January 18, 2018, 4:16 am
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1 Philippine Peso = 0.07263 UAE Dirham
1 Philippine Peso = 2.14992 Albanian Lek
1 Philippine Peso = 0.03521 Neth Antilles Guilder
1 Philippine Peso = 0.37318 Argentine Peso
1 Philippine Peso = 0.02474 Australian Dollar
1 Philippine Peso = 0.03521 Aruba Florin
1 Philippine Peso = 0.03956 Barbados Dollar
1 Philippine Peso = 1.63687 Bangladesh Taka
1 Philippine Peso = 0.03163 Bulgarian Lev
1 Philippine Peso = 0.00745 Bahraini Dinar
1 Philippine Peso = 34.63172 Burundi Franc
1 Philippine Peso = 0.01978 Bermuda Dollar
1 Philippine Peso = 0.02627 Brunei Dollar
1 Philippine Peso = 0.13568 Bolivian Boliviano
1 Philippine Peso = 0.06382 Brazilian Real
1 Philippine Peso = 0.01978 Bahamian Dollar
1 Philippine Peso = 1.25445 Bhutan Ngultrum
1 Philippine Peso = 0.19324 Botswana Pula
1 Philippine Peso = 395.96518 Belarus Ruble
1 Philippine Peso = 0.03951 Belize Dollar
1 Philippine Peso = 0.02456 Canadian Dollar
1 Philippine Peso = 0.01896 Swiss Franc
1 Philippine Peso = 11.96895 Chilean Peso
1 Philippine Peso = 0.12736 Chinese Yuan
1 Philippine Peso = 56.62579 Colombian Peso
1 Philippine Peso = 11.15506 Costa Rica Colon
1 Philippine Peso = 0.01978 Cuban Peso
1 Philippine Peso = 1.77275 Cape Verde Escudo
1 Philippine Peso = 0.40883 Czech Koruna
1 Philippine Peso = 3.49743 Djibouti Franc
1 Philippine Peso = 0.1197 Danish Krone
1 Philippine Peso = 0.95886 Dominican Peso
1 Philippine Peso = 2.24462 Algerian Dinar
1 Philippine Peso = 0.25141 Estonian Kroon
1 Philippine Peso = 0.34978 Egyptian Pound
1 Philippine Peso = 0.53817 Ethiopian Birr
1 Philippine Peso = 0.01607 Euro
1 Philippine Peso = 0.03956 Fiji Dollar
1 Philippine Peso = 0.01433 Falkland Islands Pound
1 Philippine Peso = 0.01431 British Pound
1 Philippine Peso = 0.08957 Ghanaian Cedi
1 Philippine Peso = 0.9371 Gambian Dalasi
1 Philippine Peso = 177.94699 Guinea Franc
1 Philippine Peso = 0.14509 Guatemala Quetzal
1 Philippine Peso = 4.07219 Guyana Dollar
1 Philippine Peso = 0.15475 Hong Kong Dollar
1 Philippine Peso = 0.46509 Honduras Lempira
1 Philippine Peso = 0.11922 Croatian Kuna
1 Philippine Peso = 1.25771 Haiti Gourde
1 Philippine Peso = 4.9644 Hungarian Forint
1 Philippine Peso = 263.35047 Indonesian Rupiah
1 Philippine Peso = 0.06775 Israeli Shekel
1 Philippine Peso = 1.266 Indian Rupee
1 Philippine Peso = 23.41772 Iraqi Dinar
1 Philippine Peso = 723.08147 Iran Rial
1 Philippine Peso = 2.02255 Iceland Krona
1 Philippine Peso = 2.43928 Jamaican Dollar
1 Philippine Peso = 0.01399 Jordanian Dinar
1 Philippine Peso = 2.18216 Japanese Yen
1 Philippine Peso = 2.03224 Kenyan Shilling
1 Philippine Peso = 1.37189 Kyrgyzstan Som
1 Philippine Peso = 79.26622 Cambodia Riel
1 Philippine Peso = 8.12896 Comoros Franc
1 Philippine Peso = 17.80063 North Korean Won
1 Philippine Peso = 21.02452 Korean Won
1 Philippine Peso = 0.00594 Kuwaiti Dinar
1 Philippine Peso = 0.01622 Cayman Islands Dollar
1 Philippine Peso = 6.47765 Kazakhstan Tenge
1 Philippine Peso = 163.7856 Lao Kip
1 Philippine Peso = 29.88528 Lebanese Pound
1 Philippine Peso = 3.04292 Sri Lanka Rupee
1 Philippine Peso = 2.5093 Liberian Dollar
1 Philippine Peso = 0.24248 Lesotho Loti
1 Philippine Peso = 0.0603 Lithuanian Lita
1 Philippine Peso = 0.01227 Latvian Lat
1 Philippine Peso = 0.02646 Libyan Dinar
1 Philippine Peso = 0.18183 Moroccan Dirham
1 Philippine Peso = 0.33356 Moldovan Leu
1 Philippine Peso = 0.98418 Macedonian Denar
1 Philippine Peso = 26.46361 Myanmar Kyat
1 Philippine Peso = 47.8837 Mongolian Tugrik
1 Philippine Peso = 0.1593 Macau Pataca
1 Philippine Peso = 6.96203 Mauritania Ougulya
1 Philippine Peso = 0.64676 Mauritius Rupee
1 Philippine Peso = 0.30795 Maldives Rufiyaa
1 Philippine Peso = 14.11195 Malawi Kwacha
1 Philippine Peso = 0.37086 Mexican Peso
1 Philippine Peso = 0.07803 Malaysian Ringgit
1 Philippine Peso = 0.24161 Namibian Dollar
1 Philippine Peso = 7.0807 Nigerian Naira
1 Philippine Peso = 0.6072 Nicaragua Cordoba
1 Philippine Peso = 0.15518 Norwegian Krone
1 Philippine Peso = 2.0265 Nepalese Rupee
1 Philippine Peso = 0.02715 New Zealand Dollar
1 Philippine Peso = 0.0076 Omani Rial
1 Philippine Peso = 0.01978 Panama Balboa
1 Philippine Peso = 0.06341 Peruvian Nuevo Sol
1 Philippine Peso = 0.0624 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.18473 Pakistani Rupee
1 Philippine Peso = 0.06706 Polish Zloty
1 Philippine Peso = 110.52215 Paraguayan Guarani
1 Philippine Peso = 0.07202 Qatar Rial
1 Philippine Peso = 0.07488 Romanian New Leu
1 Philippine Peso = 1.11739 Russian Rouble
1 Philippine Peso = 16.52987 Rwanda Franc
1 Philippine Peso = 0.07417 Saudi Arabian Riyal
1 Philippine Peso = 0.15387 Solomon Islands Dollar
1 Philippine Peso = 0.26503 Seychelles Rupee
1 Philippine Peso = 0.13841 Sudanese Pound
1 Philippine Peso = 0.15847 Swedish Krona
1 Philippine Peso = 0.02609 Singapore Dollar
1 Philippine Peso = 0.01433 St Helena Pound
1 Philippine Peso = 0.4392 Slovak Koruna
1 Philippine Peso = 150.90981 Sierra Leone Leone
1 Philippine Peso = 10.85839 Somali Shilling
1 Philippine Peso = 393.89636 Sao Tome Dobra
1 Philippine Peso = 0.17306 El Salvador Colon
1 Philippine Peso = 10.18552 Syrian Pound
1 Philippine Peso = 0.24175 Swaziland Lilageni
1 Philippine Peso = 0.63054 Thai Baht
1 Philippine Peso = 0.04769 Tunisian Dinar
1 Philippine Peso = 0.04409 Tongan paʻanga
1 Philippine Peso = 0.07507 Turkish Lira
1 Philippine Peso = 0.13281 Trinidad Tobago Dollar
1 Philippine Peso = 0.5839 Taiwan Dollar
1 Philippine Peso = 44.34335 Tanzanian Shilling
1 Philippine Peso = 0.56547 Ukraine Hryvnia
1 Philippine Peso = 71.79588 Ugandan Shilling
1 Philippine Peso = 0.01978 United States Dollar
1 Philippine Peso = 0.56468 Uruguayan New Peso
1 Philippine Peso = 160.81883 Uzbekistan Sum
1 Philippine Peso = 0.19729 Venezuelan Bolivar
1 Philippine Peso = 449.14952 Vietnam Dong
1 Philippine Peso = 2.0449 Vanuatu Vatu
1 Philippine Peso = 0.04966 Samoa Tala
1 Philippine Peso = 10.5352 CFA Franc (BEAC)
1 Philippine Peso = 0.0534 East Caribbean Dollar
1 Philippine Peso = 10.5352 CFA Franc (BCEAO)
1 Philippine Peso = 1.90645 Pacific Franc
1 Philippine Peso = 4.94363 Yemen Riyal
1 Philippine Peso = 0.24183 South African Rand
1 Philippine Peso = 102.64043 Zambian Kwacha
1 Philippine Peso = 7.15783 Zimbabwe dollar

PH gets rating upgrade anew

The Philippines got another boost yesterday as Fitch Ratings upgraded the country’s sovereign credit rating due to “strong and consistent macroeconomic performance.”

Fitch Ratings upgraded the Philippines’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BBB’ from ‘BBB-’. 

The outlook is stable, which means “there are no pressing factors that could trigger an adjustment within the near term.”

Fitch was the first agency which gave the Philippines its first investment grade rating in 2013. 

According to Sagarika Chandra and Stephen Schwartz, Fitch analysts, the upgrade reflects the country’s “strong and consistent macroeconomic performance (which) has continued, underpinned by sound policies that are supporting high and sustainable growth rates.”

Fitch also cited investor sentiment has also remained strong, “which is evident from solid domestic demand and inflows of foreign direct investment.”

As such, the analysts said there is no evidence so far that incidents of violence associated with the administration’s campaign against the illegal drug trade have undermined investor confidence. 

“Over the medium term, we expect higher infrastructure spending under the government’s public investment program to support continued robust growth,” Chandra and Schwartz said.

They see real GDP growth of 6.8 percent in 2018 and 2019, which would maintain the Philippines’ place among the fastest-growing economies in the Asia-Pacific region.

The analysts also said the Philippines has “maintained fiscal policies geared towards a sustained decline in the gross general government debt (GGGD) ratio.”

GGGD is projected by Fitch to decline to around 34 percent of GDP at end-2017, below the ‘BBB’ median of 41.1 percent of GDP. 

Fitch expects the Philippines’ fiscal profile to improve as a result of the government’s tax reform initiative. 

“The House of Representatives and Senate have passed their respective versions of the first component of a five-part comprehensive tax reform program, which may be signed into law before the year’s end. We estimate the bill to be net revenue positive, reflecting an expansion of the VAT base and higher taxes on petroleum products, automobiles and on sugar sweetened beverages, which would more than offset a lowering of personal income taxes.  Passage of the first part of the tax package would bode well for progress on the rest of the package over the next couple of years,” the analysts said.

They noted the government previously estimated that a full set of tax reform packages would boost revenue by 2 percent of GDP by 2019, with administrative measures to add another 1 percent of GDP over this period.

The Philippines’ current account, according to Fitch, is expected to shift into a deficit in 2017, for the second consecutive year, and Fitch expects this trend to continue in 2018 and 2019. 

But Fitch expects the deficits to be manageable at less than -0.5 percent of GDP. 

“Strong imports of capital goods, associated with the government’s public infrastructure program, are likely to remain a key driver of the deficit, although these will be partly offset by strong remittance inflows and business process outsourcing (BPO) receipts. Further, foreign direct investment (FDI) inflows will continue to fully cover the current account deficit, limiting the increase in external indebtedness,” Fitch said. 

The credit rating agency added the Philippines’ capital markets “are less vulnerable to external shocks than that of some of its peers in the region, given the limited foreign investor participation in the local securities market, and narrow current account deficit.”

Moreover, Fitch said the willingness of the Bangko Sentral ng Pilipinas to allow the exchange rate to depreciate during 2016 and 2017, “when the peso was under pressure partly due to portfolio outflows, has helped to preserve its foreign-exchange reserves.”

Fitch also said the recent appointment of a new central bank governor from within the BSP “has provided continuity and supports monetary policy credibility.”

“We expect inflation to remain within the BSP’s target range of 2 percent-4 percent. A continuation of exchange rate flexibility should help preserve the recent build-up of foreign exchange reserves,” Fitch said.

Fitch maintained that some of the Philippines’ structural indicators continue to lag peers. 

“Despite consistently strong growth and a gradual decline in unemployment rates, per capita income levels remain below the ‘BBB’ threshold. Fitch projects GDP per capita at $3,018 at end-2017 compared with the ‘BBB’ median of $11,173. The Philippines’ ranking on the World Bank’s Governance Indicators is also below the ‘BBB’ median. In the latest World Bank’s Ease of Doing Business Index ranking, the Philippines fell 14 notches to the 41st percentile compared with the 73rd percentile of the ‘BBB’ median,” Fitch said.

Fitch warned that reversal of reforms or a departure from the existing policy framework that leads to macro instability could trigger negative rating action.

So does the deterioration in external balances and flows that reduces the resilience of the economy to shocks and instability in the financial system, possibly triggered by a sustained period of excessive credit growth.
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