December 12, 2017, 12:53 am
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1 Philippine Peso = 0.07278 UAE Dirham
1 Philippine Peso = 2.24757 Albanian Lek
1 Philippine Peso = 0.03528 Neth Antilles Guilder
1 Philippine Peso = 0.3421 Argentine Peso
1 Philippine Peso = 0.02639 Australian Dollar
1 Philippine Peso = 0.03528 Aruba Florin
1 Philippine Peso = 0.03964 Barbados Dollar
1 Philippine Peso = 1.63231 Bangladesh Taka
1 Philippine Peso = 0.03302 Bulgarian Lev
1 Philippine Peso = 0.00747 Bahraini Dinar
1 Philippine Peso = 34.69217 Burundi Franc
1 Philippine Peso = 0.01982 Bermuda Dollar
1 Philippine Peso = 0.02679 Brunei Dollar
1 Philippine Peso = 0.13598 Bolivian Boliviano
1 Philippine Peso = 0.06524 Brazilian Real
1 Philippine Peso = 0.01982 Bahamian Dollar
1 Philippine Peso = 1.27948 Bhutan Ngultrum
1 Philippine Peso = 0.20552 Botswana Pula
1 Philippine Peso = 396.82854 Belarus Ruble
1 Philippine Peso = 0.0396 Belize Dollar
1 Philippine Peso = 0.0255 Canadian Dollar
1 Philippine Peso = 0.01967 Swiss Franc
1 Philippine Peso = 12.99108 Chilean Peso
1 Philippine Peso = 0.13122 Chinese Yuan
1 Philippine Peso = 59.62339 Colombian Peso
1 Philippine Peso = 11.156 Costa Rica Colon
1 Philippine Peso = 0.01982 Cuban Peso
1 Philippine Peso = 1.85788 Cape Verde Escudo
1 Philippine Peso = 0.43044 Czech Koruna
1 Philippine Peso = 3.50505 Djibouti Franc
1 Philippine Peso = 0.12534 Danish Krone
1 Philippine Peso = 0.94034 Dominican Peso
1 Philippine Peso = 2.28612 Algerian Dinar
1 Philippine Peso = 0.26346 Estonian Kroon
1 Philippine Peso = 0.35183 Egyptian Pound
1 Philippine Peso = 0.53538 Ethiopian Birr
1 Philippine Peso = 0.01684 Euro
1 Philippine Peso = 0.04147 Fiji Dollar
1 Philippine Peso = 0.01479 Falkland Islands Pound
1 Philippine Peso = 0.01479 British Pound
1 Philippine Peso = 0.08907 Ghanaian Cedi
1 Philippine Peso = 0.93459 Gambian Dalasi
1 Philippine Peso = 178.43409 Guinea Franc
1 Philippine Peso = 0.14546 Guatemala Quetzal
1 Philippine Peso = 4.01804 Guyana Dollar
1 Philippine Peso = 0.1547 Hong Kong Dollar
1 Philippine Peso = 0.46587 Honduras Lempira
1 Philippine Peso = 0.12671 Croatian Kuna
1 Philippine Peso = 1.24044 Haiti Gourde
1 Philippine Peso = 5.28662 Hungarian Forint
1 Philippine Peso = 268.48364 Indonesian Rupiah
1 Philippine Peso = 0.06983 Israeli Shekel
1 Philippine Peso = 1.27788 Indian Rupee
1 Philippine Peso = 23.46878 Iraqi Dinar
1 Philippine Peso = 701.16946 Iran Rial
1 Philippine Peso = 2.06938 Iceland Krona
1 Philippine Peso = 2.47374 Jamaican Dollar
1 Philippine Peso = 0.01402 Jordanian Dinar
1 Philippine Peso = 2.24961 Japanese Yen
1 Philippine Peso = 2.04063 Kenyan Shilling
1 Philippine Peso = 1.38206 Kyrgyzstan Som
1 Philippine Peso = 79.68285 Cambodia Riel
1 Philippine Peso = 8.28543 Comoros Franc
1 Philippine Peso = 17.83944 North Korean Won
1 Philippine Peso = 21.63231 Korean Won
1 Philippine Peso = 0.00598 Kuwaiti Dinar
1 Philippine Peso = 0.01625 Cayman Islands Dollar
1 Philippine Peso = 6.6333 Kazakhstan Tenge
1 Philippine Peso = 164.81665 Lao Kip
1 Philippine Peso = 29.84143 Lebanese Pound
1 Philippine Peso = 3.03469 Sri Lanka Rupee
1 Philippine Peso = 2.47968 Liberian Dollar
1 Philippine Peso = 0.27056 Lesotho Loti
1 Philippine Peso = 0.06043 Lithuanian Lita
1 Philippine Peso = 0.0123 Latvian Lat
1 Philippine Peso = 0.02704 Libyan Dinar
1 Philippine Peso = 0.18759 Moroccan Dirham
1 Philippine Peso = 0.34103 Moldovan Leu
1 Philippine Peso = 1.03171 Macedonian Denar
1 Philippine Peso = 26.9772 Myanmar Kyat
1 Philippine Peso = 48.22597 Mongolian Tugrik
1 Philippine Peso = 0.15934 Macau Pataca
1 Philippine Peso = 6.97721 Mauritania Ougulya
1 Philippine Peso = 0.67096 Mauritius Rupee
1 Philippine Peso = 0.30426 Maldives Rufiyaa
1 Philippine Peso = 14.14153 Malawi Kwacha
1 Philippine Peso = 0.37538 Mexican Peso
1 Philippine Peso = 0.08101 Malaysian Ringgit
1 Philippine Peso = 0.27055 Namibian Dollar
1 Philippine Peso = 7.11596 Nigerian Naira
1 Philippine Peso = 0.60852 Nicaragua Cordoba
1 Philippine Peso = 0.16439 Norwegian Krone
1 Philippine Peso = 2.04432 Nepalese Rupee
1 Philippine Peso = 0.02898 New Zealand Dollar
1 Philippine Peso = 0.00763 Omani Rial
1 Philippine Peso = 0.01982 Panama Balboa
1 Philippine Peso = 0.06409 Peruvian Nuevo Sol
1 Philippine Peso = 0.06435 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.09514 Pakistani Rupee
1 Philippine Peso = 0.07069 Polish Zloty
1 Philippine Peso = 111.87314 Paraguayan Guarani
1 Philippine Peso = 0.07216 Qatar Rial
1 Philippine Peso = 0.07797 Romanian New Leu
1 Philippine Peso = 1.17163 Russian Rouble
1 Philippine Peso = 16.55857 Rwanda Franc
1 Philippine Peso = 0.07433 Saudi Arabian Riyal
1 Philippine Peso = 0.15331 Solomon Islands Dollar
1 Philippine Peso = 0.26983 Seychelles Rupee
1 Philippine Peso = 0.13201 Sudanese Pound
1 Philippine Peso = 0.16747 Swedish Krona
1 Philippine Peso = 0.0268 Singapore Dollar
1 Philippine Peso = 0.0148 St Helena Pound
1 Philippine Peso = 0.44016 Slovak Koruna
1 Philippine Peso = 151.23885 Sierra Leone Leone
1 Philippine Peso = 11.08028 Somali Shilling
1 Philippine Peso = 412.8087 Sao Tome Dobra
1 Philippine Peso = 0.17344 El Salvador Colon
1 Philippine Peso = 10.20773 Syrian Pound
1 Philippine Peso = 0.27056 Swaziland Lilageni
1 Philippine Peso = 0.64618 Thai Baht
1 Philippine Peso = 0.04946 Tunisian Dinar
1 Philippine Peso = 0.04551 Tongan paʻanga
1 Philippine Peso = 0.07598 Turkish Lira
1 Philippine Peso = 0.13358 Trinidad Tobago Dollar
1 Philippine Peso = 0.59489 Taiwan Dollar
1 Philippine Peso = 44.28147 Tanzanian Shilling
1 Philippine Peso = 0.53697 Ukraine Hryvnia
1 Philippine Peso = 71.63528 Ugandan Shilling
1 Philippine Peso = 0.01982 United States Dollar
1 Philippine Peso = 0.57542 Uruguayan New Peso
1 Philippine Peso = 160.35679 Uzbekistan Sum
1 Philippine Peso = 0.19772 Venezuelan Bolivar
1 Philippine Peso = 450.12883 Vietnam Dong
1 Philippine Peso = 2.12071 Vanuatu Vatu
1 Philippine Peso = 0.05137 Samoa Tala
1 Philippine Peso = 11.04004 CFA Franc (BEAC)
1 Philippine Peso = 0.05352 East Caribbean Dollar
1 Philippine Peso = 11.53221 CFA Franc (BCEAO)
1 Philippine Peso = 2.00932 Pacific Franc
1 Philippine Peso = 4.95441 Yemen Riyal
1 Philippine Peso = 0.27055 South African Rand
1 Philippine Peso = 102.86422 Zambian Kwacha
1 Philippine Peso = 7.17344 Zimbabwe dollar

LOWER TAXES, BIG GAINS: Stocks seen to win from tax cuts

NEW YORK- A proposal driven by President Donald Trump to overhaul the country’s tax system has passed a major hurdle in US Congress, raising investor hopes that corporate earnings will get a boost.

The US Senate narrowly approved a tax overhaul on Saturday, moving Republicans and Trump a big step closer to their goal of slashing taxes for businesses and the rich while offering everyday Americans a mixed bag of changes.

Talks will now begin between the Senate and the House, which already has approved its own version of the legislation, to reconcile their respective bills.

While negotiations are ongoing, the legislation could cut the corporate tax rate to as low as 20 percent from 35 percent.

UBS strategists project that overall S&P 500 earnings would rise by 6.5 percent should the corporate tax rate fall to 25 percent and increase by 9.5 percent should the rate go to 20 percent.

But certain stocks could benefit more than others from the Republican-led plans.

“It will be favorable to companies with primarily domestic business that are paying close to the full tax rate,” said John Carey, portfolio manager at Amundi Pioneer Asset Management in Boston.

Investors appear to have already rotated into some of these tax-sensitive areas. Some market watchers caution about generalizing winners, noting big differences in effective rates between companies in the same sectors.

But strategists point to industries with a concentration of companies poised to benefit, particularly from a lower corporate tax rate.

Of the major S&P sectors, financials pay the highest effective tax rate at 27.5 percent, according to a Wells Fargo analysis of historical tax rates.

Brian Klock, managing director in equity research at Keefe, Bruyette & Woods who covers large regional banks, expects tax cuts to add 16 percent to median bank earnings in 2018 and 18 percent in 2019.

“We’re assuming whatever the benefit is will drop right to the bottom line,” Klock said. “They won’t give up on loan pricing or put any big investments in. With the increased capital they’ll return it to shareholders.”

Among large regional banks, Zions Bancorp, M&T Bank Corp and Comerica Inc stand to benefit the most, Klock said.

The S&P 500 banks index rose 2.8 percent on Monday, following passage of the Senate plan.

Transportation ranks among the top industries expected to receive a big earnings boost from a lower corporate tax rate, according to UBS.

US railroads such as Union Pacific Corp and CSX Corp are almost entirely exposed to the US statutory rates, said Morningstar analyst Keith Schoonmaker.

Railroads would benefit from provisions allowing them to expense their capital expenditures in one year as opposed to over time, lowering their taxable income, Schoonmaker said.

“We’ll see what comes out as far as the ability to depreciate immediately, but that certainly would be beneficial because they are all big capital spenders,” Schoonmaker said, noting that railroads spend 18 percent to 20 percent of revenue on capital expenditures.

Airlines stand to gain from lower tax rates, analysts said, with UBS pointing to Alaska Air Group Inc and Southwest Airlines Co as possible winners.

The Dow Jones Transport Average index jumped 2 percent on Monday.

Domestically geared healthcare companies that focus on services would likely benefit more from tax rate reductions than pharmaceutical and medical device companies that sell their products overseas.

“Healthcare services is one of the most taxed industries and would be a big beneficiary of reductions in corporate tax rates,” Lance Wilkes, an analyst at Bernstein, said in a recent note.

The S&P 500 healthcare providers and services index, which includes health insurers such as Anthem Inc, drug wholesalers like AmerisourceBergen Corp, and hospital operators such as HCA Healthcare inc, gained 5.4 percent last week.

According to Leerink analyst Ana Gupte, a corporate tax rate cut to 20 percent could boost health insurer earnings by about 20 percent to 40 percent, but some of those gains would be expected to be passed through to employer and individual customers.

Other potential big winners include home health services company Almost Family Inc, lab-testing company Quest Diagnostics Inc and pharmacy benefit manger Express Scripts Holding, according to Jefferies analyst Brian Tanquilut.

Department stores head the list of retailers that will benefit because they have among the heaviest US exposure, said Bridget Weishaar, senior equity analyst at Morningstar.

Weishaar points to Macy’s Inc, Nordstrom Inc and Kohls Corp as potential winners among department stores, as well as Victoria’s Secret owner L Brands and apparel retailer Ross Stores. - Reuters
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