July 22, 2018, 12:42 am
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1 Philippine Peso = 0.0687 UAE Dirham
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1 Philippine Peso = 0.07203 Brazilian Real
1 Philippine Peso = 0.01871 Bahamian Dollar
1 Philippine Peso = 1.27899 Bhutan Ngultrum
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1 Philippine Peso = 374.4856 Belarus Ruble
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1 Philippine Peso = 12.20576 Chilean Peso
1 Philippine Peso = 0.12563 Chinese Yuan
1 Philippine Peso = 53.5578 Colombian Peso
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1 Philippine Peso = 0.01871 Cuban Peso
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1 Philippine Peso = 0.25129 Estonian Kroon
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1 Philippine Peso = 0.01606 Euro
1 Philippine Peso = 0.03917 Fiji Dollar
1 Philippine Peso = 0.01429 Falkland Islands Pound
1 Philippine Peso = 0.01431 British Pound
1 Philippine Peso = 0.08962 Ghanaian Cedi
1 Philippine Peso = 0.88982 Gambian Dalasi
1 Philippine Peso = 168.66816 Guinea Franc
1 Philippine Peso = 0.14005 Guatemala Quetzal
1 Philippine Peso = 3.88103 Guyana Dollar
1 Philippine Peso = 0.1468 Hong Kong Dollar
1 Philippine Peso = 0.44747 Honduras Lempira
1 Philippine Peso = 0.1187 Croatian Kuna
1 Philippine Peso = 1.26057 Haiti Gourde
1 Philippine Peso = 5.20183 Hungarian Forint
1 Philippine Peso = 269.36027 Indonesian Rupiah
1 Philippine Peso = 0.06796 Israeli Shekel
1 Philippine Peso = 1.28159 Indian Rupee
1 Philippine Peso = 22.25963 Iraqi Dinar
1 Philippine Peso = 813.69248 Iran Rial
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1 Philippine Peso = 2.43547 Jamaican Dollar
1 Philippine Peso = 0.01325 Jordanian Dinar
1 Philippine Peso = 2.11107 Japanese Yen
1 Philippine Peso = 1.8771 Kenyan Shilling
1 Philippine Peso = 1.27484 Kyrgyzstan Som
1 Philippine Peso = 75.70146 Cambodia Riel
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1 Philippine Peso = 16.83502 North Korean Won
1 Philippine Peso = 21.15413 Korean Won
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1 Philippine Peso = 6.4508 Kazakhstan Tenge
1 Philippine Peso = 157.22035 Lao Kip
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1 Philippine Peso = 0.02573 Libyan Dinar
1 Philippine Peso = 0.17723 Moroccan Dirham
1 Philippine Peso = 0.31076 Moldovan Leu
1 Philippine Peso = 0.98373 Macedonian Denar
1 Philippine Peso = 26.78638 Myanmar Kyat
1 Philippine Peso = 45.80995 Mongolian Tugrik
1 Philippine Peso = 0.15122 Macau Pataca
1 Philippine Peso = 6.64048 Mauritania Ougulya
1 Philippine Peso = 0.64347 Mauritius Rupee
1 Philippine Peso = 0.29125 Maldives Rufiyaa
1 Philippine Peso = 13.40105 Malawi Kwacha
1 Philippine Peso = 0.35353 Mexican Peso
1 Philippine Peso = 0.07589 Malaysian Ringgit
1 Philippine Peso = 0.24819 Namibian Dollar
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1 Philippine Peso = 0.58586 Nicaragua Cordoba
1 Philippine Peso = 0.15284 Norwegian Krone
1 Philippine Peso = 2.04293 Nepalese Rupee
1 Philippine Peso = 0.02753 New Zealand Dollar
1 Philippine Peso = 0.00719 Omani Rial
1 Philippine Peso = 0.01871 Panama Balboa
1 Philippine Peso = 0.06114 Peruvian Nuevo Sol
1 Philippine Peso = 0.06073 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.39618 Pakistani Rupee
1 Philippine Peso = 0.0692 Polish Zloty
1 Philippine Peso = 106.97905 Paraguayan Guarani
1 Philippine Peso = 0.06809 Qatar Rial
1 Philippine Peso = 0.07472 Romanian New Leu
1 Philippine Peso = 1.18 Russian Rouble
1 Philippine Peso = 15.95267 Rwanda Franc
1 Philippine Peso = 0.07015 Saudi Arabian Riyal
1 Philippine Peso = 0.14747 Solomon Islands Dollar
1 Philippine Peso = 0.25122 Seychelles Rupee
1 Philippine Peso = 0.33483 Sudanese Pound
1 Philippine Peso = 0.16573 Swedish Krona
1 Philippine Peso = 0.02554 Singapore Dollar
1 Philippine Peso = 0.0143 St Helena Pound
1 Philippine Peso = 0.41538 Slovak Koruna
1 Philippine Peso = 153.38571 Sierra Leone Leone
1 Philippine Peso = 10.68088 Somali Shilling
1 Philippine Peso = 393.68313 Sao Tome Dobra
1 Philippine Peso = 0.16367 El Salvador Colon
1 Philippine Peso = 9.633 Syrian Pound
1 Philippine Peso = 0.24845 Swaziland Lilageni
1 Philippine Peso = 0.62252 Thai Baht
1 Philippine Peso = 0.04952 Tunisian Dinar
1 Philippine Peso = 0.04351 Tongan paʻanga
1 Philippine Peso = 0.08966 Turkish Lira
1 Philippine Peso = 0.12587 Trinidad Tobago Dollar
1 Philippine Peso = 0.57159 Taiwan Dollar
1 Philippine Peso = 42.49906 Tanzanian Shilling
1 Philippine Peso = 0.49158 Ukraine Hryvnia
1 Philippine Peso = 69.56977 Ugandan Shilling
1 Philippine Peso = 0.01871 United States Dollar
1 Philippine Peso = 0.58277 Uruguayan New Peso
1 Philippine Peso = 145.09914 Uzbekistan Sum
1 Philippine Peso = 2239.05724 Venezuelan Bolivar
1 Philippine Peso = 431.12608 Vietnam Dong
1 Philippine Peso = 2.04265 Vanuatu Vatu
1 Philippine Peso = 0.04883 Samoa Tala
1 Philippine Peso = 10.52881 CFA Franc (BEAC)
1 Philippine Peso = 0.05051 East Caribbean Dollar
1 Philippine Peso = 10.52881 CFA Franc (BCEAO)
1 Philippine Peso = 1.90591 Pacific Franc
1 Philippine Peso = 4.67265 Yemen Riyal
1 Philippine Peso = 0.24818 South African Rand
1 Philippine Peso = 97.07258 Zambian Kwacha
1 Philippine Peso = 6.76955 Zimbabwe dollar

Lack of financial inclusion continues to restrain MSME sector’s growth: Study

A recent labor report on the Philippines suggests government should evaluate how well micro, small, and medium enterprises (MSMEs) are able to access credit, noting that MSMEs continue to have poor productivity and generate low employment numbers due to lack of financial inclusion. 

While dominant, MSMEs remain weak, struggling against a number of challenges and constraints to their growth, according to a 2017 study on Philippine labor trends published recently by the International Labor Organization (ILO).

The ILO report, “Decent Work Country Diagnostics: Philippines 2017,” said  of the 947,000 registered establishments employing 7.78 million workers nationwide in 2014, MSMEs accounted for more than 99 percent of the total. 

Of the total figure, micro and small enterprises employed 55 percent or 4.28 million workers. Large enterprises employed 38 percent or 2.97 million. Medium enterprises represent a “missing” or “thin” middle, employing only 6.8 percent or about 530,000 

“MSMEs-particularly micro and small enterprises-have a bigger employment share at 60 per cent than large enterprises but account for only 36 per cent of GDP,” said the report. 

It further stated most MSMEs are in the services sector regardless of employment size. In industry, meanwhile, manufacturing comprised the bulk of establishments and employment. Agriculture had the least share in number of establishments and employment, with work and employment arrangements being informal and mostly household-based.

The report found that entrepreneurs often set up micro and small businesses “as a matter of necessity for want of other options.” 

In addition, many MSMEs are not registered and have no legal personality as business entities. Local entrepreneurs are not backed up by technology and research and are less likely to introduce any product or market innovation. 

MSMEs also do not expect to create more than five jobs in the next five years. Moreover, most MSME jobs are of low productivity and quality, employ low- or semi-skilled labor, and yield low income. 

“Overall, a vast majority of new businesses are subsistence in nature and have limited potentials at job creation, specially creation of quality and decent jobs,” said the report.

It further pointed out that after three years, “91 per cent of small firms remained small and only 1 per cent moved to the medium-size category.”

Among medium-size enterprises, 17 percent upscaled to large-size category while 21 percent reverted to small-size category. This pattern perpetuates the “missing middle” phenomenon, said the ILO.

The legal and institutional framework to support MSMEs is the Magna Carta for Micro, Small and Medium Enterprises. It aims to promote financial inclusion for MSMEs by eliminating or reducing market, policy, and regulatory constraints to their development. Among others, it mandates banks to allocate a minimum of 8 percent of their loan portfolio to micro and small enterprises and 2 percent to medium enterprises. 

“However, compliance with the mandatory allocations has been decreasing,” said the ILO. 

The reasons for this include the high risk of loan default by MSMEs, their inability to comply with requirements, particularly for collaterals, and the stricter prudential regulations from the Bangko Sentral ng Pilipinas (BSP) to minimize borrower defaults.

In 2008, the BSP and other concerned entities set up a Credit Surety Fund (CSF) to secure business loans obtained by cooperatives operating as MSMEs that have no adequate collateral. In February 2016, the CSF was institutionalized through the Credit Surety Fund Cooperative Act.

The report urges the importance of reviewing the effectiveness of the CSF program. “Actual evaluation of the CSF program is needed to determine the extent to which it has facilitated access to credit and promoted financial inclusion, to determine its contributions to employment generation, and to consider whether its implementation justifies replication beyond cooperatives,” said the ILO. - Philexport News & Features
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