June 24, 2018, 1:37 am
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1 Philippine Peso = 0.06901 UAE Dirham
1 Philippine Peso = 2.02912 Albanian Lek
1 Philippine Peso = 0.03401 Neth Antilles Guilder
1 Philippine Peso = 0.5072 Argentine Peso
1 Philippine Peso = 0.02524 Australian Dollar
1 Philippine Peso = 0.03345 Aruba Florin
1 Philippine Peso = 0.03758 Barbados Dollar
1 Philippine Peso = 1.57159 Bangladesh Taka
1 Philippine Peso = 0.03155 Bulgarian Lev
1 Philippine Peso = 0.00712 Bahraini Dinar
1 Philippine Peso = 32.90079 Burundi Franc
1 Philippine Peso = 0.01879 Bermuda Dollar
1 Philippine Peso = 0.02526 Brunei Dollar
1 Philippine Peso = 0.1289 Bolivian Boliviano
1 Philippine Peso = 0.07111 Brazilian Real
1 Philippine Peso = 0.01879 Bahamian Dollar
1 Philippine Peso = 1.28053 Bhutan Ngultrum
1 Philippine Peso = 0.19402 Botswana Pula
1 Philippine Peso = 376.17437 Belarus Ruble
1 Philippine Peso = 0.03754 Belize Dollar
1 Philippine Peso = 0.02493 Canadian Dollar
1 Philippine Peso = 0.01856 Swiss Franc
1 Philippine Peso = 11.99061 Chilean Peso
1 Philippine Peso = 0.12218 Chinese Yuan
1 Philippine Peso = 54.75385 Colombian Peso
1 Philippine Peso = 10.57591 Costa Rica Colon
1 Philippine Peso = 0.01879 Cuban Peso
1 Philippine Peso = 1.77772 Cape Verde Escudo
1 Philippine Peso = 0.41526 Czech Koruna
1 Philippine Peso = 3.33615 Djibouti Franc
1 Philippine Peso = 0.12016 Danish Krone
1 Philippine Peso = 0.92728 Dominican Peso
1 Philippine Peso = 2.1963 Algerian Dinar
1 Philippine Peso = 0.25225 Estonian Kroon
1 Philippine Peso = 0.33484 Egyptian Pound
1 Philippine Peso = 0.51146 Ethiopian Birr
1 Philippine Peso = 0.01612 Euro
1 Philippine Peso = 0.03918 Fiji Dollar
1 Philippine Peso = 0.01416 Falkland Islands Pound
1 Philippine Peso = 0.01417 British Pound
1 Philippine Peso = 0.08979 Ghanaian Cedi
1 Philippine Peso = 0.87956 Gambian Dalasi
1 Philippine Peso = 169.07178 Guinea Franc
1 Philippine Peso = 0.14072 Guatemala Quetzal
1 Philippine Peso = 3.87599 Guyana Dollar
1 Philippine Peso = 0.14741 Hong Kong Dollar
1 Philippine Peso = 0.44878 Honduras Lempira
1 Philippine Peso = 0.11882 Croatian Kuna
1 Philippine Peso = 1.24803 Haiti Gourde
1 Philippine Peso = 5.23224 Hungarian Forint
1 Philippine Peso = 264.43067 Indonesian Rupiah
1 Philippine Peso = 0.06764 Israeli Shekel
1 Philippine Peso = 1.27568 Indian Rupee
1 Philippine Peso = 22.24728 Iraqi Dinar
1 Philippine Peso = 798.38407 Iran Rial
1 Philippine Peso = 2.03119 Iceland Krona
1 Philippine Peso = 2.45509 Jamaican Dollar
1 Philippine Peso = 0.01333 Jordanian Dinar
1 Philippine Peso = 2.06417 Japanese Yen
1 Philippine Peso = 1.89121 Kenyan Shilling
1 Philippine Peso = 1.28183 Kyrgyzstan Som
1 Philippine Peso = 76.00526 Cambodia Riel
1 Philippine Peso = 7.92522 Comoros Franc
1 Philippine Peso = 16.91094 North Korean Won
1 Philippine Peso = 20.86622 Korean Won
1 Philippine Peso = 0.00568 Kuwaiti Dinar
1 Philippine Peso = 0.01541 Cayman Islands Dollar
1 Philippine Peso = 6.38595 Kazakhstan Tenge
1 Philippine Peso = 158.00451 Lao Kip
1 Philippine Peso = 28.292 Lebanese Pound
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1 Philippine Peso = 0.25254 Lesotho Loti
1 Philippine Peso = 0.05728 Lithuanian Lita
1 Philippine Peso = 0.01166 Latvian Lat
1 Philippine Peso = 0.02548 Libyan Dinar
1 Philippine Peso = 0.1786 Moroccan Dirham
1 Philippine Peso = 0.3177 Moldovan Leu
1 Philippine Peso = 0.98891 Macedonian Denar
1 Philippine Peso = 25.98647 Myanmar Kyat
1 Philippine Peso = 45.97896 Mongolian Tugrik
1 Philippine Peso = 0.15183 Macau Pataca
1 Philippine Peso = 6.67042 Mauritania Ougulya
1 Philippine Peso = 0.65295 Mauritius Rupee
1 Philippine Peso = 0.29256 Maldives Rufiyaa
1 Philippine Peso = 13.4053 Malawi Kwacha
1 Philippine Peso = 0.37584 Mexican Peso
1 Philippine Peso = 0.07518 Malaysian Ringgit
1 Philippine Peso = 0.25239 Namibian Dollar
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1 Philippine Peso = 0.59207 Nicaragua Cordoba
1 Philippine Peso = 0.15205 Norwegian Krone
1 Philippine Peso = 2.03401 Nepalese Rupee
1 Philippine Peso = 0.02719 New Zealand Dollar
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1 Philippine Peso = 0.01879 Panama Balboa
1 Philippine Peso = 0.06134 Peruvian Nuevo Sol
1 Philippine Peso = 0.0609 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.28222 Pakistani Rupee
1 Philippine Peso = 0.06966 Polish Zloty
1 Philippine Peso = 106.55769 Paraguayan Guarani
1 Philippine Peso = 0.06839 Qatar Rial
1 Philippine Peso = 0.07509 Romanian New Leu
1 Philippine Peso = 1.18236 Russian Rouble
1 Philippine Peso = 15.96073 Rwanda Franc
1 Philippine Peso = 0.07046 Saudi Arabian Riyal
1 Philippine Peso = 0.1479 Solomon Islands Dollar
1 Philippine Peso = 0.25235 Seychelles Rupee
1 Philippine Peso = 0.33738 Sudanese Pound
1 Philippine Peso = 0.16635 Swedish Krona
1 Philippine Peso = 0.02551 Singapore Dollar
1 Philippine Peso = 0.01417 St Helena Pound
1 Philippine Peso = 0.41725 Slovak Koruna
1 Philippine Peso = 149.94363 Sierra Leone Leone
1 Philippine Peso = 10.72905 Somali Shilling
1 Philippine Peso = 394.98309 Sao Tome Dobra
1 Philippine Peso = 0.16441 El Salvador Colon
1 Philippine Peso = 9.67644 Syrian Pound
1 Philippine Peso = 0.25202 Swaziland Lilageni
1 Philippine Peso = 0.61856 Thai Baht
1 Philippine Peso = 0.04882 Tunisian Dinar
1 Philippine Peso = 0.04333 Tongan paʻanga
1 Philippine Peso = 0.08786 Turkish Lira
1 Philippine Peso = 0.12682 Trinidad Tobago Dollar
1 Philippine Peso = 0.56924 Taiwan Dollar
1 Philippine Peso = 42.63435 Tanzanian Shilling
1 Philippine Peso = 0.49267 Ukraine Hryvnia
1 Philippine Peso = 72.51597 Ugandan Shilling
1 Philippine Peso = 0.01879 United States Dollar
1 Philippine Peso = 0.59451 Uruguayan New Peso
1 Philippine Peso = 147.50094 Uzbekistan Sum
1 Philippine Peso = 1499.4363 Venezuelan Bolivar
1 Philippine Peso = 430.10147 Vietnam Dong
1 Philippine Peso = 2.07159 Vanuatu Vatu
1 Philippine Peso = 0.0488 Samoa Tala
1 Philippine Peso = 10.56614 CFA Franc (BEAC)
1 Philippine Peso = 0.05073 East Caribbean Dollar
1 Philippine Peso = 10.56614 CFA Franc (BCEAO)
1 Philippine Peso = 1.92165 Pacific Franc
1 Philippine Peso = 4.69466 Yemen Riyal
1 Philippine Peso = 0.25241 South African Rand
1 Philippine Peso = 97.51033 Zambian Kwacha
1 Philippine Peso = 6.80008 Zimbabwe dollar

The case for Trump’s de-globalization

By Martin Hutchinson

POUGHKEEPSIE, - You wouldn’t know it from the chorus of critics of President Donald Trump’s tariffs on steel and aluminum imports, but there is a case for de-globalization. Trump’s levies are not unprecedented – Ronald Reagan and George W. Bush took similar actions. The naysayers fear the globalization project that began with the dismantling of the Soviet Union in 1991 is falling apart, and that this is by definition damaging. It’s not that simple.

The theoretical case for free trade, which is simple and clear-cut, was first expounded by Adam Smith and David Ricardo. By reducing barriers to the movement of goods and people, every product is produced in the location with the greatest comparative advantage, while workers move to where they are most valuable. Thereby, global output is optimized.

Like all economic models, it rests on assumptions not wholly valid in reality. It ignores the revenue generated by tariffs, so all else being equal a free-trade policy imposes additional costs on a country’s citizens from higher income taxes and other levies. It assumes a world in which the global production structure is stable, yet in the real world of fluctuating fiat currencies, comparative advantage is forever shifting so any one structure is only fleetingly optimal. And in life, people don’t move around so easily.

Most important, it assumes no government interference in trade. Countries are free to impose regulations and restrictions but harm their competitiveness and economic well-being by doing so. Just as tariffs are economically damaging in this system, so too are regulations limiting imports. After all, a prohibition against an import makes its price infinite, a far bigger distortion than the largest import duty.

The period of globalization from 1991 to 2016 turned out dramatically different from the appealing blueprint of Smith and Ricardo. For one thing, after the Uruguay Round of trade talks was signed in 1994, no further global free-trade deals were completed. Instead, the world indulged in an orgy of bilateral and regional treaties. Even in theory, a planet traversed by a cat’s cradle of arrangements each including only a subset of countries is not a free-trade world. Flows of goods and services are diverted in numerous ways and are nowhere near optimized.

Moreover, these bilateral and regional deals included strictures on labor standards, environmental activities and intellectual property. Such requirements tend to eliminate comparative advantage, not reap the benefits of it. Take patents and copyrights. Together with the proliferation of patented pharmaceutical products, there’s now a dense tangle of intellectual-property requirements. Via recent trade treaties in which the United States has been involved, the country’s arguably excessive IP protections have been extended to its trading partners.

For example, in the Trans-Pacific Partnership negotiations, abandoned last year by Trump, the benefits to the United States came in the form of $79 billion of patent and copyright fees, while US manufacturing suffered a loss of $44 billion, according to Congressional Budget Office figures. Intellectual property deserves reasonable protection, but enforcing US rules adds to trade friction rather than easing it.

Another way in which the recent globalization wave differed from the classical free-trade model was the proliferation of global regulations. Red tape in a single country hurts mostly that country’s economy; competition forces the removal of many of the most damaging impositions. Global regulation is a different matter. The benefits of free trade can be swamped by the heavy costs of global rules, applied without proper accountability. Trade that requires a World Trade Organization to enforce it is not really free, and the existence of the World Bank, the International Monetary Fund, the Organisation for Economic Co-operation and Development and other international quangos counts against the economic rationale for globalization.

Globalization also raises new questions in the internet era. The economies of scale in collecting information have led to an aggregation of market power among a very few huge, mostly American, technology companies, which between them control personal data on a large percentage of the world’s inhabitants. National regulations may serve to break up this cartel. If the European Union, China, Japan and other countries impose balkanized rules, producing a so-called “splinternet,” the behemoths will operate at a disadvantage outside their home markets.

If the mainstream consensus on climate change – to take another case where Trump is the outlier – is to promote a global regulatory regime, for data privacy the mood may now be shifting the other way. If nothing else, these conflicting trends show the debate between globalists and protectionists is far more complex than such black-and-white designations suggest.

A world in which global institutions hold less sway and in which moderate tariff barriers return has several advantages. It will make global trade flows more stable, removing artificial short-term surges caused by currency volatility. It will prevent trade treaties that impose spurious intellectual-property and related costs on consumers. It will reduce costs of the global institutions themselves. Perhaps some goods will become more expensive – it’s hard to know, given the web of bilateral and multilateral deals at present – but offsetting that, tariffs will produce income for governments, narrowing budget deficits or allowing tax cuts elsewhere.

The economic recovery from the financial crisis a decade ago has surprised economists with its sluggishness. One factor may be that globalization has produced less benefit than its supporters claimed, and at a higher cost. While not ignoring the genuine gains available from careful application of the Smith-Ricardo model, the partial reversal of bureaucratic and politically driven globalization offers benefits, too. – Reuters 
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