November 23, 2017, 1:05 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

Taxation in Asean

ECONOMIES in the Association of Southeast Asian Nations need not have uniform tax rates in order to benefit from  integration under the Asean Economic Community (AEC), the country’s chief economist said.

To fully enjoy the benefits of the integration, Asean countries should be competitive in infrastructure, wages, labor efficiency, management efficiency, and costs of production, including taxes, said Gil Beltran, undersecretary of the Department of Finance (DOF) chief economist.

“You don’t need to zero out your taxes to be competitive. There are other production costs aside from taxes,” Beltran  said in an e-mail interview.

Instead, Beltran said,  governments have  to harmonize rules on taxation to avoid friction and overlaps. 

“Cross-border transactions need to be defined clearly and a streamlined process needs to be put in place to ensure that there will be no leakages and overlaps,” Beltran said.

“The costs of complying with tax obligations have to be kept low enough so that the benefits of integration are not eroded,” he added.

Beltran said  with the AEC, which is set to begin at the end of 2015, opportunities for consumers and investors will broaden. 

The envisioned AEC rests on four main pillars: the establishment of a single market and production base; greater competition within the region; equitable development for all; and enhanced integration into the global economy.

“The market will be bigger in size and growth (would be) much faster. There will be more competition but success in the competitive process will be rewarded,” Beltran said.

“It will take some time before the full effect will be felt because there are lags in responses but eventually, the effect will seep in,” he added.

Beltran, however, said  there are several bottlenecks that need to be addressed with the integration of Asean economies.

These are the lack of infrastructure, information, legal constraints, and differences in language and culture. 

“Investors and consumers will need to understand the market fully before they can fully take advantage of opportunities created by integration,” Beltran said.

Finance Secretary Cesar Purisima previously said that in light of efforts to accelerate Asean integration and to boost Philippine competitiveness, the DOF is open  to a change in the tax system, particularly in the income tax structure.

“Lowering income tax rates will attract even more foreign investors into the country but will be detrimental to our fiscal health if they are not offset by revenue-generating measures,” Purisima  said.

“Hence, we remain resolute in our stand that any tax reform pursued must be holistic, revenue-neutral, and equitable so all Filipinos may continue to benefit from a robust fiscal position. This is the mindset that we possess as we engage in discussions with legislators concerning tax reform,” he added.

Purisima said  in light of the upcoming Asean  integration, there is broad agreement on the need for international cooperation and multilateral instruments as strategies to boost tax administration and compliance. 

The Philippines has among the highest effective tax rates in Asean. But tax effort --- tax revenue to GDP ratio – is lower than those of its regional peers, at 13.7 percent in 2013.

“Tax systems must raise revenues to benefit the areas and communities where businesses operate and profit from,” Beltran said.

“Tax policy must therefore not only be simple, progressive, and equitable, it must consider environmental and social justice as key priorities as well,” he added.

For her part, Bureau of Internal Revenue Commissioner Kim Henares said  living in an increasingly globalized world requires governments to adapt and update tax policy and enforcement strategies. 

“International cooperation is key if we want to raise sustainable amounts of revenues to continue funding growth and investments to our people and country,” Henares  said in an earlier interview.

Meanwhile, National Economic and Development Authority director general Arsenio Balisacan earlier said  reforming the tax system and raising tax efforts to levels at par with regional peers is also crucial in sustaining fast-paced growth. 

“Some areas that need further institutional reform include: improving the tax effort among the self-employed and corporations; curbing smuggling; improving the current mining fiscal regime; and rationalizing fiscal incentive,” Balisacan said.

The NEDA chief said  Asean has come a long way to realizing goals especially in the past decade. 

“AEC is all about deeper economic integration with our regional neighbors, in view of even deeper integration for the Borderless Asean Community by 2030,” Balisacan said.

“As early as January 2010, more than 99 percent of tariff lines between Asean-6 Member Countries have been brought down to zero in line with the goals of the Asean Free Trade Area or AFTA. Efforts are underway to hasten the elimination of non-tariff barriers,” he added.

The NEDA chief also noted  that the Asean has forged free trade agreements with key global players, namely China, India, Japan, South Korea, Australia, and New Zealand, to bolster the region’s position in the international stage.

“While several reforms have been instituted in the Philippines putting it in a favorable position to benefit from AEC, many developmental constraints still need to be addressed to maximize our gains from AEC, especially in opening up investments, accelerating infrastructure development, and generating high-quality jobs,” Balisacan said.

The NEDA chief said that while low-hanging fruits are within reach, some policy reforms are “much easier said than done.” 

“In truth, many of these crucial reforms should have been done decades ago, but the AEC 2015 is a welcome deadline highlighting their importance and adding pressure to their urgency,” Balisacan said.
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