April 26, 2018, 12:41 am
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1 Philippine Peso = 0.07044 UAE Dirham
1 Philippine Peso = 2.01285 Albanian Lek
1 Philippine Peso = 0.03414 Neth Antilles Guilder
1 Philippine Peso = 0.3869 Argentine Peso
1 Philippine Peso = 0.02498 Australian Dollar
1 Philippine Peso = 0.03414 Aruba Florin
1 Philippine Peso = 0.03836 Barbados Dollar
1 Philippine Peso = 1.59992 Bangladesh Taka
1 Philippine Peso = 0.03047 Bulgarian Lev
1 Philippine Peso = 0.00723 Bahraini Dinar
1 Philippine Peso = 33.58228 Burundi Franc
1 Philippine Peso = 0.01918 Bermuda Dollar
1 Philippine Peso = 0.025 Brunei Dollar
1 Philippine Peso = 0.13157 Bolivian Boliviano
1 Philippine Peso = 0.06531 Brazilian Real
1 Philippine Peso = 0.01918 Bahamian Dollar
1 Philippine Peso = 1.26103 Bhutan Ngultrum
1 Philippine Peso = 0.18432 Botswana Pula
1 Philippine Peso = 383.96625 Belarus Ruble
1 Philippine Peso = 0.03832 Belize Dollar
1 Philippine Peso = 0.02447 Canadian Dollar
1 Philippine Peso = 0.01871 Swiss Franc
1 Philippine Peso = 11.4346 Chilean Peso
1 Philippine Peso = 0.12071 Chinese Yuan
1 Philippine Peso = 52.91139 Colombian Peso
1 Philippine Peso = 10.76908 Costa Rica Colon
1 Philippine Peso = 0.01918 Cuban Peso
1 Philippine Peso = 1.72344 Cape Verde Escudo
1 Philippine Peso = 0.3961 Czech Koruna
1 Philippine Peso = 3.39145 Djibouti Franc
1 Philippine Peso = 0.1164 Danish Krone
1 Philippine Peso = 0.94764 Dominican Peso
1 Philippine Peso = 2.1869 Algerian Dinar
1 Philippine Peso = 0.24445 Estonian Kroon
1 Philippine Peso = 0.33832 Egyptian Pound
1 Philippine Peso = 0.52167 Ethiopian Birr
1 Philippine Peso = 0.01562 Euro
1 Philippine Peso = 0.03879 Fiji Dollar
1 Philippine Peso = 0.01369 Falkland Islands Pound
1 Philippine Peso = 0.01368 British Pound
1 Philippine Peso = 0.08493 Ghanaian Cedi
1 Philippine Peso = 0.89893 Gambian Dalasi
1 Philippine Peso = 172.6122 Guinea Franc
1 Philippine Peso = 0.1407 Guatemala Quetzal
1 Philippine Peso = 3.94879 Guyana Dollar
1 Philippine Peso = 0.15041 Hong Kong Dollar
1 Philippine Peso = 0.4519 Honduras Lempira
1 Philippine Peso = 0.11558 Croatian Kuna
1 Philippine Peso = 1.23341 Haiti Gourde
1 Philippine Peso = 4.85501 Hungarian Forint
1 Philippine Peso = 266.4557 Indonesian Rupiah
1 Philippine Peso = 0.06754 Israeli Shekel
1 Philippine Peso = 1.26972 Indian Rupee
1 Philippine Peso = 22.70809 Iraqi Dinar
1 Philippine Peso = 805.52361 Iran Rial
1 Philippine Peso = 1.92079 Iceland Krona
1 Philippine Peso = 2.37438 Jamaican Dollar
1 Philippine Peso = 0.01359 Jordanian Dinar
1 Philippine Peso = 2.06782 Japanese Yen
1 Philippine Peso = 1.91408 Kenyan Shilling
1 Philippine Peso = 1.31497 Kyrgyzstan Som
1 Philippine Peso = 76.83161 Cambodia Riel
1 Philippine Peso = 7.65286 Comoros Franc
1 Philippine Peso = 17.26122 North Korean Won
1 Philippine Peso = 20.47315 Korean Won
1 Philippine Peso = 0.00575 Kuwaiti Dinar
1 Philippine Peso = 0.01573 Cayman Islands Dollar
1 Philippine Peso = 6.25738 Kazakhstan Tenge
1 Philippine Peso = 158.78405 Lao Kip
1 Philippine Peso = 28.8646 Lebanese Pound
1 Philippine Peso = 2.99962 Sri Lanka Rupee
1 Philippine Peso = 2.50441 Liberian Dollar
1 Philippine Peso = 0.23188 Lesotho Loti
1 Philippine Peso = 0.05847 Lithuanian Lita
1 Philippine Peso = 0.0119 Latvian Lat
1 Philippine Peso = 0.02539 Libyan Dinar
1 Philippine Peso = 0.17621 Moroccan Dirham
1 Philippine Peso = 0.31433 Moldovan Leu
1 Philippine Peso = 0.95589 Macedonian Denar
1 Philippine Peso = 25.29728 Myanmar Kyat
1 Philippine Peso = 45.79977 Mongolian Tugrik
1 Philippine Peso = 0.15492 Macau Pataca
1 Philippine Peso = 6.75105 Mauritania Ougulya
1 Philippine Peso = 0.64212 Mauritius Rupee
1 Philippine Peso = 0.29862 Maldives Rufiyaa
1 Philippine Peso = 13.71883 Malawi Kwacha
1 Philippine Peso = 0.35542 Mexican Peso
1 Philippine Peso = 0.07476 Malaysian Ringgit
1 Philippine Peso = 0.23032 Namibian Dollar
1 Philippine Peso = 6.88531 Nigerian Naira
1 Philippine Peso = 0.59455 Nicaragua Cordoba
1 Philippine Peso = 0.15025 Norwegian Krone
1 Philippine Peso = 2.02693 Nepalese Rupee
1 Philippine Peso = 0.02661 New Zealand Dollar
1 Philippine Peso = 0.00738 Omani Rial
1 Philippine Peso = 0.01918 Panama Balboa
1 Philippine Peso = 0.06167 Peruvian Nuevo Sol
1 Philippine Peso = 0.06232 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.21711 Pakistani Rupee
1 Philippine Peso = 0.06525 Polish Zloty
1 Philippine Peso = 105.81128 Paraguayan Guarani
1 Philippine Peso = 0.06981 Qatar Rial
1 Philippine Peso = 0.07297 Romanian New Leu
1 Philippine Peso = 1.17426 Russian Rouble
1 Philippine Peso = 16.19889 Rwanda Franc
1 Philippine Peso = 0.07192 Saudi Arabian Riyal
1 Philippine Peso = 0.14921 Solomon Islands Dollar
1 Philippine Peso = 0.25758 Seychelles Rupee
1 Philippine Peso = 0.34621 Sudanese Pound
1 Philippine Peso = 0.1621 Swedish Krona
1 Philippine Peso = 0.02526 Singapore Dollar
1 Philippine Peso = 0.01369 St Helena Pound
1 Philippine Peso = 0.42589 Slovak Koruna
1 Philippine Peso = 146.33679 Sierra Leone Leone
1 Philippine Peso = 10.79785 Somali Shilling
1 Philippine Peso = 382.92676 Sao Tome Dobra
1 Philippine Peso = 0.16782 El Salvador Colon
1 Philippine Peso = 9.87687 Syrian Pound
1 Philippine Peso = 0.2317 Swaziland Lilageni
1 Philippine Peso = 0.60153 Thai Baht
1 Philippine Peso = 0.04709 Tunisian Dinar
1 Philippine Peso = 0.04287 Tongan paʻanga
1 Philippine Peso = 0.07793 Turkish Lira
1 Philippine Peso = 0.12937 Trinidad Tobago Dollar
1 Philippine Peso = 0.56552 Taiwan Dollar
1 Philippine Peso = 43.65171 Tanzanian Shilling
1 Philippine Peso = 0.50153 Ukraine Hryvnia
1 Philippine Peso = 70.73264 Ugandan Shilling
1 Philippine Peso = 0.01918 United States Dollar
1 Philippine Peso = 0.54066 Uruguayan New Peso
1 Philippine Peso = 154.48792 Uzbekistan Sum
1 Philippine Peso = 1138.30075 Venezuelan Bolivar
1 Philippine Peso = 436.67051 Vietnam Dong
1 Philippine Peso = 2.02071 Vanuatu Vatu
1 Philippine Peso = 0.04846 Samoa Tala
1 Philippine Peso = 10.24242 CFA Franc (BEAC)
1 Philippine Peso = 0.05178 East Caribbean Dollar
1 Philippine Peso = 10.24242 CFA Franc (BCEAO)
1 Philippine Peso = 1.85386 Pacific Franc
1 Philippine Peso = 4.79287 Yemen Riyal
1 Philippine Peso = 0.23169 South African Rand
1 Philippine Peso = 99.53011 Zambian Kwacha
1 Philippine Peso = 6.94093 Zimbabwe dollar

Microfinance takes center stage

According to Bangko Sentral ng Pilipinas Governor Amando Tetangco, the country’s economic story last year could be summed up in two words—investment grade.
 
The year 2013 saw the Philippines achieve investment grade credit rating—not just from one, but from all the three major credit rating agencies.  
 
These rating agencies—Standard & Poor’s, Fitch and Moody’s—have cited the disciplined fiscal management with the declining reliance on foreign currency debt, strong external position, and low and stable inflation levels as bases for the score.
 
But Tetangco said that to help make the expected continued positive macroeconomic developments translate into the much-sought after objective of inclusive growth, the BSP will step up their advocacy for financial inclusion in 2014. 
 
Financial inclusion is the delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society.
 
An estimated 2.5 billion working-age adults globally have no access to the types of formal financial services delivered by regulated financial institutions. 
 
In the Philippines, the number of households with savings only reached 26.2 percent in the fourth quarter of 2013, although higher than the 24.5 percent recorded in the previous quarter.
 
Almost two-thirds (65.1 percent) of household savers have bank deposit accounts while 23.8 percent kept their savings at home and 10.8 percent put their money in cooperatives, paluwagan and other credit/loan associations.
 
It is argued that as banking services are in the nature of public good; the availability of banking and payment services to the entire population without discrimination is the prime objective of financial inclusion public policy.
 
“We believe this is one of the primary and more direct ways we can help the effort to support and rebuild the country, especially in the aftermath of the natural disasters that continue to strike at our hearts every year,” Tetangco said.
 
The BSP financial inclusion framework is built on three areas: 1) broad access to appropriate credit at reasonable rates through responsible and proportionate regulation that encourages market innovation, 2) timely and relevant
economic and financial learning, and 3) well-founded financial consumer protection.
 
At the center of the BSP’s financial inclusion framework is microfinance.
 
In 2000, the BSP was mandated by the General Banking Law to recognize microfinance as a legitimate banking activity and to set the rules and regulations for its practice within the banking sector. In the same year, the BSP declared microfinance as its flagship program for poverty alleviation. 
 
In 2013, the Philippines was once again recognized as first in the world in terms of its regulatory framework and practices for microfinance. The Economist Intelligence Unit (EIU), in its annual global survey, noted that the BSP continued to promote an enabling environment for microfinance as a key advocacy to support poverty reduction. It also cited advances in mobile access to bank accounts, the agent relationships for cross-selling of microinsurance products and the geospatial mapping currently being undertaken to account for different types of financial service access points in the country.
 
It is worth noting, according to Tetangco, that since 2002 microfinance in the banking system has grown dramatically. 
 
The number of microfinance borrowers increased by 191 percent to 1,137,813 million in 2012 from 390,635 clients in 2002. 
 
The microfinance loan portfolio expanded from P2.6 billion in 2002 to P8.4 billion in 2012, which is equivalent to a remarkable growth of 223 percent. 
 
From 2011 to 2012, there was sustained increase in the number of microfinance borrowers, amount of microfinance loans outstanding and savings of microfinance clients.
 
While regional distribution still exhibits the trend where concentration is at regions such as NCR and CALABARZON, it is interesting to note that there is an active and thriving market for microfinance for some regions where there is relatively low usage of regular banking products and services.
 
For example, Caraga is next to NCR and CALABARZON in terms of amount of microfinance loans outstanding and consistently belongs in the top 3 for the different microfinance loan products such as microenterprise loans, micro-agri loans and housing microfinance.
 
But Tetangco said that there is still room for further developments, stressing the fact that there is a need for intervention to accelerate the process of bringing down the benefits of growth to the grassroots.
 
“Empowering people to get out of poverty by giving them access to microcredit from formal financial service providers is a winning strategy. How to reach out to the teeming millions who live in poverty is the challenge before us,” Tetangco said.
 
Syarifuddin Hasan, Indonesia’s Minister of Cooperatives and SMEs, said that the Philippines has a good chance to decrease poverty because of the high economic growth.
 
“PH has a good chance to decrease poverty because of high economic growth.  (But) Economic growth must be followed by job creation to decrease poverty,” Hasan said.
 
Aside from job creation, he said that people must be encouraged to become entrepreneurs.  And this is where a strong microfinance framework comes in.
 
In the Philippines, MSMEs (micro, small and medium enterprises) account for 99.6 percent of our total enterprises, employs 61 percent of our total employed population, and contributes 32 percent to the GDP.
 
Tetangco said that one of their principal thrusts is to develop a financial system that is inclusive and reaches out to the unbanked.
 
“To us, an inclusive financial system makes for a more stable financial system; equally important, it enables us to help improve the lives of our people.  This is particularly true for microfinance, our flagship program for poverty alleviation which we have been nurturing since 2000,” Tetangco said.
 
“Access to financial services empowers households to better manage their resources and improve the quality of their lives; and · that broad-based access to finance and financial inclusion support financial stability and facilitate inclusive growth,” he added.
 
Over the past ten years, Tetangco said that they have seen progress. 
 
“This tells us that these microfinance clients have attained a level of financial independence ... from gaining access to microcredit,” Tetangco said.
 
“But that’s only the banking system, there are a number of institutions outside the banking system that cater to microfinance and it is estimated that the banking system accounts for about a third of the total.  So what we’ve seen in the banking system, you multiply it by three to get a sense of the total of microfinance activities,” Tetangco said.
 
He also stressed that the rate of default continuous to be low.
 
“That is something that we have always reminded the microfinance institutions to keep an eye on and so far, they’ve been able to keep it to relatively low level,” he said.
 
Tetangco said that the development of the Philippine microfinance industry “has been phenomenal.”
 
“Ten years ago, microfinance was limited to microcredit provided by leading NGOs, cooperatives and a handful of banks. Since then, there has been a significant increase and diversification of microfinance players, products and services,as well as  delivery channels,” Tetangco said.
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