May 26, 2018, 12:33 am
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1 Philippine Peso = 0.06987 UAE Dirham
1 Philippine Peso = 2.04394 Albanian Lek
1 Philippine Peso = 0.03405 Neth Antilles Guilder
1 Philippine Peso = 0.46707 Argentine Peso
1 Philippine Peso = 0.02507 Australian Dollar
1 Philippine Peso = 0.03386 Aruba Florin
1 Philippine Peso = 0.03804 Barbados Dollar
1 Philippine Peso = 1.58684 Bangladesh Taka
1 Philippine Peso = 0.03178 Bulgarian Lev
1 Philippine Peso = 0.00718 Bahraini Dinar
1 Philippine Peso = 33.30759 Burundi Franc
1 Philippine Peso = 0.01902 Bermuda Dollar
1 Philippine Peso = 0.02521 Brunei Dollar
1 Philippine Peso = 0.13049 Bolivian Boliviano
1 Philippine Peso = 0.06941 Brazilian Real
1 Philippine Peso = 0.01902 Bahamian Dollar
1 Philippine Peso = 1.2997 Bhutan Ngultrum
1 Philippine Peso = 0.18862 Botswana Pula
1 Philippine Peso = 380.82557 Belarus Ruble
1 Philippine Peso = 0.038 Belize Dollar
1 Philippine Peso = 0.02456 Canadian Dollar
1 Philippine Peso = 0.01888 Swiss Franc
1 Philippine Peso = 11.92087 Chilean Peso
1 Philippine Peso = 0.1215 Chinese Yuan
1 Philippine Peso = 54.23245 Colombian Peso
1 Philippine Peso = 10.69241 Costa Rica Colon
1 Philippine Peso = 0.01902 Cuban Peso
1 Philippine Peso = 1.79018 Cape Verde Escudo
1 Philippine Peso = 0.41871 Czech Koruna
1 Philippine Peso = 3.37645 Djibouti Franc
1 Philippine Peso = 0.12092 Danish Krone
1 Philippine Peso = 0.9416 Dominican Peso
1 Philippine Peso = 2.20987 Algerian Dinar
1 Philippine Peso = 0.25394 Estonian Kroon
1 Philippine Peso = 0.33993 Egyptian Pound
1 Philippine Peso = 0.51779 Ethiopian Birr
1 Philippine Peso = 0.01623 Euro
1 Philippine Peso = 0.03907 Fiji Dollar
1 Philippine Peso = 0.01422 Falkland Islands Pound
1 Philippine Peso = 0.01425 British Pound
1 Philippine Peso = 0.08823 Ghanaian Cedi
1 Philippine Peso = 0.89024 Gambian Dalasi
1 Philippine Peso = 171.23835 Guinea Franc
1 Philippine Peso = 0.13955 Guatemala Quetzal
1 Philippine Peso = 3.93875 Guyana Dollar
1 Philippine Peso = 0.14924 Hong Kong Dollar
1 Philippine Peso = 0.45305 Honduras Lempira
1 Philippine Peso = 0.11993 Croatian Kuna
1 Philippine Peso = 1.23264 Haiti Gourde
1 Philippine Peso = 5.18261 Hungarian Forint
1 Philippine Peso = 268.49914 Indonesian Rupiah
1 Philippine Peso = 0.06761 Israeli Shekel
1 Philippine Peso = 1.28921 Indian Rupee
1 Philippine Peso = 22.52235 Iraqi Dinar
1 Philippine Peso = 800.64676 Iran Rial
1 Philippine Peso = 2.00476 Iceland Krona
1 Philippine Peso = 2.38368 Jamaican Dollar
1 Philippine Peso = 0.01348 Jordanian Dinar
1 Philippine Peso = 2.08195 Japanese Yen
1 Philippine Peso = 1.91839 Kenyan Shilling
1 Philippine Peso = 1.2975 Kyrgyzstan Som
1 Philippine Peso = 77.23036 Cambodia Riel
1 Philippine Peso = 7.96595 Comoros Franc
1 Philippine Peso = 17.12003 North Korean Won
1 Philippine Peso = 20.46376 Korean Won
1 Philippine Peso = 0.00575 Kuwaiti Dinar
1 Philippine Peso = 0.0156 Cayman Islands Dollar
1 Philippine Peso = 6.24805 Kazakhstan Tenge
1 Philippine Peso = 158.41735 Lao Kip
1 Philippine Peso = 28.6285 Lebanese Pound
1 Philippine Peso = 3.00552 Sri Lanka Rupee
1 Philippine Peso = 2.59102 Liberian Dollar
1 Philippine Peso = 0.23569 Lesotho Loti
1 Philippine Peso = 0.05799 Lithuanian Lita
1 Philippine Peso = 0.0118 Latvian Lat
1 Philippine Peso = 0.02586 Libyan Dinar
1 Philippine Peso = 0.18008 Moroccan Dirham
1 Philippine Peso = 0.31929 Moldovan Leu
1 Philippine Peso = 0.99391 Macedonian Denar
1 Philippine Peso = 25.77516 Myanmar Kyat
1 Philippine Peso = 45.76412 Mongolian Tugrik
1 Philippine Peso = 0.15373 Macau Pataca
1 Philippine Peso = 6.73388 Mauritania Ougulya
1 Philippine Peso = 0.65627 Mauritius Rupee
1 Philippine Peso = 0.29618 Maldives Rufiyaa
1 Philippine Peso = 13.63553 Malawi Kwacha
1 Philippine Peso = 0.37196 Mexican Peso
1 Philippine Peso = 0.07566 Malaysian Ringgit
1 Philippine Peso = 0.23683 Namibian Dollar
1 Philippine Peso = 6.82899 Nigerian Naira
1 Philippine Peso = 0.59717 Nicaragua Cordoba
1 Philippine Peso = 0.15404 Norwegian Krone
1 Philippine Peso = 2.06962 Nepalese Rupee
1 Philippine Peso = 0.02745 New Zealand Dollar
1 Philippine Peso = 0.00732 Omani Rial
1 Philippine Peso = 0.01902 Panama Balboa
1 Philippine Peso = 0.0621 Peruvian Nuevo Sol
1 Philippine Peso = 0.06201 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.19897 Pakistani Rupee
1 Philippine Peso = 0.06975 Polish Zloty
1 Philippine Peso = 108.10348 Paraguayan Guarani
1 Philippine Peso = 0.06924 Qatar Rial
1 Philippine Peso = 0.0751 Romanian New Leu
1 Philippine Peso = 1.17631 Russian Rouble
1 Philippine Peso = 16.13468 Rwanda Franc
1 Philippine Peso = 0.07134 Saudi Arabian Riyal
1 Philippine Peso = 0.15092 Solomon Islands Dollar
1 Philippine Peso = 0.25547 Seychelles Rupee
1 Philippine Peso = 0.34155 Sudanese Pound
1 Philippine Peso = 0.16566 Swedish Krona
1 Philippine Peso = 0.02546 Singapore Dollar
1 Philippine Peso = 0.01422 St Helena Pound
1 Philippine Peso = 0.42241 Slovak Koruna
1 Philippine Peso = 149.32471 Sierra Leone Leone
1 Philippine Peso = 10.69051 Somali Shilling
1 Philippine Peso = 397.78391 Sao Tome Dobra
1 Philippine Peso = 0.16644 El Salvador Colon
1 Philippine Peso = 9.79608 Syrian Pound
1 Philippine Peso = 0.23678 Swaziland Lilageni
1 Philippine Peso = 0.60662 Thai Baht
1 Philippine Peso = 0.0483 Tunisian Dinar
1 Philippine Peso = 0.04363 Tongan paʻanga
1 Philippine Peso = 0.08961 Turkish Lira
1 Philippine Peso = 0.1286 Trinidad Tobago Dollar
1 Philippine Peso = 0.56886 Taiwan Dollar
1 Philippine Peso = 43.27563 Tanzanian Shilling
1 Philippine Peso = 0.49705 Ukraine Hryvnia
1 Philippine Peso = 71.0291 Ugandan Shilling
1 Philippine Peso = 0.01902 United States Dollar
1 Philippine Peso = 0.5933 Uruguayan New Peso
1 Philippine Peso = 151.83565 Uzbekistan Sum
1 Philippine Peso = 1494.25528 Venezuelan Bolivar
1 Philippine Peso = 433.30797 Vietnam Dong
1 Philippine Peso = 2.03595 Vanuatu Vatu
1 Philippine Peso = 0.04914 Samoa Tala
1 Philippine Peso = 10.63667 CFA Franc (BEAC)
1 Philippine Peso = 0.05136 East Caribbean Dollar
1 Philippine Peso = 10.63667 CFA Franc (BCEAO)
1 Philippine Peso = 1.926 Pacific Franc
1 Philippine Peso = 4.75366 Yemen Riyal
1 Philippine Peso = 0.23681 South African Rand
1 Philippine Peso = 98.716 Zambian Kwacha
1 Philippine Peso = 6.88415 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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