November 25, 2017, 12:07 pm
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1 Philippine Peso = 0.07254 UAE Dirham
1 Philippine Peso = 2.22066 Albanian Lek
1 Philippine Peso = 0.03521 Neth Antilles Guilder
1 Philippine Peso = 0.34299 Argentine Peso
1 Philippine Peso = 0.02592 Australian Dollar
1 Philippine Peso = 0.03516 Aruba Florin
1 Philippine Peso = 0.03951 Barbados Dollar
1 Philippine Peso = 1.60589 Bangladesh Taka
1 Philippine Peso = 0.03253 Bulgarian Lev
1 Philippine Peso = 0.00746 Bahraini Dinar
1 Philippine Peso = 34.51185 Burundi Franc
1 Philippine Peso = 0.01976 Bermuda Dollar
1 Philippine Peso = 0.02656 Brunei Dollar
1 Philippine Peso = 0.13552 Bolivian Boliviano
1 Philippine Peso = 0.06373 Brazilian Real
1 Philippine Peso = 0.01976 Bahamian Dollar
1 Philippine Peso = 1.27914 Bhutan Ngultrum
1 Philippine Peso = 0.20568 Botswana Pula
1 Philippine Peso = 395.49586 Belarus Ruble
1 Philippine Peso = 0.03947 Belize Dollar
1 Philippine Peso = 0.0251 Canadian Dollar
1 Philippine Peso = 0.01934 Swiss Franc
1 Philippine Peso = 12.5162 Chilean Peso
1 Philippine Peso = 0.13038 Chinese Yuan
1 Philippine Peso = 58.75346 Colombian Peso
1 Philippine Peso = 11.09502 Costa Rica Colon
1 Philippine Peso = 0.01976 Cuban Peso
1 Philippine Peso = 1.82714 Cape Verde Escudo
1 Philippine Peso = 0.42146 Czech Koruna
1 Philippine Peso = 3.5079 Djibouti Franc
1 Philippine Peso = 0.12329 Danish Krone
1 Philippine Peso = 0.94607 Dominican Peso
1 Philippine Peso = 2.26118 Algerian Dinar
1 Philippine Peso = 0.25918 Estonian Kroon
1 Philippine Peso = 0.34868 Egyptian Pound
1 Philippine Peso = 0.53457 Ethiopian Birr
1 Philippine Peso = 0.01656 Euro
1 Philippine Peso = 0.04139 Fiji Dollar
1 Philippine Peso = 0.01481 Falkland Islands Pound
1 Philippine Peso = 0.01481 British Pound
1 Philippine Peso = 0.09104 Ghanaian Cedi
1 Philippine Peso = 0.92967 Gambian Dalasi
1 Philippine Peso = 177.69657 Guinea Franc
1 Philippine Peso = 0.1449 Guatemala Quetzal
1 Philippine Peso = 4.07922 Guyana Dollar
1 Philippine Peso = 0.15426 Hong Kong Dollar
1 Philippine Peso = 0.46501 Honduras Lempira
1 Philippine Peso = 0.12517 Croatian Kuna
1 Philippine Peso = 1.22145 Haiti Gourde
1 Philippine Peso = 5.16041 Hungarian Forint
1 Philippine Peso = 266.6535 Indonesian Rupiah
1 Philippine Peso = 0.0693 Israeli Shekel
1 Philippine Peso = 1.27625 Indian Rupee
1 Philippine Peso = 23.03437 Iraqi Dinar
1 Philippine Peso = 696.06876 Iran Rial
1 Philippine Peso = 2.03813 Iceland Krona
1 Philippine Peso = 2.47234 Jamaican Dollar
1 Philippine Peso = 0.01397 Jordanian Dinar
1 Philippine Peso = 2.20192 Japanese Yen
1 Philippine Peso = 2.03576 Kenyan Shilling
1 Philippine Peso = 1.37669 Kyrgyzstan Som
1 Philippine Peso = 79.67207 Cambodia Riel
1 Philippine Peso = 8.28586 Comoros Franc
1 Philippine Peso = 17.77953 North Korean Won
1 Philippine Peso = 21.38305 Korean Won
1 Philippine Peso = 0.00596 Kuwaiti Dinar
1 Philippine Peso = 0.0162 Cayman Islands Dollar
1 Philippine Peso = 6.52213 Kazakhstan Tenge
1 Philippine Peso = 164.26314 Lao Kip
1 Philippine Peso = 29.7906 Lebanese Pound
1 Philippine Peso = 3.03635 Sri Lanka Rupee
1 Philippine Peso = 2.46247 Liberian Dollar
1 Philippine Peso = 0.27292 Lesotho Loti
1 Philippine Peso = 0.06023 Lithuanian Lita
1 Philippine Peso = 0.01226 Latvian Lat
1 Philippine Peso = 0.02699 Libyan Dinar
1 Philippine Peso = 0.18541 Moroccan Dirham
1 Philippine Peso = 0.34526 Moldovan Leu
1 Philippine Peso = 1.01442 Macedonian Denar
1 Philippine Peso = 26.92612 Myanmar Kyat
1 Philippine Peso = 48.20229 Mongolian Tugrik
1 Philippine Peso = 0.15888 Macau Pataca
1 Philippine Peso = 6.91426 Mauritania Ougulya
1 Philippine Peso = 0.68451 Mauritius Rupee
1 Philippine Peso = 0.30047 Maldives Rufiyaa
1 Philippine Peso = 14.14757 Malawi Kwacha
1 Philippine Peso = 0.36633 Mexican Peso
1 Philippine Peso = 0.0813 Malaysian Ringgit
1 Philippine Peso = 0.27483 Namibian Dollar
1 Philippine Peso = 7.03279 Nigerian Naira
1 Philippine Peso = 0.60352 Nicaragua Cordoba
1 Philippine Peso = 0.16042 Norwegian Krone
1 Philippine Peso = 2.04563 Nepalese Rupee
1 Philippine Peso = 0.02867 New Zealand Dollar
1 Philippine Peso = 0.0076 Omani Rial
1 Philippine Peso = 0.01976 Panama Balboa
1 Philippine Peso = 0.06392 Peruvian Nuevo Sol
1 Philippine Peso = 0.06337 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.07685 Pakistani Rupee
1 Philippine Peso = 0.0697 Polish Zloty
1 Philippine Peso = 111.98933 Paraguayan Guarani
1 Philippine Peso = 0.07516 Qatar Rial
1 Philippine Peso = 0.07679 Romanian New Leu
1 Philippine Peso = 1.15428 Russian Rouble
1 Philippine Peso = 16.47807 Rwanda Franc
1 Philippine Peso = 0.07408 Saudi Arabian Riyal
1 Philippine Peso = 0.15686 Solomon Islands Dollar
1 Philippine Peso = 0.26162 Seychelles Rupee
1 Philippine Peso = 0.13157 Sudanese Pound
1 Philippine Peso = 0.16365 Swedish Krona
1 Philippine Peso = 0.02658 Singapore Dollar
1 Philippine Peso = 0.01482 St Helena Pound
1 Philippine Peso = 0.43868 Slovak Koruna
1 Philippine Peso = 150.13829 Sierra Leone Leone
1 Philippine Peso = 11.00356 Somali Shilling
1 Philippine Peso = 406.44806 Sao Tome Dobra
1 Philippine Peso = 0.17286 El Salvador Colon
1 Philippine Peso = 10.17345 Syrian Pound
1 Philippine Peso = 0.27485 Swaziland Lilageni
1 Philippine Peso = 0.6448 Thai Baht
1 Philippine Peso = 0.04877 Tunisian Dinar
1 Philippine Peso = 0.04522 Tongan paʻanga
1 Philippine Peso = 0.07781 Turkish Lira
1 Philippine Peso = 0.13097 Trinidad Tobago Dollar
1 Philippine Peso = 0.5918 Taiwan Dollar
1 Philippine Peso = 44.15251 Tanzanian Shilling
1 Philippine Peso = 0.53121 Ukraine Hryvnia
1 Philippine Peso = 71.55275 Ugandan Shilling
1 Philippine Peso = 0.01976 United States Dollar
1 Philippine Peso = 0.57349 Uruguayan New Peso
1 Philippine Peso = 159.22561 Uzbekistan Sum
1 Philippine Peso = 0.19705 Venezuelan Bolivar
1 Philippine Peso = 448.93324 Vietnam Dong
1 Philippine Peso = 2.09581 Vanuatu Vatu
1 Philippine Peso = 0.05077 Samoa Tala
1 Philippine Peso = 10.85875 CFA Franc (BEAC)
1 Philippine Peso = 0.05334 East Caribbean Dollar
1 Philippine Peso = 10.88937 CFA Franc (BCEAO)
1 Philippine Peso = 1.96543 Pacific Franc
1 Philippine Peso = 4.93678 Yemen Riyal
1 Philippine Peso = 0.27485 South African Rand
1 Philippine Peso = 102.51877 Zambian Kwacha
1 Philippine Peso = 7.14935 Zimbabwe dollar

Shifting gears from visitor arrivals to economic benefits

AS THE Department of Tourism (DOT) is set to miss its visitor arrival target this year, the government is now setting its sights on bigger economic prospects of the industry despite hitting only half of its 10-million tourist goal in 2015.

With only five months left in the Aquino administration, the DOT has shifted its gears from focusing on the number of visitor arrivals to achieving other economic aspects of the industry, such as inclusive growth and greater revenue yields, according to Benito Bengzon, tourism undersecretary for planning.

“In our preliminary discussions, we are now putting a greater focus on inclusive growth, support to small and medium enterprises, and the overarching principle of sustainability or sustainable development,” Bengzon said.

This “wider net” for all public and private stakeholders should be prioritized by the government not only in the final days of the Aquino administration but also the next, he said.

Bengzon said the country should step up its efforts in ensuring local communities benefit from the overall growth of the industry. 

“People now have to understand we’re in the big league. With the 5-million mark, this now allows us now to shift gears to economic benefits and development,” he said.

Despite the industry’s failure to attract 10 million visitors by the time the president bows out from office in June, the government is still on track with its target of achieving about P350-billion in tourism revenues in 2015.

Instead of focusing on the tourist arrivals, this is the bigger cherry that the DOT is aiming for, larger tourism receipts from visitors coming from high-yield markets.

These source markets, like those from the Middle East and Europe, post higher average daily expenditures and longer staying duration.

“The more that you are attracting higher spending and longer staying markets, the more that you are also generating higher tourism revenues,” Rolando Canizal, Assistant Secretary for Tourism Development Planning, said in an earlier interview.

In 2014, total international tourism receipts already grew by 21.9 percent to P274.6-billion, accounting for 7.6 percent out of the country’s Total Exports of Goods and Services.

Inbound tourism also ranked third among the biggest exports in 2014, following miscellaneous services at 25.1 percent and semiconductors at 19.2 percent.

The DOT is targeting to grow this to P350.4-billion for full-year 2015 and an estimated P455-billion this year.

The aggressive growth of the industry is also pushing domestic tourism to new records, with total domestic receipts expected to hit P1.6-trillion in 2015.

From P1.469-trillion in 2014, the tourism agency is looking to grow this figure by 9 percent this year.

Enticing tour packages and low-fare packages of local airlines are fuelling the growth of domestic tourism, as well as a new-found appreciation of Filipinos for traveling, said Canizal.

With the tourism industry geared towards meeting its revenue target by 2016, this will also push a stronger contribution to the country’s gross domestic product (GDP).

The contribution of the tourism industry to the GDP has already grown by almost two percentage points since 2009.

According to data from the Philippine Statistics Authority (PSA), the share of the tourism industry to GDP, as measured by the contribution of tourism direct gross value added (TDGVA), grew to 7.8 percent in 2014 from 5.9 in 2009.

The DOT is looking to grow this to 8.7 percent by the end of this year and double digits in the short-term. 

“If you look at the figures, there has been a very steady increase in the contribution of tourism to GDP. We’re very confident that we will increase it to double digits in the next two years and bring tourism to a level that is what you see in highly developed tourism countries,”Bengzonsaid.

The TDGVA totalled P982.4-billion in 2014, a 14 percent increase from P861.7-billion in 2013. It already surpassed the P974.0-billion TDGVA target for 2015.

Accommodation services contributed the biggest share to TGDVA at 32.6 percent, followed by shopping of tourism goods at 15.3 percent.

Miscellaneous services were at 15.2 percent, transport services at 12.6 percent, entertainment and recreation at 10.9 percent.

Travel agencies and other reservation services shared 8.6 percent and the food and beverage services contributed 4.7 percent.

The TDGVA is based on the results of the Philippine Tourism Satellite Accounts (PTSA) and serves as a value-added measurement for all the tourism activities of domestic and foreign visitors in the country.

More than any other key economic aspect the government should focus on, according to Bengzon, is expanding the number of persons directly and indirectly employed in the industry.

The DOT is optimistic about the prospects for the travel and tourism industry in the country, citing opening of numerous hotels, resorts and casinos in the country this year and the next.

They are looking to grow employment in the industry to 6.3 million in 2015 and 7.4 million in 2016 coming from 4.758-million in 2014.

“That is very achievable. Employment is geometric. If it doesn’t happen by 2016, it will in the next two to three years. It is too tricky to predict but too exciting to watch,” said Tourism Secretary Ramon Jimenez in an earlier interview.

The percentage share of employment in the tourism industries to total employment in the country has grown to 12.5 percent coming from 11.1 percent in the last year of the previous administration, data from the PSA and DOT showed.

Passenger transport contributed to 35.6 percent of total employment in 2014, followed by 34.8 percent in the accommodation, food and beverage industry.

Entertainment and recreation shared another 7.4 percent, Retail Trade on Tourism with 6.6 percent and Travel Agencies 0.06 percent.

The Philippines is already among the top tourism employers in Southeast Asia, according to data from the World Travel and Tourism Council (WTTC).

The country placed third among its Asean counterparts in terms of number of jobs generated in the T&T sector, which include direct and indirect employment contributions to the industry.

Indonesia topped the list with around 9.81-million persons, with Thailand coming in at a far second, with an estimated 5.38-million employees in the T&T sector.
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