May 28, 2017, 7:05 am
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1 Philippine Peso = 0.07372 UAE Dirham
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1 Philippine Peso = 0.03568 Neth Antilles Guilder
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1 Philippine Peso = 0.02694 Australian Dollar
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1 Philippine Peso = 0.06559 Brazilian Real
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1 Philippine Peso = 1.29566 Bhutan Ngultrum
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1 Philippine Peso = 0.3623 Egyptian Pound
1 Philippine Peso = 0.45965 Ethiopian Birr
1 Philippine Peso = 0.01796 Euro
1 Philippine Peso = 0.04169 Fiji Dollar
1 Philippine Peso = 0.01563 Falkland Islands Pound
1 Philippine Peso = 0.01565 British Pound
1 Philippine Peso = 0.08608 Ghanaian Cedi
1 Philippine Peso = 0.90225 Gambian Dalasi
1 Philippine Peso = 182.35648 Guinea Franc
1 Philippine Peso = 0.14716 Guatemala Quetzal
1 Philippine Peso = 4.09595 Guyana Dollar
1 Philippine Peso = 0.15642 Hong Kong Dollar
1 Philippine Peso = 0.46989 Honduras Lempira
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1 Philippine Peso = 1.33601 Haiti Gourde
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1 Philippine Peso = 23.70534 Iraqi Dinar
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1 Philippine Peso = 2.60177 Jamaican Dollar
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1 Philippine Peso = 18.06503 North Korean Won
1 Philippine Peso = 22.47491 Korean Won
1 Philippine Peso = 0.00608 Kuwaiti Dinar
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1 Philippine Peso = 0.36395 Moldovan Leu
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1 Philippine Peso = 27.19791 Myanmar Kyat
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1 Philippine Peso = 7.18587 Mauritania Ougulya
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1 Philippine Peso = 2.07648 Nepalese Rupee
1 Philippine Peso = 0.02843 New Zealand Dollar
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1 Philippine Peso = 0.02007 Panama Balboa
1 Philippine Peso = 0.06543 Peruvian Nuevo Sol
1 Philippine Peso = 0.06377 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
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1 Philippine Peso = 0.0752 Polish Zloty
1 Philippine Peso = 111.54155 Paraguayan Guarani
1 Philippine Peso = 0.07308 Qatar Rial
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1 Philippine Peso = 1.13952 Russian Rouble
1 Philippine Peso = 16.44902 Rwanda Franc
1 Philippine Peso = 0.07527 Saudi Arabian Riyal
1 Philippine Peso = 0.15837 Solomon Islands Dollar
1 Philippine Peso = 0.26825 Seychelles Rupee
1 Philippine Peso = 0.13368 Sudanese Pound
1 Philippine Peso = 0.17472 Swedish Krona
1 Philippine Peso = 0.02777 Singapore Dollar
1 Philippine Peso = 0.01563 St Helena Pound
1 Philippine Peso = 0.44572 Slovak Koruna
1 Philippine Peso = 150.54195 Sierra Leone Leone
1 Philippine Peso = 11.01967 Somali Shilling
1 Philippine Peso = 440.26096 Sao Tome Dobra
1 Philippine Peso = 0.17507 El Salvador Colon
1 Philippine Peso = 10.33681 Syrian Pound
1 Philippine Peso = 0.25802 Swaziland Lilageni
1 Philippine Peso = 0.68306 Thai Baht
1 Philippine Peso = 0.04816 Tunisian Dinar
1 Philippine Peso = 0.04615 Tongan paʻanga
1 Philippine Peso = 0.07172 Turkish Lira
1 Philippine Peso = 0.13487 Trinidad Tobago Dollar
1 Philippine Peso = 0.60472 Taiwan Dollar
1 Philippine Peso = 44.74107 Tanzanian Shilling
1 Philippine Peso = 0.5289 Ukraine Hryvnia
1 Philippine Peso = 72.26014 Ugandan Shilling
1 Philippine Peso = 0.02007 United States Dollar
1 Philippine Peso = 0.56624 Uruguayan New Peso
1 Philippine Peso = 76.29466 Uzbekistan Sum
1 Philippine Peso = 0.20022 Venezuelan Bolivar
1 Philippine Peso = 456.12204 Vietnam Dong
1 Philippine Peso = 2.15295 Vanuatu Vatu
1 Philippine Peso = 0.05162 Samoa Tala
1 Philippine Peso = 11.77599 CFA Franc (BEAC)
1 Philippine Peso = 0.0542 East Caribbean Dollar
1 Philippine Peso = 11.81574 CFA Franc (BCEAO)
1 Philippine Peso = 2.13228 Pacific Franc
1 Philippine Peso = 5.01706 Yemen Riyal
1 Philippine Peso = 0.25808 South African Rand
1 Philippine Peso = 104.16499 Zambian Kwacha
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Daewoo Shipbuilding unlocks $2.6B bailout after bondholder approval

SEOUL—South Korea’s Daewoo Shipbuilding & Marine Engineering Co Ltd has won near unanimous agreement from bondholders to swap their debt for equity, meeting a condition that unlocks a $2.6 billion bank bailout for the world’s biggest shipbuilder.

Daewoo won approval from over 96 percent of bondholders at two meetings on Tuesday and three on Monday, with attendance exceeding 78 percent. The meetings came shortly after the shipbuilder won the approval of its biggest bondholder, the National Pension Service.

“We will normalize the company as soon as possible through bone-grinding effort, so you (bondholders) can come to think you made a good choice for yourselves, the company and the economy,” Chief Executive Officer Jung Sung-leep said in a statement.

The shipbuilder has been pushed to the brink by the impact of historically low oil prices, which caused delays in payments for complex offshore facilities. At risk is an estimated 50,000 jobs and an economic hit of tens of billions of dollars.

But with bondholders accepting a debt-to-equity swap, Korea Development Bank (KDB) and Export-Import Bank of Korea (KEXIM) will supply up to 2.9 trillion won from late April or early May after court approval, a KDB official said.

The bailout plus a 4.2 trillion won bailout starting in late 2015 amounts to South Korea’s biggest state-backed rescue of a single company in over a decade, state bank officials said.

The new cash will help Daewoo meet its need for about 471 billion won in operating funds by the end of April, and allow commercial banks to resume issuing ship owners refund guarantees on orders Daewoo wins, without which contracts are voided.

Daewoo can also continue building the 108 ships ordered as of February for on-time delivery.

Delivery dates of nearly all existing orders - and payments for delivery - are either this year or next, a Daewoo spokesman told Reuters.

Daewoo’s existing orders amount to the most in the world at 6.2 million compensated gross tonnage (CGT), 70 percent or more over compatriots Samsung Heavy Industries Co Ltd and Hyundai Heavy Industries Co Ltd, Clarksons Research data showed.

But the shipbuilder aims to become more sustainable by cutting annual revenue to about 7 trillion won by 2018 from 12.7 trillion won last year, CEO Jung previously said. - Reuters
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