April 20, 2018, 1:33 am
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1 Philippine Peso = 0.07053 UAE Dirham
1 Philippine Peso = 1.99923 Albanian Lek
1 Philippine Peso = 0.03418 Neth Antilles Guilder
1 Philippine Peso = 0.38677 Argentine Peso
1 Philippine Peso = 0.02467 Australian Dollar
1 Philippine Peso = 0.03418 Aruba Florin
1 Philippine Peso = 0.03841 Barbados Dollar
1 Philippine Peso = 1.59228 Bangladesh Taka
1 Philippine Peso = 0.03034 Bulgarian Lev
1 Philippine Peso = 0.00724 Bahraini Dinar
1 Philippine Peso = 33.62742 Burundi Franc
1 Philippine Peso = 0.0192 Bermuda Dollar
1 Philippine Peso = 0.02503 Brunei Dollar
1 Philippine Peso = 0.13175 Bolivian Boliviano
1 Philippine Peso = 0.06526 Brazilian Real
1 Philippine Peso = 0.0192 Bahamian Dollar
1 Philippine Peso = 1.26032 Bhutan Ngultrum
1 Philippine Peso = 0.18403 Botswana Pula
1 Philippine Peso = 384.48243 Belarus Ruble
1 Philippine Peso = 0.03837 Belize Dollar
1 Philippine Peso = 0.02421 Canadian Dollar
1 Philippine Peso = 0.01858 Swiss Franc
1 Philippine Peso = 11.41406 Chilean Peso
1 Philippine Peso = 0.12052 Chinese Yuan
1 Philippine Peso = 52.12791 Colombian Peso
1 Philippine Peso = 10.7778 Costa Rica Colon
1 Philippine Peso = 0.0192 Cuban Peso
1 Philippine Peso = 1.71039 Cape Verde Escudo
1 Philippine Peso = 0.39282 Czech Koruna
1 Philippine Peso = 3.39601 Djibouti Franc
1 Philippine Peso = 0.11551 Danish Krone
1 Philippine Peso = 0.94891 Dominican Peso
1 Philippine Peso = 2.1798 Algerian Dinar
1 Philippine Peso = 0.24262 Estonian Kroon
1 Philippine Peso = 0.33916 Egyptian Pound
1 Philippine Peso = 0.52276 Ethiopian Birr
1 Philippine Peso = 0.01551 Euro
1 Philippine Peso = 0.03865 Fiji Dollar
1 Philippine Peso = 0.01348 Falkland Islands Pound
1 Philippine Peso = 0.01349 British Pound
1 Philippine Peso = 0.08525 Ghanaian Cedi
1 Philippine Peso = 0.89975 Gambian Dalasi
1 Philippine Peso = 172.80584 Guinea Franc
1 Philippine Peso = 0.14089 Guatemala Quetzal
1 Philippine Peso = 3.95007 Guyana Dollar
1 Philippine Peso = 0.15072 Hong Kong Dollar
1 Philippine Peso = 0.45249 Honduras Lempira
1 Philippine Peso = 0.11491 Croatian Kuna
1 Philippine Peso = 1.24505 Haiti Gourde
1 Philippine Peso = 4.8093 Hungarian Forint
1 Philippine Peso = 264.60534 Indonesian Rupiah
1 Philippine Peso = 0.06739 Israeli Shekel
1 Philippine Peso = 1.26727 Indian Rupee
1 Philippine Peso = 22.73862 Iraqi Dinar
1 Philippine Peso = 806.60649 Iran Rial
1 Philippine Peso = 1.91031 Iceland Krona
1 Philippine Peso = 2.37565 Jamaican Dollar
1 Philippine Peso = 0.01361 Jordanian Dinar
1 Philippine Peso = 2.06171 Japanese Yen
1 Philippine Peso = 1.92145 Kenyan Shilling
1 Philippine Peso = 1.32194 Kyrgyzstan Som
1 Philippine Peso = 76.97331 Cambodia Riel
1 Philippine Peso = 7.61206 Comoros Franc
1 Philippine Peso = 17.28442 North Korean Won
1 Philippine Peso = 20.40042 Korean Won
1 Philippine Peso = 0.00575 Kuwaiti Dinar
1 Philippine Peso = 0.01575 Cayman Islands Dollar
1 Philippine Peso = 6.25043 Kazakhstan Tenge
1 Philippine Peso = 158.93989 Lao Kip
1 Philippine Peso = 28.9034 Lebanese Pound
1 Philippine Peso = 2.99693 Sri Lanka Rupee
1 Philippine Peso = 2.50451 Liberian Dollar
1 Philippine Peso = 0.22892 Lesotho Loti
1 Philippine Peso = 0.05855 Lithuanian Lita
1 Philippine Peso = 0.01192 Latvian Lat
1 Philippine Peso = 0.02543 Libyan Dinar
1 Philippine Peso = 0.17577 Moroccan Dirham
1 Philippine Peso = 0.31452 Moldovan Leu
1 Philippine Peso = 0.94968 Macedonian Denar
1 Philippine Peso = 25.52333 Myanmar Kyat
1 Philippine Peso = 45.86134 Mongolian Tugrik
1 Philippine Peso = 0.15521 Macau Pataca
1 Philippine Peso = 6.76013 Mauritania Ougulya
1 Philippine Peso = 0.64144 Mauritius Rupee
1 Philippine Peso = 0.29902 Maldives Rufiyaa
1 Philippine Peso = 13.70175 Malawi Kwacha
1 Philippine Peso = 0.35007 Mexican Peso
1 Philippine Peso = 0.07459 Malaysian Ringgit
1 Philippine Peso = 0.22915 Namibian Dollar
1 Philippine Peso = 6.87536 Nigerian Naira
1 Philippine Peso = 0.59554 Nicaragua Cordoba
1 Philippine Peso = 0.14884 Norwegian Krone
1 Philippine Peso = 2.01652 Nepalese Rupee
1 Philippine Peso = 0.02629 New Zealand Dollar
1 Philippine Peso = 0.00739 Omani Rial
1 Philippine Peso = 0.0192 Panama Balboa
1 Philippine Peso = 0.06176 Peruvian Nuevo Sol
1 Philippine Peso = 0.06241 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.21836 Pakistani Rupee
1 Philippine Peso = 0.06459 Polish Zloty
1 Philippine Peso = 106.04187 Paraguayan Guarani
1 Philippine Peso = 0.0699 Qatar Rial
1 Philippine Peso = 0.07223 Romanian New Leu
1 Philippine Peso = 1.16816 Russian Rouble
1 Philippine Peso = 16.22066 Rwanda Franc
1 Philippine Peso = 0.07202 Saudi Arabian Riyal
1 Philippine Peso = 0.14768 Solomon Islands Dollar
1 Philippine Peso = 0.25792 Seychelles Rupee
1 Philippine Peso = 0.34667 Sudanese Pound
1 Philippine Peso = 0.161 Swedish Krona
1 Philippine Peso = 0.02513 Singapore Dollar
1 Philippine Peso = 0.01349 St Helena Pound
1 Philippine Peso = 0.42646 Slovak Koruna
1 Philippine Peso = 146.53351 Sierra Leone Leone
1 Philippine Peso = 10.79316 Somali Shilling
1 Philippine Peso = 380.06338 Sao Tome Dobra
1 Philippine Peso = 0.16804 El Salvador Colon
1 Philippine Peso = 9.89015 Syrian Pound
1 Philippine Peso = 0.22917 Swaziland Lilageni
1 Philippine Peso = 0.599 Thai Baht
1 Philippine Peso = 0.04602 Tunisian Dinar
1 Philippine Peso = 0.04292 Tongan paʻanga
1 Philippine Peso = 0.07736 Turkish Lira
1 Philippine Peso = 0.12961 Trinidad Tobago Dollar
1 Philippine Peso = 0.56365 Taiwan Dollar
1 Philippine Peso = 43.7488 Tanzanian Shilling
1 Philippine Peso = 0.50259 Ukraine Hryvnia
1 Philippine Peso = 70.84694 Ugandan Shilling
1 Philippine Peso = 0.0192 United States Dollar
1 Philippine Peso = 0.54158 Uruguayan New Peso
1 Philippine Peso = 154.65719 Uzbekistan Sum
1 Philippine Peso = 1139.831 Venezuelan Bolivar
1 Philippine Peso = 437.43038 Vietnam Dong
1 Philippine Peso = 2.00538 Vanuatu Vatu
1 Philippine Peso = 0.04922 Samoa Tala
1 Philippine Peso = 10.16881 CFA Franc (BEAC)
1 Philippine Peso = 0.05185 East Caribbean Dollar
1 Philippine Peso = 10.16881 CFA Franc (BCEAO)
1 Philippine Peso = 1.83983 Pacific Franc
1 Philippine Peso = 4.79931 Yemen Riyal
1 Philippine Peso = 0.2292 South African Rand
1 Philippine Peso = 99.66391 Zambian Kwacha
1 Philippine Peso = 6.95026 Zimbabwe dollar

Focus on building up reserve, PH told

By RUELLE  CASTRO and PAUL ICAMINA

Victor Abola, University of Asia and the Pacific economist, said the Philippines needs to focus on shoring up its dwindling gross international (GIR) in order to stem a potential crisis in the economy.

Abola,  however, allayed  fears of an impending crash amid concerns of rising inflation that could drag the economy down, citing a number of indicators that show  the Philippines remains within the comfortable levels of economic activity except on the ratio of money flow to that of foreign currency reserve.

“The Bangko Sentral ng Pilipinas (BSP) should temper the peso’s rise when it goes up,” said Abola as he noted that the ratio of money flow M2 in relation to the GIR now stands at 2.5:1 “close” to the threshold of 2.57 that indicates the economy is close to overheating. 

The M2/GIR relationship however is just one of five indicators that tell a sign of economic overheating, together with short-term debt to GIR ratio; deviation of trend in the real dollar-peso exchange rate and that of the real dollar-yen exchange rate; and the current account balance to gross domestic investment ratio.

For now, only the M2/GIR is showing signs. 

More indicators showing such sign however indicates greater likelihood of an economic crisis, said Abola.

“The Philippines can tolerate a 20 centavo annual depreciation in the peso,” said Abola in justifying a revitalized buying of dollars by the BSP, as he noted that a peso depreciation of 10 percent annually contributes a minimal 0.5 percent in inflation in a given year. 

According to Abola, buying dollar will help the Philippines shore up its dollar reserve  which as of February was recorded at $80.61 billion, down from $81.22 billion the month before, and is enough to cover 8.2 months worth of import bill. 

The import bill coverage, however, is a huge departure from the past coverage of 18 months. Abola noted a 6 to 9 months import bill coverage “is the new norm” in GIR despite global “standards” of three months.

Dr. Raul Fabella of the University of the Philippines School of Economics meanwhile said efforts to reduce poverty and ramp up infrastructure must be accelerated in order to make the most of the Philippines’ fast economic growth. 

Fabella concedes that the country’s growth rate is high, and that manufacturing is growing faster than services. These are signs of going in the right direction, he said in an interview.                

However, poverty is still “very high” and infrastructure remains “very poor,” two indicators that the growth rate is “not sustainable,” he observed.
                
“For growth to continue for years, for decades if possible, we must do something about poverty and infrastructure,” said Fabella, a National Scientist recognized for pioneering work on novel analytic constructs useful for problems in economics.
                
“Manufacturing is the engine of growth and should be sustainable,” he said. “To make it sustainable, we must address infrastructure which is still not tip top while poverty must go down.”
                
Two of 10 or 21.6 percent of Filipinos were still below the poverty line in 2015. It missed one of the Millennium Development Goals which is to bring it down to 17 percent that year.
                
Fabella pointed out that for six years under Aquino and one year under Duterte, the economy is going in the right direction. However, he said, “these are episodes of healthy growth that cannot be sustained.”
                
The Philippine economy has a history of boom-and-bust, he told a regional scientific meeting here of the National Academy of Science and Technology (NAST), Department of Science and Technology. “An unsustainable industrialization path is one where episodes of rapid growth or boom are followed by episodes of rapid decline or bust.”
                
He said growth should be sustained for at least a decade, even two decades, for the economic miracle to emerge. “With manufacturing, we will have a shot,” he said. He cautioned there are many things to factor for the miracle to happen, including proper governance and peace and order.
                
“Countries whose manufacturing grow faster than services tend to have better income distribution and faster poverty reduction,” said Fabella who chairs NAST’s Social Sciences Division. “Countries on a rapid growth path have better income distribution.”
                
He said the Philippines continues to grow rapidly but cautioned that the economy is still problematic.
                
“To do better, we need to industrialize,” he said, but the current situation is akin to   development progeria when services grow faster than manufacturing in a low-income economy. He defined progeria as a rare genetic condition that causes a child’s body to age faster than the actual age.
                
The economy remains domestic and market-oriented and consumption-led, said Fabella.
                
From 1986 to 1996, industry and manufacturing lost to services which gained very rapidly. It was the same with Germany and the United States during the same period, but these countries are rich.

“The Philippines is like Germany and the U.S. despite it being a low-income country,” Fabella said. “Meaning we’re are poor and yet we have to keep up with the Joneses. By our behaviour, it seems we are rich.”
                
The fact is that the Philippine economy is consumption-lead and not investment-lead, Fabella pointed out, adding that exports should be high and the economy should be outward-looking.
                
Indonesia and Thailand – where industry and manufacturing gained while services lost – have left the Philippines behind, he said.
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