May 28, 2018, 3:51 am
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1 Philippine Peso = 0.06987 UAE Dirham
1 Philippine Peso = 2.04394 Albanian Lek
1 Philippine Peso = 0.03405 Neth Antilles Guilder
1 Philippine Peso = 0.46707 Argentine Peso
1 Philippine Peso = 0.02507 Australian Dollar
1 Philippine Peso = 0.03386 Aruba Florin
1 Philippine Peso = 0.03804 Barbados Dollar
1 Philippine Peso = 1.58684 Bangladesh Taka
1 Philippine Peso = 0.03178 Bulgarian Lev
1 Philippine Peso = 0.00718 Bahraini Dinar
1 Philippine Peso = 33.30759 Burundi Franc
1 Philippine Peso = 0.01902 Bermuda Dollar
1 Philippine Peso = 0.02521 Brunei Dollar
1 Philippine Peso = 0.13049 Bolivian Boliviano
1 Philippine Peso = 0.06941 Brazilian Real
1 Philippine Peso = 0.01902 Bahamian Dollar
1 Philippine Peso = 1.2997 Bhutan Ngultrum
1 Philippine Peso = 0.18862 Botswana Pula
1 Philippine Peso = 380.82557 Belarus Ruble
1 Philippine Peso = 0.038 Belize Dollar
1 Philippine Peso = 0.02456 Canadian Dollar
1 Philippine Peso = 0.01888 Swiss Franc
1 Philippine Peso = 11.92087 Chilean Peso
1 Philippine Peso = 0.1215 Chinese Yuan
1 Philippine Peso = 54.23245 Colombian Peso
1 Philippine Peso = 10.69241 Costa Rica Colon
1 Philippine Peso = 0.01902 Cuban Peso
1 Philippine Peso = 1.79018 Cape Verde Escudo
1 Philippine Peso = 0.41871 Czech Koruna
1 Philippine Peso = 3.37645 Djibouti Franc
1 Philippine Peso = 0.12092 Danish Krone
1 Philippine Peso = 0.9416 Dominican Peso
1 Philippine Peso = 2.20987 Algerian Dinar
1 Philippine Peso = 0.25394 Estonian Kroon
1 Philippine Peso = 0.33993 Egyptian Pound
1 Philippine Peso = 0.51779 Ethiopian Birr
1 Philippine Peso = 0.01623 Euro
1 Philippine Peso = 0.03907 Fiji Dollar
1 Philippine Peso = 0.01422 Falkland Islands Pound
1 Philippine Peso = 0.01425 British Pound
1 Philippine Peso = 0.08823 Ghanaian Cedi
1 Philippine Peso = 0.89024 Gambian Dalasi
1 Philippine Peso = 171.23835 Guinea Franc
1 Philippine Peso = 0.13955 Guatemala Quetzal
1 Philippine Peso = 3.93875 Guyana Dollar
1 Philippine Peso = 0.14924 Hong Kong Dollar
1 Philippine Peso = 0.45305 Honduras Lempira
1 Philippine Peso = 0.11993 Croatian Kuna
1 Philippine Peso = 1.23264 Haiti Gourde
1 Philippine Peso = 5.18261 Hungarian Forint
1 Philippine Peso = 268.49914 Indonesian Rupiah
1 Philippine Peso = 0.06761 Israeli Shekel
1 Philippine Peso = 1.28921 Indian Rupee
1 Philippine Peso = 22.52235 Iraqi Dinar
1 Philippine Peso = 800.64676 Iran Rial
1 Philippine Peso = 2.00476 Iceland Krona
1 Philippine Peso = 2.38368 Jamaican Dollar
1 Philippine Peso = 0.01348 Jordanian Dinar
1 Philippine Peso = 2.08195 Japanese Yen
1 Philippine Peso = 1.91839 Kenyan Shilling
1 Philippine Peso = 1.2975 Kyrgyzstan Som
1 Philippine Peso = 77.23036 Cambodia Riel
1 Philippine Peso = 7.96595 Comoros Franc
1 Philippine Peso = 17.12003 North Korean Won
1 Philippine Peso = 20.46376 Korean Won
1 Philippine Peso = 0.00575 Kuwaiti Dinar
1 Philippine Peso = 0.0156 Cayman Islands Dollar
1 Philippine Peso = 6.24805 Kazakhstan Tenge
1 Philippine Peso = 158.41735 Lao Kip
1 Philippine Peso = 28.6285 Lebanese Pound
1 Philippine Peso = 3.00552 Sri Lanka Rupee
1 Philippine Peso = 2.59102 Liberian Dollar
1 Philippine Peso = 0.23569 Lesotho Loti
1 Philippine Peso = 0.05799 Lithuanian Lita
1 Philippine Peso = 0.0118 Latvian Lat
1 Philippine Peso = 0.02586 Libyan Dinar
1 Philippine Peso = 0.18008 Moroccan Dirham
1 Philippine Peso = 0.31929 Moldovan Leu
1 Philippine Peso = 0.99391 Macedonian Denar
1 Philippine Peso = 25.77516 Myanmar Kyat
1 Philippine Peso = 45.76412 Mongolian Tugrik
1 Philippine Peso = 0.15373 Macau Pataca
1 Philippine Peso = 6.73388 Mauritania Ougulya
1 Philippine Peso = 0.65627 Mauritius Rupee
1 Philippine Peso = 0.29618 Maldives Rufiyaa
1 Philippine Peso = 13.63553 Malawi Kwacha
1 Philippine Peso = 0.37196 Mexican Peso
1 Philippine Peso = 0.07566 Malaysian Ringgit
1 Philippine Peso = 0.23683 Namibian Dollar
1 Philippine Peso = 6.82899 Nigerian Naira
1 Philippine Peso = 0.59717 Nicaragua Cordoba
1 Philippine Peso = 0.15404 Norwegian Krone
1 Philippine Peso = 2.06962 Nepalese Rupee
1 Philippine Peso = 0.02745 New Zealand Dollar
1 Philippine Peso = 0.00732 Omani Rial
1 Philippine Peso = 0.01902 Panama Balboa
1 Philippine Peso = 0.0621 Peruvian Nuevo Sol
1 Philippine Peso = 0.06201 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.19897 Pakistani Rupee
1 Philippine Peso = 0.06975 Polish Zloty
1 Philippine Peso = 108.10348 Paraguayan Guarani
1 Philippine Peso = 0.06924 Qatar Rial
1 Philippine Peso = 0.0751 Romanian New Leu
1 Philippine Peso = 1.17631 Russian Rouble
1 Philippine Peso = 16.13468 Rwanda Franc
1 Philippine Peso = 0.07134 Saudi Arabian Riyal
1 Philippine Peso = 0.15092 Solomon Islands Dollar
1 Philippine Peso = 0.25547 Seychelles Rupee
1 Philippine Peso = 0.34155 Sudanese Pound
1 Philippine Peso = 0.16566 Swedish Krona
1 Philippine Peso = 0.02546 Singapore Dollar
1 Philippine Peso = 0.01422 St Helena Pound
1 Philippine Peso = 0.42241 Slovak Koruna
1 Philippine Peso = 149.32471 Sierra Leone Leone
1 Philippine Peso = 10.69051 Somali Shilling
1 Philippine Peso = 397.78391 Sao Tome Dobra
1 Philippine Peso = 0.16644 El Salvador Colon
1 Philippine Peso = 9.79608 Syrian Pound
1 Philippine Peso = 0.23678 Swaziland Lilageni
1 Philippine Peso = 0.60662 Thai Baht
1 Philippine Peso = 0.0483 Tunisian Dinar
1 Philippine Peso = 0.04363 Tongan paʻanga
1 Philippine Peso = 0.08961 Turkish Lira
1 Philippine Peso = 0.1286 Trinidad Tobago Dollar
1 Philippine Peso = 0.56886 Taiwan Dollar
1 Philippine Peso = 43.27563 Tanzanian Shilling
1 Philippine Peso = 0.49705 Ukraine Hryvnia
1 Philippine Peso = 71.0291 Ugandan Shilling
1 Philippine Peso = 0.01902 United States Dollar
1 Philippine Peso = 0.5933 Uruguayan New Peso
1 Philippine Peso = 151.83565 Uzbekistan Sum
1 Philippine Peso = 1494.25528 Venezuelan Bolivar
1 Philippine Peso = 433.30797 Vietnam Dong
1 Philippine Peso = 2.03595 Vanuatu Vatu
1 Philippine Peso = 0.04914 Samoa Tala
1 Philippine Peso = 10.63667 CFA Franc (BEAC)
1 Philippine Peso = 0.05136 East Caribbean Dollar
1 Philippine Peso = 10.63667 CFA Franc (BCEAO)
1 Philippine Peso = 1.926 Pacific Franc
1 Philippine Peso = 4.75366 Yemen Riyal
1 Philippine Peso = 0.23681 South African Rand
1 Philippine Peso = 98.716 Zambian Kwacha
1 Philippine Peso = 6.88415 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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