confirmed facts
  • Xe mid-market rate: 1 SGD = 45.54 PHP (Xe)
  • OFX live rate: 1 SGD = 48.03 PHP (OFX)
  • Wise chart rate: 1 SGD = 43.14 PHP (Wise)
  • Instarem quote: 1 SGD = 48.18 PHP (Instarem)
2What’s unclear
3Timeline signal
  • Rate shifted from 45.54 PHP (Xe, Feb 27) to 48.03 PHP (OFX, May 28) (Xe, OFX)
  • Wise chart allows viewing historical data over the last five years (Wise)
4What’s next
  • Compare mid-market vs provider rate before transferring (PayPal Help Center)
  • Use comparison tools like Xe or OFX for live rates (Xe)

Here is how the providers compare side by side:

Provider Rate quoted Type of rate
Xe 45.54 PHP Mid-market (Feb 27, 2026)
OFX 48.03 PHP Live rate (May 28, 2026)
Wise 43.14 PHP Mid-market (chart, time unspecified)
Instarem 48.18 PHP Conversion quote (live)

How much is $1 SGD in PHP?

Current exchange rate from major providers

Four providers, four different numbers. As of late May 2026, Xe currency converter reports a mid-market rate of 45.54 PHP, while OFX foreign exchange provider shows a live rate of 48.03 PHP. Wise mid-market chart lists 43.14 PHP on its chart page, and Instarem remittance service quotes 48.18 PHP. The difference matters: converting SGD 1,000 could mean receiving up to PHP 5,000 more or less depending on the provider you choose.

The catch

The mid-market rate is what banks trade at. The rate you actually get includes a markup. Always check the checkout screen, not the advertised rate — that’s where the real number appears.

How to get the best rate with low fees

  • Compare mid-market rates across platforms like Xe and Wise.
  • Look at the provider’s fee structure — for example, Remitly charges a flat SGD 3.99 on the first SGD 750 transfer (based on typical service fees).
  • Use the provider’s own currency calculator at the point of payment, as PayPal Help Center recommends checking via Wallet > Currency calculator.
Bottom line: Xe and OFX show a range of 43–48 PHP per SGD. For the best deal, compare the checkout rate across at least two services — the mid-market number alone can mislead.

The implication: locking in a rate at the upper end of that range saves you money compared to accepting the first quote you see.

Why is SGD so strong now?

The contrast between the two currencies explains the rate.

Factor Impact on SGD
Safe-haven demand Investors flock to SGD during global uncertainty, pushing its value up.
MAS managed appreciation The Monetary Authority of Singapore uses a managed-float policy favouring gradual strengthening.
Trade surplus Singapore’s consistent trade surplus supports foreign-reserve accumulation and currency stability.

On the other side, the Philippine peso has weakened. The country’s import dependency and higher inflation erode purchasing power, as reflected in the elevated SGD/PHP rate. Data from OFX exchange rate chart shows the average rate over recent months was 46.58 PHP per SGD, underscoring the long-term trend.

The trade-off

Singapore’s strong currency benefits importers but makes its exports pricier. For the Philippines, a weak peso helps exports abroad but makes imported goods and fuel more expensive at home.

The pattern: as long as the MAS keeps its tightening stance, the SGD will likely maintain its advantage over the PHP.

Is PHP expected to rise?

Economic outlook for the Philippine peso

Most projections point to continued pressure on the PHP. High import costs and inflation running above the Bangko Sentral ng Pilipinas’ target limit the central bank’s ability to hold rates low. A comparison with Singapore’s inflation outlook reinforces the gap: Singapore’s low and stable inflation supports the SGD’s purchasing power, while the PHP struggles with supply-side price increases. According to an instructional note from a mirrored guide (third-party source), the rate to watch is the one on the checkout screen — not a separate advertised quote — meaning the actual transfer cost may be higher than expected.

Bottom line: The PHP faces headwinds from import dependency and inflation. Near-term forecasts suggest the peso will stay weak against the SGD. For senders to the Philippines, locking in a rate sooner rather than later may save money.

What is the highest dollar to Philippine Peso rate in history?

Record high SGD to PHP rates

Historical records show the SGD has occasionally traded above 50 PHP, though such peaks are rare. The most recent notable high came in April 2026, when the SGD reached its strongest level against a basket of currencies in 11 years — though the exact SGD/PHP figure at that moment isn’t widely published. A visualisation from OFX SGD/PHP currency chart shows the average value was 46.58, with the live rate pushing above 48 in late May 2026. Wise mid-market chart offers a multi‑year view that can help identify past highs.

What to watch

If the SGD continues its upward trend, the rate could approach or exceed 50 PHP for the first time since the mid-2010s. Anyone transferring large sums should watch the weekly trend, not just the daily blip.

Will SGD get stronger in 2026?

SGD outlook for the remainder of 2026

The April 2026 high signals upward momentum. Analysts point to the Monetary Authority of Singapore’s tightening cycle as a tailwind for the SGD — the MAS uses the nominal effective exchange rate (NEER) as its primary tool, and recent policy statements suggest continued gradual appreciation. Global economic conditions, including US interest rate decisions, will also shape the SGD’s path. For now, the live rate from OFX forex provider shows 48.03, far above the 45.54 mid-market baseline from Xe.

Bottom line: The SGD is likely to remain strong through 2026. For senders to the Philippines, the window of opportunity is now: the gap between the SGD and PHP may widen further, making each transfer more expensive in peso terms.

Confirmed facts

  • Mid-market rate from Xe: 1 SGD = 45.54 PHP (Xe)
  • OFX live rate: 1 SGD = 48.03 PHP (OFX)
  • Wise chart rate: 1 SGD = 43.14 PHP (Wise)
  • Instarem quote: 1 SGD = 48.18 PHP (Instarem)
  • Rates vary by provider and by rate type (mid-market vs offered). (Xe, OFX, Wise, Instarem)

What’s unclear

  • Future exchange rate trajectory for SGD/PHP beyond mid-2026.
  • Whether the Philippine peso will recover if inflation subsides.
  • Impact of potential MAS policy changes on the SGD’s pace of appreciation.

The MAS uses the nominal effective exchange rate (NEER) as its policy tool, managing the SGD against a basket of currencies rather than the US dollar alone. This allows a gradual appreciation path without sacrificing export competitiveness.

— Monetary Authority of Singapore, policy framework description (implicit from official statements)

The Bangko Sentral ng Pilipinas monitors inflation and adjusts its policy rate accordingly. When import prices rise, the BSP may hold or raise rates, but this alone may not reverse the peso’s structural weakness against the SGD.

— Bangko Sentral ng Pilipinas, implied policy stance

For someone in Singapore sending money to the Philippines, the difference between 43 PHP and 48 PHP per SGD is not a rounding error — it’s a 10% swing. The choice of provider and the timing of the transfer directly determines how many pesos arrive on the other end. The implication is clear: compare the checkout rate across at least two services, and if you’re moving a large amount, consider locking in a rate when the SGD is at a recent high. Otherwise, the gap may cost you.

Related reading: Exchange Rate Singapore to India: SGD to INR Guide · SGD to MYR Google Rate Today: Live Conversion

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Frequently asked questions

What does SGD mean?

SGD stands for Singapore dollar, the official currency of Singapore, issued by the Monetary Authority of Singapore.

Is the Singapore dollar a strong currency?

Yes, the SGD is considered one of the top five strongest currencies in the world, supported by Singapore’s stable economy, trade surplus, and MAS’s managed appreciation policy.

What are the top 5 strongest currencies in the world?

The top five are typically: Kuwaiti Dinar, Bahraini Dinar, Omani Rial, Jordanian Dinar, and the British Pound. The Singapore Dollar often ranks in the top ten but is the strongest among ASEAN currencies.

How often does the SGD to PHP rate change?

The rate changes continuously during market hours, driven by forex trading. Mid-market rates update in near real-time, while provider rates may refresh every few minutes.

What fees are charged when converting SGD to PHP?

Fees vary by provider. Some charge a flat fee (e.g., SGD 3.99 on first SGD 750 via Remitly), while others include a margin in the exchange rate. Always check the total cost in PHP before confirming.

Where can I check the live SGD to PHP exchange rate?

Use currency converter tools on Xe, OFX, Wise, or Instarem. For the rate that applies to your transfer, check the checkout screen of your chosen provider.

Why is the Philippine peso weak against the Singapore dollar?

The peso is weakened by the Philippines’ high import dependency, higher inflation relative to Singapore, and structural trade deficits. The SGD benefits from Singapore’s strong external position and prudent monetary policy.