November 25, 2017, 1:24 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

Tax reform: Kinder to poor, just to rich

The Duterte administration plans to reform the revenue system to be “kinder to the poor and just to the rich,” the country’s finance chief said. Carlos Dominguez, finance secretary, said in a few weeks, the government should be able to find the proper rebalancing between lower tax rates and a broader tax base.

“Give us a little more time. Surely, towards the end of the year, we should be able to sit down with our colleagues in the legislature and craft a revenue system that is kinder to the poor and just to the rich,” Dominguez said.

“You will note that most of the ideas are open-ended. That is because most of the answers are yet to be found,” he added.

Among the tax measures being reviewed for inclusion are the increase in excise tax on petroleum products, lowering of the personal income tax and corporate tax rates, the all-in P1 million income tax exemption, fiscal incentives rationalization, and the easing of the bank secrecy law.

“The previous administration clung to the obsolete tax rates because it could find no substitute for them. It did not want to lose the much-vaunted credit ratings – although these were won largely by the fiscal policies of the Arroyo administration,” Dominguez said.

“These led to certain distortions in our public finance policy. Government borrowed but was hesitant to spend. This produced chronic underspending and a severe shortfall in infrastructure,” he added.

The above-mentioned possible tax measures however are similar to those included in the comprehensive tax reform study of the Department of Finance (DOF), then under the leadership of Cesar Purisima, former finance secretary.

Purisima’s tax reform package was presented just less than two months before the end of the Aquino administration’s term.

Purisima then said the study will be passed on “for the new leadership to consider taking forward.”

But Dominguez said he is against the increase in value-added tax (VAT) to 14 percent from the current level of 12 percent, as included in Purisima’s study.

The current finance chief said VAT collections can be doubled simply by being more efficient in collecting it.

“There has to be a way for government to lower rates while broadening the tax base. We have examined the numbers. I am sure there is a way to keep the budget balanced while growing the middle class,” Dominguez said.

Paola Alvarez, DOF spokesperson, also said the current administration is looking at imposing excise tax on sweetened-beverages to offset possible losses brought by the proposed reduction in individual and corporate income taxes.

Alvarez said despite plans to slash rates, the government’s tax reform package will remain net revenue positive.

“We think that if we propose a new tax package then the taxpayers will not hesitate to pay their taxes correctly because the losses of the government are mostly from tax evasion, tax fraud, and corruption from the revenue generating agencies,” Alvarez said.

She added it is “doable” to have the tax reform package passed into law within the first year of the Duterte administration.

“We think it is doable because we already have the tax proposal since the previous administration so we just have to refile them, collect them, and then we just have to see to it that the concerns of the different sectors will be addressed,” Alvarez said.In an earlier statement, the Tax Management Association of the Philippines (TMAP) said with the clear pronouncements of President Duterte, the group does not see “any reason why the passage of the comprehensive tax measure will not materialize during the early part of his term.”

“The relaxation of the bank secrecy law as well as the simplification and improvement of the efficiency of our tax system are reforms directed to increase voluntary compliance by taxpayers, increase the tax base, and consequently increase tax collection,” TMAP said.

“With the lowering of the income tax rates, which will result in revenue erosion, the need to significantly increase the tax base and improve voluntary compliance cannot be overemphasized. This is where all of us can help push for tax reform by having a tax-conscious, vigilant, and involved mindset,” the group added.
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