July 22, 2018, 12:54 am
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1 Philippine Peso = 0.0687 UAE Dirham
1 Philippine Peso = 2.01833 Albanian Lek
1 Philippine Peso = 0.03442 Neth Antilles Guilder
1 Philippine Peso = 0.51646 Argentine Peso
1 Philippine Peso = 0.02528 Australian Dollar
1 Philippine Peso = 0.0333 Aruba Florin
1 Philippine Peso = 0.03741 Barbados Dollar
1 Philippine Peso = 1.57108 Bangladesh Taka
1 Philippine Peso = 0.03151 Bulgarian Lev
1 Philippine Peso = 0.00707 Bahraini Dinar
1 Philippine Peso = 32.75309 Burundi Franc
1 Philippine Peso = 0.01871 Bermuda Dollar
1 Philippine Peso = 0.02527 Brunei Dollar
1 Philippine Peso = 0.12832 Bolivian Boliviano
1 Philippine Peso = 0.07203 Brazilian Real
1 Philippine Peso = 0.01871 Bahamian Dollar
1 Philippine Peso = 1.27899 Bhutan Ngultrum
1 Philippine Peso = 0.19255 Botswana Pula
1 Philippine Peso = 374.4856 Belarus Ruble
1 Philippine Peso = 0.03737 Belize Dollar
1 Philippine Peso = 0.02464 Canadian Dollar
1 Philippine Peso = 0.01868 Swiss Franc
1 Philippine Peso = 12.20576 Chilean Peso
1 Philippine Peso = 0.12563 Chinese Yuan
1 Philippine Peso = 53.5578 Colombian Peso
1 Philippine Peso = 10.55649 Costa Rica Colon
1 Philippine Peso = 0.01871 Cuban Peso
1 Philippine Peso = 1.77142 Cape Verde Escudo
1 Philippine Peso = 0.41506 Czech Koruna
1 Philippine Peso = 3.32024 Djibouti Franc
1 Philippine Peso = 0.11972 Danish Krone
1 Philippine Peso = 0.93303 Dominican Peso
1 Philippine Peso = 2.19981 Algerian Dinar
1 Philippine Peso = 0.25129 Estonian Kroon
1 Philippine Peso = 0.33389 Egyptian Pound
1 Philippine Peso = 0.51106 Ethiopian Birr
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
1 Philippine Peso = 1.99588 Iceland Krona
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
1 Philippine Peso = 7.90311 Comoros Franc
1 Philippine Peso = 16.83502 North Korean Won
1 Philippine Peso = 21.15413 Korean Won
1 Philippine Peso = 0.00566 Kuwaiti Dinar
1 Philippine Peso = 0.01534 Cayman Islands Dollar
1 Philippine Peso = 6.4508 Kazakhstan Tenge
1 Philippine Peso = 157.22035 Lao Kip
1 Philippine Peso = 28.15189 Lebanese Pound
1 Philippine Peso = 2.98915 Sri Lanka Rupee
1 Philippine Peso = 3.00412 Liberian Dollar
1 Philippine Peso = 0.24822 Lesotho Loti
1 Philippine Peso = 0.05703 Lithuanian Lita
1 Philippine Peso = 0.01161 Latvian Lat
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
1 Philippine Peso = 6.7153 Nigerian Naira
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

PH to grow fastest in region: OECD

The Organization for Economic Cooperation and Development (OECD) said the Philippine economy will grow at an average of 6.4 percent on the medium term, 50 basis points higher than its growth in the previous five years of 5.9 percent, the OECD Development Centre  in its latest report.

With the projected average between 2018 and 2022, the Philippines is pegged to grow the fastest among the top five economies --- Indonesia, Malaysia, Philippines, Thailand, and Vietnam --- in Southeast Asia.

In the Philippines, OECD said consumption and fixed investments, which grew an average of 6.1 percent and 11.7 percent, respectively, from 2011 to 2016  will continue to fuel economic growth until 2022, underpinned by “robust remittance inflow from oversea workers, planned big-ticket infrastructure projects and the resilience of offshoring and outsourcing industry.” 

The report said  benign inflation, a stable financial sector, an accommodative monetary policy, robust remittance inflows, and a healthy fiscal position should continue to facilitate domestic consumption growth at least until the end of the year. 

“The sustained resurgence in consumer confidence backs up this prognosis. Public spending year-to-date, year-on-year is still subdued compared to last year. But frictions are diminishing, which bodes well for public project delivery moving forward,” the report said.

“On the other hand, commodity export volume growth has eased somewhat since April 2017... Taking all of these into account, the Philippine economy is projected to grow by 6.6 percent in 2017, with growth in 2017 H2 anticipated to be slightly faster than in 2017 H1,” it added.

Meanwhile, the report said  the proposed reduction in the personal income tax rate of a significant portion of workers nationwide, contained in tax reform package legislation, should contribute to consumer spending momentum. 

“The consistent growth in remittances from overseas workers is another positive factor, with government spending expected to gain momentum should planned major infrastructure projects go forward,” it said.

OECD’s  investment outlook for the Philippines, however, is modest. 

“Even though domestic and external demand have been quite robust, the pullback in fixed investment growth – from double digits since 2014 to below 9.4 percent in 2017 Q2 – signals some apprehension among investors, albeit not to a worrisome degree at this point,” the report said.

The report said full liberalization of the banking sector and increased focus on e-commerce services are expected to attract interest among offshore investors in the coming years. 

“Manufacturing, especially the semiconductor business, is also well positioned to capture opportunities presented by improvements in external conditions, although issues related to electricity cost and stability require further action,” the paper said.

“At the same time, commitments in business process outsourcing have reportedly fallen... while anecdotal evidence shows that revenue growth is slowing down. Investment in the mining sector has also remained subdued in the absence of a clear regulatory framework,” it added.

The report said that a key challenge is to alleviate business uncertainties related to contract enforcement and continuity of government programs. 

“Efforts undertaken to facilitate competition in various sectors should help spark investor interest, as should government’s decision to review the foreign investment negative list and to update of the Investment Priorities Plan,” it said.

“Timely delivery of above-standard big-ticket infrastructure projects announced and planned to be completed before national elections in 2022, is another challenge,” it added.

In the same report, OECD said Southeast Asia is seen to grow an average of 5.2 percent between 2018 and 2022, relatively flat compared to the 5.1 percent growth between 2011 and 2015. 

“Growth prospects of Asean are anchored on robust domestic private spending and on the infrastructure initiative presented by a number of governments,” the OECD said.

The OECD said growth in Emerging Asia --- Southeast Asia, China, and India --- is projected to remain robust in 2017. 

“Growth in many Asean  countries and China has picked up strong trade rebound and resilient domestic consumption, while growth in India has edged downwards owing to taxation and monetary reforms,” it said. 

While growth will slow down in China, it is expected to stay brisk in India. Southeast Asia is poised to maintain strong growth momentum from 2018 to 2022 on robust domestic private spending and infrastructure initiatives planned by a number of government. 

The external position of emerging Asian economies meanwhile have remained generally sold. 

Close attention should be paid to narrowing job mismatches and generating more quality, high-value-added jobs, the report said. 

Meanwhile, as highlighted in the Philippine Development Plan 2017-2022, the report said that there is a need to address the country’s underdeveloped infrastructure. 

“While improvements have been made in recent years, additional capital and efficient investments will be needed to keep up with demand for infrastructure development in the fast-growing economy,” it said.

“The government is looking to attract investors for public-private partnerships (PPPs), but faces challenges such as the absence of a deep long-term fund pool, which means that private project developers bear higher costs of credit,” it added. 

The publication said that the PPP Center could be strengthened in terms of its mandate and resources. 

“While the bond market could provide an alternative source of financing, these markets need further development; the ratio of the total outstanding value of local-currency bonds to GDP remains relatively small,” it said.

“Non-traditional tools, such as levies to capture the appreciation in land value resulting from infrastructure development, could also be considered to raise revenues,” it added.
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