November 24, 2017, 12:42 am
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1 Philippine Peso = 0.07222 UAE Dirham
1 Philippine Peso = 2.23697 Albanian Lek
1 Philippine Peso = 0.035 Neth Antilles Guilder
1 Philippine Peso = 0.34334 Argentine Peso
1 Philippine Peso = 0.02609 Australian Dollar
1 Philippine Peso = 0.035 Aruba Florin
1 Philippine Peso = 0.03933 Barbados Dollar
1 Philippine Peso = 1.63992 Bangladesh Taka
1 Philippine Peso = 0.03265 Bulgarian Lev
1 Philippine Peso = 0.00741 Bahraini Dinar
1 Philippine Peso = 34.27689 Burundi Franc
1 Philippine Peso = 0.01967 Bermuda Dollar
1 Philippine Peso = 0.02668 Brunei Dollar
1 Philippine Peso = 0.13491 Bolivian Boliviano
1 Philippine Peso = 0.06405 Brazilian Real
1 Philippine Peso = 0.01967 Bahamian Dollar
1 Philippine Peso = 1.28171 Bhutan Ngultrum
1 Philippine Peso = 0.20626 Botswana Pula
1 Philippine Peso = 393.707 Belarus Ruble
1 Philippine Peso = 0.03929 Belize Dollar
1 Philippine Peso = 0.0252 Canadian Dollar
1 Philippine Peso = 0.01953 Swiss Franc
1 Philippine Peso = 12.51721 Chilean Peso
1 Philippine Peso = 0.13055 Chinese Yuan
1 Philippine Peso = 59.27237 Colombian Peso
1 Philippine Peso = 11.06096 Costa Rica Colon
1 Philippine Peso = 0.01967 Cuban Peso
1 Philippine Peso = 1.84798 Cape Verde Escudo
1 Philippine Peso = 0.42782 Czech Koruna
1 Philippine Peso = 3.47748 Djibouti Franc
1 Philippine Peso = 0.12472 Danish Krone
1 Philippine Peso = 0.93215 Dominican Peso
1 Philippine Peso = 2.25679 Algerian Dinar
1 Philippine Peso = 0.26216 Estonian Kroon
1 Philippine Peso = 0.34612 Egyptian Pound
1 Philippine Peso = 0.53196 Ethiopian Birr
1 Philippine Peso = 0.01676 Euro
1 Philippine Peso = 0.0411 Fiji Dollar
1 Philippine Peso = 0.01485 Falkland Islands Pound
1 Philippine Peso = 0.01485 British Pound
1 Philippine Peso = 0.09043 Ghanaian Cedi
1 Philippine Peso = 0.92566 Gambian Dalasi
1 Philippine Peso = 176.89283 Guinea Franc
1 Philippine Peso = 0.14439 Guatemala Quetzal
1 Philippine Peso = 4.01731 Guyana Dollar
1 Philippine Peso = 0.15359 Hong Kong Dollar
1 Philippine Peso = 0.46264 Honduras Lempira
1 Philippine Peso = 0.12608 Croatian Kuna
1 Philippine Peso = 1.21691 Haiti Gourde
1 Philippine Peso = 5.23442 Hungarian Forint
1 Philippine Peso = 266.33236 Indonesian Rupiah
1 Philippine Peso = 0.06904 Israeli Shekel
1 Philippine Peso = 1.28012 Indian Rupee
1 Philippine Peso = 22.94985 Iraqi Dinar
1 Philippine Peso = 692.86138 Iran Rial
1 Philippine Peso = 2.03638 Iceland Krona
1 Philippine Peso = 2.46903 Jamaican Dollar
1 Philippine Peso = 0.01391 Jordanian Dinar
1 Philippine Peso = 2.2151 Japanese Yen
1 Philippine Peso = 2.03441 Kenyan Shilling
1 Philippine Peso = 1.37082 Kyrgyzstan Som
1 Philippine Peso = 78.99705 Cambodia Riel
1 Philippine Peso = 8.32547 Comoros Franc
1 Philippine Peso = 17.69912 North Korean Won
1 Philippine Peso = 21.59685 Korean Won
1 Philippine Peso = 0.00593 Kuwaiti Dinar
1 Philippine Peso = 0.01613 Cayman Islands Dollar
1 Philippine Peso = 6.50443 Kazakhstan Tenge
1 Philippine Peso = 163.16618 Lao Kip
1 Philippine Peso = 29.60669 Lebanese Pound
1 Philippine Peso = 3.02262 Sri Lanka Rupee
1 Philippine Peso = 2.44897 Liberian Dollar
1 Philippine Peso = 0.2763 Lesotho Loti
1 Philippine Peso = 0.05995 Lithuanian Lita
1 Philippine Peso = 0.0122 Latvian Lat
1 Philippine Peso = 0.02689 Libyan Dinar
1 Philippine Peso = 0.18578 Moroccan Dirham
1 Philippine Peso = 0.34307 Moldovan Leu
1 Philippine Peso = 1.02635 Macedonian Denar
1 Philippine Peso = 26.80433 Myanmar Kyat
1 Philippine Peso = 47.94494 Mongolian Tugrik
1 Philippine Peso = 0.15822 Macau Pataca
1 Philippine Peso = 6.90266 Mauritania Ougulya
1 Philippine Peso = 0.6647 Mauritius Rupee
1 Philippine Peso = 0.30619 Maldives Rufiyaa
1 Philippine Peso = 14.0885 Malawi Kwacha
1 Philippine Peso = 0.37348 Mexican Peso
1 Philippine Peso = 0.08155 Malaysian Ringgit
1 Philippine Peso = 0.27622 Namibian Dollar
1 Philippine Peso = 7.00098 Nigerian Naira
1 Philippine Peso = 0.60177 Nicaragua Cordoba
1 Philippine Peso = 0.16317 Norwegian Krone
1 Philippine Peso = 2.03638 Nepalese Rupee
1 Philippine Peso = 0.02891 New Zealand Dollar
1 Philippine Peso = 0.00756 Omani Rial
1 Philippine Peso = 0.01967 Panama Balboa
1 Philippine Peso = 0.06359 Peruvian Nuevo Sol
1 Philippine Peso = 0.06374 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.06568 Pakistani Rupee
1 Philippine Peso = 0.07087 Polish Zloty
1 Philippine Peso = 110.87513 Paraguayan Guarani
1 Philippine Peso = 0.07473 Qatar Rial
1 Philippine Peso = 0.07785 Romanian New Leu
1 Philippine Peso = 1.16841 Russian Rouble
1 Philippine Peso = 16.36755 Rwanda Franc
1 Philippine Peso = 0.07374 Saudi Arabian Riyal
1 Philippine Peso = 0.15449 Solomon Islands Dollar
1 Philippine Peso = 0.26735 Seychelles Rupee
1 Philippine Peso = 0.13097 Sudanese Pound
1 Philippine Peso = 0.16686 Swedish Krona
1 Philippine Peso = 0.0267 Singapore Dollar
1 Philippine Peso = 0.01486 St Helena Pound
1 Philippine Peso = 0.4367 Slovak Koruna
1 Philippine Peso = 149.85251 Sierra Leone Leone
1 Philippine Peso = 10.99312 Somali Shilling
1 Philippine Peso = 410.64307 Sao Tome Dobra
1 Philippine Peso = 0.17207 El Salvador Colon
1 Philippine Peso = 10.12743 Syrian Pound
1 Philippine Peso = 0.27624 Swaziland Lilageni
1 Philippine Peso = 0.64562 Thai Baht
1 Philippine Peso = 0.04905 Tunisian Dinar
1 Philippine Peso = 0.04547 Tongan paʻanga
1 Philippine Peso = 0.07723 Turkish Lira
1 Philippine Peso = 0.13037 Trinidad Tobago Dollar
1 Philippine Peso = 0.59133 Taiwan Dollar
1 Philippine Peso = 43.93314 Tanzanian Shilling
1 Philippine Peso = 0.51976 Ukraine Hryvnia
1 Philippine Peso = 71.28811 Ugandan Shilling
1 Philippine Peso = 0.01967 United States Dollar
1 Philippine Peso = 0.57699 Uruguayan New Peso
1 Philippine Peso = 158.89873 Uzbekistan Sum
1 Philippine Peso = 0.19617 Venezuelan Bolivar
1 Philippine Peso = 446.39136 Vietnam Dong
1 Philippine Peso = 2.10089 Vanuatu Vatu
1 Philippine Peso = 0.05108 Samoa Tala
1 Philippine Peso = 10.98368 CFA Franc (BEAC)
1 Philippine Peso = 0.0531 East Caribbean Dollar
1 Philippine Peso = 10.988 CFA Franc (BCEAO)
1 Philippine Peso = 1.98682 Pacific Franc
1 Philippine Peso = 4.91504 Yemen Riyal
1 Philippine Peso = 0.2763 South African Rand
1 Philippine Peso = 102.05507 Zambian Kwacha
1 Philippine Peso = 7.11701 Zimbabwe dollar

Stronger SMEs with integration

“WE will not wake up to a lot of cheap products.” This, trade officials stressed to allay fears about cheap products and services from our Asean neighbors flooding the local market when Asean integration takes effect at the end of the year. 

Specifically, small and medium enterprises will not be left out or be left behind when the AEC comes into full play, said trade officials. In fact, the Department of Trade and Industry (DTI) has seen liberalization working well for the country, pushing it to be more competitive.

“Many sectors are worried, especially SMES, that after Asean economies integrate, we will be flooded with cheap products. We will not wake up to a lot of cheap products just like that,” said Department of Trade Secretary Gregory L. Domingo.

While AEC aims to establish a single market and production base with free movement of goods, services and investments across the 10 Asean member-countries (AMC) by December 31, 2015, Domingo stressed that free trade has been happening for the past five years,

“Tariffs of more than 90 percent of the products have been reduced to zero since January 1, 2010,” Domingo said. 

Domingo said however that some sectors are expected to have significant challenges with regards traded goods. In agriculture particularly, sugar will be most affected since its tariff would be reduced to 5 percent by this year from 38 percent.

As for rice, Domingo said the effects would not be drastic since from 40 percent the tariff would be down to 35 percent in 2015 and would remain at that level.

Domingo admits there are still sticky issues in Asean concerning non-tariff barriers (NTBs)such as standards or regulations that make it difficult to enter another market even after duties have already been eliminated.

“Asean is doing extra work with regards addressing the NTBs,” he said.
 
Giving SMEs a boost

Considered as the backbone of the Philippine economy, SMEs comprise 99 percent of all enterprises. These certainly need extra boost. To give SMEs a push in Asean, Domingo said government is working on trade facilitation measures that would ensure industries as small as cottage industries and micro enterprises would be part of the supply chain in the flow of goods and services between countries in the region.

Domingo acknowledged that exporting to another Asean country entails tight processes and tedious rules that SMEs might find difficult to comply with, such as the rules of origin.

To enjoy zero duties, products need to have at least 40 percent Asean content.

“We need to fast track the way small industries like processed food manufacturing and handicraft can participate in Asean trade by giving them leeway. Unlike multinational corporations which have an army of accountants and lawyers who can fill out voluminous forms, these small companies do not have resources to do just that,” Domingo said.

Domingo has proposed the creation of super green lanes for SMEs to facilitate shipments with less paper work, and setting de minimis rules allowing minimal requirements for goods traded below a set amount or value.

The Philippines has been pushing fellow Asean members to consider simplifying rules for export such as the rules of origin. This would enable SMEs to gain direct market access to a liberalized region not only as a part of a supply chain but a direct exporter.

The rules of origin require a certification that the product is indeed made from the home country, ensuring that there is no third-party transhipment. A certification earns zero tariffs. Rules of origin are, however, meant for big business.

“Our furniture and handicraft exporters want to export directly but they are so small. What we are pushing within Asean is for them to export freely,” he said. “Rules of origin are designed for big enterprises and not for SMEs. We need to make changes to ensure SMEs participate in an easy manner by making rules very simple for small companies to feel the effect and benefits of (free trade). Without that, it is hard to push the free trade agenda,” Dommngo said another interview. 
 
Surging in services

Even in services, the Philippines is seen to come out ahead. Domingo said Asean since 2007 has been progressively opening up services based on specified threshold. As it is, the region has completed the mutual recognition agreement on services including accountancy, architecture, dental, engineering, medical, nursing, surveyors and tourism.

But those are not regarded as threat to Filipino workers who do similar services. Trade Undersecretary Adrian Cristobal Jr. said services would be opened gradually and cautiously between 51 and 70 except for those covered by Constitutional limits to the extent that foreigners are allowed only 40 percent equity in some sectors.

Those covered by the liberalization include business services, professional services, construction services, education services, environment services, healthcare services, maritime services, maritime transport services among others.

Sectors like financial services are covered by a separate agreement under Asean wherein it would be opened by 2020 consistent with each Asean member-country’s national laws.

Plans are afoot to have one Asean bank admitted in the region. Each country is allowed certain flexibilities in services by exempting 15 percent of some 150 services sectors up for liberalization.”We will come ahead in AEC. We have educated, and capable and loyal Filipinos. The OFW phenomenon is not a fluke, it is real. We have the best value for money,” Domingo said.
 
Enhancing competitiveness

At the forum entitled “Industry Roadmaps and the AEC Game Plan: Regional Roadmaps for Competitiveness” held in Iloilo City last November, Domingo said “the goal is to increase efficiency and maximize productivity to enhance competitiveness. AEC drives us to improve the way we do things.” 

Domingo emphasized the need for industry to understand how global reforms impact on industrial development so that down to the rural communities, MSMEs, are assured to benefit from Asean integration.

Based on the country’s high GDP growth which is fastest in the region after China, Domingo said that “many of our companies are already competitive given the onslaught of products (from Asean). Our companies are growing.”

Liberalization has worked very well for the Philippines, in general. “It made many of our sectors competitive regionally and globally, allowing us to outperform in many sector,” Domingo said but added that many industries still need to be moved.

The Philippines, he said, is already competitive in electronics, information communication technology, high-end garments, and furniture.

“We welcome continued liberalization. In fact in the enabling trade survey of the WEF (World Economic Forum) we ranked very high at the globally in terms of  least barriers to trade. We will continue to take that position,” he said.
 
High compliance 

The Philippines in fact has one of the highest level of compliance in the commitments provided for under the AEC.

As Asean’s average  rate  compliance is between  84 and  89 percent, Cristobal said of the 439 measures specified in the AEC Blueprint commitments, the Philippines has a compliance rate of 87 percent as of 2013. 
 
Collaboration

Cristobal said there is a need for collaboration “to harmonize and complement the initiatives of both the government and private sector - where all players come together, converging on a coordinated plan and movement to achieve a goal or objective.”

“While government has already taken steps to enhance the country’s competitiveness through industry development roadmaps and appropriate policy reforms, it is equally important to communicate both the opportunities and challenges of the AEC to guide businesses,government agencies, and civil society.” Cristobal added.

Domingo echoed Cristobal’s call for collaboration. “The ball is in our court, so to speak. And we need to level up our game, intensify our strategic initiatives, and adopt a unified approach,” Domingo said in one of the fora on AEC.

Government seeks to further enhance the country’s competitiveness through policy and program initiatives that strengthen local industries. This endeavor is based on the strengthened partnership of government and the private sector. Areas covered by these initiatives: simplifying government transactions; ensuring transparency in bidding of government projects; developing industry roadmaps; fixing tariff distortions; enhancing infrastructure development; and focusing on education and skills training of the Filipino workforce, the backbone of the national economy. 

Domingo added that government is also reviewing its tax regime to make the country even more competitive. 

The DTI has been benchmarking the country’s tax structure against other Asean members, according to Domingo. He said that taxation significantly affects investment decisions.

Business groups, for their part, urged Congress to speed up the crafting of a Competition Law that would prevent anti-competitive business practices, abuse of market power, and anti-competitive mergers and other unfair trade practices; the end-goal: to strengthen local businesses of the integrated economies in Asean.

The Philippine Chamber of Commerce and Industry (PCCI), on the other hand, said that a strong law on fair competition serves as the best defense of local businesses amid the influx of cheap commodities in the region. 

Such a law provides protection to investments flowing into the country. PCCI president Alfredo Yao said, in a seminar-workshop on competition policy and law, that the Competition Law will promote a more open environment for investments and will level the playing field for new entrants and current investors wishing to expand or diversify their investments in the domestic market.
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