February 25, 2018, 8:02 pm
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1 Philippine Peso = 0.0709 UAE Dirham
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1 Philippine Peso = 0.03436 Neth Antilles Guilder
1 Philippine Peso = 0.38512 Argentine Peso
1 Philippine Peso = 0.0246 Australian Dollar
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1 Philippine Peso = 2.19764 Algerian Dinar
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1 Philippine Peso = 0.0157 Euro
1 Philippine Peso = 0.03853 Fiji Dollar
1 Philippine Peso = 0.01381 Falkland Islands Pound
1 Philippine Peso = 0.01382 British Pound
1 Philippine Peso = 0.08607 Ghanaian Cedi
1 Philippine Peso = 0.90347 Gambian Dalasi
1 Philippine Peso = 173.55213 Guinea Franc
1 Philippine Peso = 0.14162 Guatemala Quetzal
1 Philippine Peso = 3.93494 Guyana Dollar
1 Philippine Peso = 0.15101 Hong Kong Dollar
1 Philippine Peso = 0.45448 Honduras Lempira
1 Philippine Peso = 0.11653 Croatian Kuna
1 Philippine Peso = 1.23243 Haiti Gourde
1 Philippine Peso = 4.90965 Hungarian Forint
1 Philippine Peso = 263.76448 Indonesian Rupiah
1 Philippine Peso = 0.06723 Israeli Shekel
1 Philippine Peso = 1.25268 Indian Rupee
1 Philippine Peso = 22.85714 Iraqi Dinar
1 Philippine Peso = 718.33978 Iran Rial
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1 Philippine Peso = 2.4222 Jamaican Dollar
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1 Philippine Peso = 20.76255 Korean Won
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1 Philippine Peso = 0.01583 Cayman Islands Dollar
1 Philippine Peso = 6.1749 Kazakhstan Tenge
1 Philippine Peso = 159.87839 Lao Kip
1 Philippine Peso = 29.06178 Lebanese Pound
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1 Philippine Peso = 2.50386 Liberian Dollar
1 Philippine Peso = 0.22268 Lesotho Loti
1 Philippine Peso = 0.05886 Lithuanian Lita
1 Philippine Peso = 0.01198 Latvian Lat
1 Philippine Peso = 0.0257 Libyan Dinar
1 Philippine Peso = 0.1777 Moroccan Dirham
1 Philippine Peso = 0.32037 Moldovan Leu
1 Philippine Peso = 0.96332 Macedonian Denar
1 Philippine Peso = 25.79151 Myanmar Kyat
1 Philippine Peso = 46.1583 Mongolian Tugrik
1 Philippine Peso = 0.15547 Macau Pataca
1 Philippine Peso = 6.75676 Mauritania Ougulya
1 Philippine Peso = 0.63514 Mauritius Rupee
1 Philippine Peso = 0.29614 Maldives Rufiyaa
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1 Philippine Peso = 0.35764 Mexican Peso
1 Philippine Peso = 0.07562 Malaysian Ringgit
1 Philippine Peso = 0.22261 Namibian Dollar
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1 Philippine Peso = 0.59556 Nicaragua Cordoba
1 Philippine Peso = 0.15133 Norwegian Krone
1 Philippine Peso = 1.99853 Nepalese Rupee
1 Philippine Peso = 0.02647 New Zealand Dollar
1 Philippine Peso = 0.00743 Omani Rial
1 Philippine Peso = 0.01931 Panama Balboa
1 Philippine Peso = 0.06266 Peruvian Nuevo Sol
1 Philippine Peso = 0.06071 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.13127 Pakistani Rupee
1 Philippine Peso = 0.06552 Polish Zloty
1 Philippine Peso = 107.39382 Paraguayan Guarani
1 Philippine Peso = 0.07027 Qatar Rial
1 Philippine Peso = 0.07302 Romanian New Leu
1 Philippine Peso = 1.08832 Russian Rouble
1 Philippine Peso = 16.23803 Rwanda Franc
1 Philippine Peso = 0.07239 Saudi Arabian Riyal
1 Philippine Peso = 0.14989 Solomon Islands Dollar
1 Philippine Peso = 0.25792 Seychelles Rupee
1 Philippine Peso = 0.34575 Sudanese Pound
1 Philippine Peso = 0.15762 Swedish Krona
1 Philippine Peso = 0.02545 Singapore Dollar
1 Philippine Peso = 0.01382 St Helena Pound
1 Philippine Peso = 0.42869 Slovak Koruna
1 Philippine Peso = 147.2973 Sierra Leone Leone
1 Philippine Peso = 10.84942 Somali Shilling
1 Philippine Peso = 384.74904 Sao Tome Dobra
1 Philippine Peso = 0.16892 El Salvador Colon
1 Philippine Peso = 9.9417 Syrian Pound
1 Philippine Peso = 0.22262 Swaziland Lilageni
1 Philippine Peso = 0.60579 Thai Baht
1 Philippine Peso = 0.04633 Tunisian Dinar
1 Philippine Peso = 0.04271 Tongan paʻanga
1 Philippine Peso = 0.07317 Turkish Lira
1 Philippine Peso = 0.12974 Trinidad Tobago Dollar
1 Philippine Peso = 0.56444 Taiwan Dollar
1 Philippine Peso = 43.35907 Tanzanian Shilling
1 Philippine Peso = 0.52008 Ukraine Hryvnia
1 Philippine Peso = 70.40541 Ugandan Shilling
1 Philippine Peso = 0.01931 United States Dollar
1 Philippine Peso = 0.54923 Uruguayan New Peso
1 Philippine Peso = 157.72201 Uzbekistan Sum
1 Philippine Peso = 558.39769 Venezuelan Bolivar
1 Philippine Peso = 438.97684 Vietnam Dong
1 Philippine Peso = 2.05502 Vanuatu Vatu
1 Philippine Peso = 0.04818 Samoa Tala
1 Philippine Peso = 10.28822 CFA Franc (BEAC)
1 Philippine Peso = 0.05212 East Caribbean Dollar
1 Philippine Peso = 10.28822 CFA Franc (BCEAO)
1 Philippine Peso = 1.87297 Pacific Franc
1 Philippine Peso = 4.82336 Yemen Riyal
1 Philippine Peso = 0.22278 South African Rand
1 Philippine Peso = 100.1834 Zambian Kwacha
1 Philippine Peso = 6.98649 Zimbabwe dollar

PH next to hike rates?

HONG KONG. --  Tighter monetary policy is coming to Asia next year. Yet it will lag the Federal Reserve’s rate hikes as Asian central banks balance an exports-led revival in growth with a slowdown in regional locomotive China.

That will mark a shift from a few months ago when most economists expected Asian policy makers to hold their ground or even ease further, but the trade windfall behind a synchronized uptick in global growth is seen lasting longer.

Last week South Korea took advantage of the trade boom to normalize policy, lifting rates for the first time in more than six years, and analysts expect Malaysia and Philippines -- where growth has also benefited from a surge in public investment - to hike in the first quarter.

With the benefit of hindsight when the Fed in 2013 signaled it was time to exit ultra-low rates and sparked a taper tantrum, regional central banks should be more confident of looking at the strength of their own economies rather than that of the United States.

“The last couple of years has shown us that monetary policy in this region can decouple from the US,” said Khoon Goh, head of Asia research at ANZ.

“Obviously they are cognizant of what the Fed does and capital flows ... (but) this is not a case of central banks being forced to act just because the Fed is looking to tighten further.”

That de-coupling has been on show in the past two years as Asia shrugged off four US rate hikes, and some countries even cut rates over that period.

South Korea was the first major Asian economy to lift rates since Indonesia’s November 2014 move, which was reversed three months later as markets eventually took the view that a US lift-off won’t necessarily derail global growth.

Of course, the Fed cannot be totally ignored as it is expected to hike again next week and two to three more times in 2018. Korea and Malaysia have some of the lowest real interest rates relative to the United States since the global financial crisis and were responsible for most of the net bond market outflows in Asia in October.

Australia and New Zealand could hike later next year, China might raise its short-term policy rates, while some analysts expect even India and Indonesia, which have been cutting recently, to reverse their moves.

China is emerging as a key driver of Asia’s policy track next year, with growth in the world’s second-biggest economy set to lose momentum as authorities there extend a year-long crackdown on financial risks.

The numbers show Asia is less dependent on American growth than in the past.

While emerging Asia’s trade with the United States has gone up by 40 percent since the global financial crisis, its trade with China has risen 120 percent, according to Reuters calculations based on IMF data. Emerging Asia now trades 70 percent more with China than it does with the United States.

That means monetary tightening in the region will lag the Fed, as long as any capital outflows driven by the narrower rate differentials do not lead to significantly weaker currencies. Stubbornly low inflation and elevated household debt may also slow rate hikes in some countries.

“We have a picture where the average Asian central bank hikes less than the US,” said Louis Kuijs, head of Asia economics at Oxford Economics.

“We can argue they can do that without putting pressure on their real economy or financial sector because first, in some countries like India or Indonesia rates start from a higher level than in the United States and they have a buffer and secondly, the dollar would not strengthen a lot.”

The good news is that during synchronized global growth the dollar historically tends to be stable or weaker, suggesting that Asian currencies will likely avoid a sharp shakeout.

Kuijs expects the 4-8 percent strengthening in Asian currencies this year to come to a halt in 2018, when some might weaken slightly, but by less than 4 percent. BofA Merrill Lynch sees most currencies flat in 2018.

The other element mitigating the risk of capital outflows is that while short-term bond yields are rising in the US and Asia in anticipation of higher rates, long-term yields have remained stable as markets are yet to be convinced of any global inflationary pressures.

While US two-year yields rose from 1.2 to 1.8 percent this year, 10-year yields dipped 6 basis points to 2.39 percent, still below South Korean yields.

“We’re pretty comfortable with the monetary policy outlook for Asia,” said Bryan Collins, portfolio manager, fixed income, at Fidelity International, who sees opportunities in long-dated Asian debt. – Reuters 
 
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