November 22, 2017, 10:01 am
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1 Philippine Peso = 0.07222 UAE Dirham
1 Philippine Peso = 2.23697 Albanian Lek
1 Philippine Peso = 0.035 Neth Antilles Guilder
1 Philippine Peso = 0.34334 Argentine Peso
1 Philippine Peso = 0.02609 Australian Dollar
1 Philippine Peso = 0.035 Aruba Florin
1 Philippine Peso = 0.03933 Barbados Dollar
1 Philippine Peso = 1.63992 Bangladesh Taka
1 Philippine Peso = 0.03265 Bulgarian Lev
1 Philippine Peso = 0.00741 Bahraini Dinar
1 Philippine Peso = 34.27689 Burundi Franc
1 Philippine Peso = 0.01967 Bermuda Dollar
1 Philippine Peso = 0.02668 Brunei Dollar
1 Philippine Peso = 0.13491 Bolivian Boliviano
1 Philippine Peso = 0.06405 Brazilian Real
1 Philippine Peso = 0.01967 Bahamian Dollar
1 Philippine Peso = 1.28171 Bhutan Ngultrum
1 Philippine Peso = 0.20626 Botswana Pula
1 Philippine Peso = 393.707 Belarus Ruble
1 Philippine Peso = 0.03929 Belize Dollar
1 Philippine Peso = 0.0252 Canadian Dollar
1 Philippine Peso = 0.01953 Swiss Franc
1 Philippine Peso = 12.51721 Chilean Peso
1 Philippine Peso = 0.13055 Chinese Yuan
1 Philippine Peso = 59.27237 Colombian Peso
1 Philippine Peso = 11.06096 Costa Rica Colon
1 Philippine Peso = 0.01967 Cuban Peso
1 Philippine Peso = 1.84798 Cape Verde Escudo
1 Philippine Peso = 0.42782 Czech Koruna
1 Philippine Peso = 3.47748 Djibouti Franc
1 Philippine Peso = 0.12472 Danish Krone
1 Philippine Peso = 0.93215 Dominican Peso
1 Philippine Peso = 2.25679 Algerian Dinar
1 Philippine Peso = 0.26216 Estonian Kroon
1 Philippine Peso = 0.34612 Egyptian Pound
1 Philippine Peso = 0.53196 Ethiopian Birr
1 Philippine Peso = 0.01676 Euro
1 Philippine Peso = 0.0411 Fiji Dollar
1 Philippine Peso = 0.01485 Falkland Islands Pound
1 Philippine Peso = 0.01485 British Pound
1 Philippine Peso = 0.09043 Ghanaian Cedi
1 Philippine Peso = 0.92566 Gambian Dalasi
1 Philippine Peso = 176.89283 Guinea Franc
1 Philippine Peso = 0.14439 Guatemala Quetzal
1 Philippine Peso = 4.01731 Guyana Dollar
1 Philippine Peso = 0.15359 Hong Kong Dollar
1 Philippine Peso = 0.46264 Honduras Lempira
1 Philippine Peso = 0.12608 Croatian Kuna
1 Philippine Peso = 1.21691 Haiti Gourde
1 Philippine Peso = 5.23442 Hungarian Forint
1 Philippine Peso = 266.33236 Indonesian Rupiah
1 Philippine Peso = 0.06904 Israeli Shekel
1 Philippine Peso = 1.28012 Indian Rupee
1 Philippine Peso = 22.94985 Iraqi Dinar
1 Philippine Peso = 692.86138 Iran Rial
1 Philippine Peso = 2.03638 Iceland Krona
1 Philippine Peso = 2.46903 Jamaican Dollar
1 Philippine Peso = 0.01391 Jordanian Dinar
1 Philippine Peso = 2.2151 Japanese Yen
1 Philippine Peso = 2.03441 Kenyan Shilling
1 Philippine Peso = 1.37082 Kyrgyzstan Som
1 Philippine Peso = 78.99705 Cambodia Riel
1 Philippine Peso = 8.32547 Comoros Franc
1 Philippine Peso = 17.69912 North Korean Won
1 Philippine Peso = 21.59685 Korean Won
1 Philippine Peso = 0.00593 Kuwaiti Dinar
1 Philippine Peso = 0.01613 Cayman Islands Dollar
1 Philippine Peso = 6.50443 Kazakhstan Tenge
1 Philippine Peso = 163.16618 Lao Kip
1 Philippine Peso = 29.60669 Lebanese Pound
1 Philippine Peso = 3.02262 Sri Lanka Rupee
1 Philippine Peso = 2.44897 Liberian Dollar
1 Philippine Peso = 0.2763 Lesotho Loti
1 Philippine Peso = 0.05995 Lithuanian Lita
1 Philippine Peso = 0.0122 Latvian Lat
1 Philippine Peso = 0.02689 Libyan Dinar
1 Philippine Peso = 0.18578 Moroccan Dirham
1 Philippine Peso = 0.34307 Moldovan Leu
1 Philippine Peso = 1.02635 Macedonian Denar
1 Philippine Peso = 26.80433 Myanmar Kyat
1 Philippine Peso = 47.94494 Mongolian Tugrik
1 Philippine Peso = 0.15822 Macau Pataca
1 Philippine Peso = 6.90266 Mauritania Ougulya
1 Philippine Peso = 0.6647 Mauritius Rupee
1 Philippine Peso = 0.30619 Maldives Rufiyaa
1 Philippine Peso = 14.0885 Malawi Kwacha
1 Philippine Peso = 0.37348 Mexican Peso
1 Philippine Peso = 0.08155 Malaysian Ringgit
1 Philippine Peso = 0.27622 Namibian Dollar
1 Philippine Peso = 7.00098 Nigerian Naira
1 Philippine Peso = 0.60177 Nicaragua Cordoba
1 Philippine Peso = 0.16317 Norwegian Krone
1 Philippine Peso = 2.03638 Nepalese Rupee
1 Philippine Peso = 0.02891 New Zealand Dollar
1 Philippine Peso = 0.00756 Omani Rial
1 Philippine Peso = 0.01967 Panama Balboa
1 Philippine Peso = 0.06359 Peruvian Nuevo Sol
1 Philippine Peso = 0.06374 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.06568 Pakistani Rupee
1 Philippine Peso = 0.07087 Polish Zloty
1 Philippine Peso = 110.87513 Paraguayan Guarani
1 Philippine Peso = 0.07473 Qatar Rial
1 Philippine Peso = 0.07785 Romanian New Leu
1 Philippine Peso = 1.16841 Russian Rouble
1 Philippine Peso = 16.36755 Rwanda Franc
1 Philippine Peso = 0.07374 Saudi Arabian Riyal
1 Philippine Peso = 0.15449 Solomon Islands Dollar
1 Philippine Peso = 0.26735 Seychelles Rupee
1 Philippine Peso = 0.13097 Sudanese Pound
1 Philippine Peso = 0.16686 Swedish Krona
1 Philippine Peso = 0.0267 Singapore Dollar
1 Philippine Peso = 0.01486 St Helena Pound
1 Philippine Peso = 0.4367 Slovak Koruna
1 Philippine Peso = 149.85251 Sierra Leone Leone
1 Philippine Peso = 10.99312 Somali Shilling
1 Philippine Peso = 410.64307 Sao Tome Dobra
1 Philippine Peso = 0.17207 El Salvador Colon
1 Philippine Peso = 10.12743 Syrian Pound
1 Philippine Peso = 0.27624 Swaziland Lilageni
1 Philippine Peso = 0.64562 Thai Baht
1 Philippine Peso = 0.04905 Tunisian Dinar
1 Philippine Peso = 0.04547 Tongan paʻanga
1 Philippine Peso = 0.07723 Turkish Lira
1 Philippine Peso = 0.13037 Trinidad Tobago Dollar
1 Philippine Peso = 0.59133 Taiwan Dollar
1 Philippine Peso = 43.93314 Tanzanian Shilling
1 Philippine Peso = 0.51976 Ukraine Hryvnia
1 Philippine Peso = 71.28811 Ugandan Shilling
1 Philippine Peso = 0.01967 United States Dollar
1 Philippine Peso = 0.57699 Uruguayan New Peso
1 Philippine Peso = 158.89873 Uzbekistan Sum
1 Philippine Peso = 0.19617 Venezuelan Bolivar
1 Philippine Peso = 446.39136 Vietnam Dong
1 Philippine Peso = 2.10089 Vanuatu Vatu
1 Philippine Peso = 0.05108 Samoa Tala
1 Philippine Peso = 10.98368 CFA Franc (BEAC)
1 Philippine Peso = 0.0531 East Caribbean Dollar
1 Philippine Peso = 10.988 CFA Franc (BCEAO)
1 Philippine Peso = 1.98682 Pacific Franc
1 Philippine Peso = 4.91504 Yemen Riyal
1 Philippine Peso = 0.2763 South African Rand
1 Philippine Peso = 102.05507 Zambian Kwacha
1 Philippine Peso = 7.11701 Zimbabwe dollar

Jobs, poverty biggest problems

The Philippine economy was able to post growth rates of seven percent for the past five consecutive quarters despite the weak global environment outperforming more advanced economies in Asia.
 
This strong economic expansion of the Philippines however has yet to make a significant impact on the country’s poverty and employment picture. Critics have dubbed this as a “jobless growth.”
 
“The strong macroeconomic fundamentals did not remain unnoticed. As a result, the country has managed to increase its competitiveness rankings and receive investment grade status from credit-rating agencies,” National Economic and Development Authority director general Arsenio Balisacan said during his year-end briefing for 2013.
 
“However, our experience of rapid growth is still short. The challenge is to sustain it and improve the economy’s capacity to generate remunerative jobs,” he admitted.
 
The full-year gross domestic product (GDP) growth rate for 2013 has yet to be announced. But as of the first three quarters of the previous year, the Philippine economy already expanded by 7.4 percent, faster than the 6.7 percent increase in the same period in 2012.
 
“Taking into consideration developments in the Philippine economy, including those on the external, monetary, and fiscal fronts, we expect GDP growth to hit the upper limit of our growth target (of 6 percent to 7 percent) for 2013,” Balisacan said.
 
“Without all these crises, we could have achieved 7.3 percent to 7.5 percent growth (in 2013),” he added, referring to calamities that hit the country in the previous year such as super typhoon Yolanda.
 
JOBS AND POVERTY CHALLENGE
 
According to the latest report of the National Statistics Office, the number of jobless Filipinos actually declined in October despite the occurrence of several natural calamities in the second half of 2013.
 
The October round of the Labor Force Survey showed, the country’s unemployment rate improved to 6.5 percent from the 6.8 percent registered a year ago.
 
In absolute terms, the number of unemployed persons fell to 2.602 million from the 2.763 million jobless Filipinos in October last year.
 
The employment picture improved even as typhoon Santi hit Central Luzon and several areas in the island and as a magnitude 7.2 earthquake hit parts of Central Visayas.
 
“The latest round of Labor Force Survey shows that although employment figures improved a bit in October, there is still a need to sustain efforts that facilitate the substantial creation of decent and quality employment,” Balisacan said.
 
“Also, the recent disasters experienced in Visayas confirm that we need to have a strong disaster risk-management program to mitigate the impact of weather disturbances on employment, particularly in agriculture where almost a third of our workers are,” he added.
 
The NEDA chief said the problem of quality employment is closely linked with the country’s longstanding problem of high poverty incidence.
 
The National Statistical Coordination Board announced late last year that a quarter of the country’s population still suffered from poverty in 2012 despite the 6.8 percent economic growth registered during the said year.
 
According to the 2012 Full Year Official Poverty Statistics, the country’s poverty incidence in 2012 was 25.2 percent, slightly lower than the 26.3 percent poverty rate in 2009.
 
However, due to the increase in the country’s population, the magnitude of the poor increased in 2012 and is estimated at 23.75 million, up from the 23.3 million in 2009.
 
“These twin problems of poverty and unemployment require more than just five quarters of impressive economic growth,” Balisacan said.
 
“Structural transformation is necessary, that is, to maneuver  the economy from one that is household consumption-driven, fuelled by remittances, to one that is increasingly investment-led and employment-oriented,” he added.
 
The NEDA chief said the revival of manufacturing and the creation of new drivers of growth must be coupled with investment in human capital and innovations and the development of logistics and infrastructure.
 
“These will not only drive us to a higher growth trajectory but will also create high-quality employment opportunities and substantially reduce poverty,” he said.
 
2014 OUTLOOK
 
Public construction is expected to significantly contribute to the country’s economic growth this year as the government works on the immediate- and short-term needs in areas affected by super typhoon Yolanda.
 
The Aquino administration expects the economy to expand by 6.5 to 7.5 percent for 2014, higher than the growth target of 6 to 7 percent last year.
 
“Although losses in agriculture resulting from Yolanda devastation is expected to reduce growth in the first quarter, reconstruction efforts are presumed to contribute to growth, particularly the rebuilding of shelter and other public and private infrastructure in the affected areas,” Balisacan said.
 
Cid Terosa, economist at the University of Asia and the Pacific, said that for 2014, he expects that the Philippine economy will expand between 6.8 percent to 7.3 percent.
 
His forecast is well within the government’s full-year target range.
 
“The main drivers will be domestic consumption demand, investment spending particularly by government spending on infrastructure and rehabilitation of areas hit by calamities, and exports due to the weakening of the peso,” Terosa said.
 
Terosa said the downside risks include higher inflation rates, interest rates, and budget deficit.
 
“Developments abroad will figure prominently, particularly the economic recovery of the USA, China, and Euro zone countries,” Terosa said.
 
Meanwhile, UP economist Benjamin Diokno said he expects the expansion of the Philippine economy to slow down this year from his forecast of 6.9 percent growth for the full-year of 2013.
 
“Even before the recent natural calamities, the Philippine economy has shown signs of slowing down,” Diokno said.
 
“For this year, GDP growth will be in the neighborhood of six percent, with public construction as the major source of growth,” he added.
 
The former budget secretary said the mining sector has great potential, if all existing uncertainties are removed.
 
“The world economy will remain weak, though the US will register stronger recovery,” Diokno said.
 
“A weak peso (and) a strong US dollar will be good for the domestic economy. It will result in higher household consumption, due to higher peso value of OFW remittances,” he added.
 
As for the country’s jobs picture, Diokno said the unemployment rate in the country will remain above seven percent this year.
 
“With slower growth, rapid population expansion, and the continuing impact of the 2013 calamities, poverty will deepen,” Diokno said.
 
In its 2013 Year-end Update, the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP) said it expects the Philippine economy to expand by 6.7 percent in 2014.
 
The regional development arm of the UN said the prospects in the Philippines are positive in 2014, despite the losses as result of super typhoon Yolanda.
 
However, the agency said the Philippines’ economic growth rate could be cut by as much as 1.3 percentage points this year due to the effects of the tapering of the quantitative easing program of the US Fed.
 
“Due to the importance of the United States economy for the region, there will be significant implications of the major policy developments there in 2014 of ‘tapering’ and budget cuts,” the ESCAP report said.
 
“ESCAP analysis suggests that under a worst-case scenario, the effects of capital volatility due to “tapering” could cut GDP growth in the most affected countries in the region — Malaysia, the Philippines, the Russian Federation, and Thailand — by up to 1.2 to 1.3 percentage points in 2014,” it added.
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