July 18, 2018, 12:16 pm
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1 Philippine Peso = 0.06864 UAE Dirham
1 Philippine Peso = 2.00897 Albanian Lek
1 Philippine Peso = 0.03439 Neth Antilles Guilder
1 Philippine Peso = 0.50824 Argentine Peso
1 Philippine Peso = 0.02516 Australian Dollar
1 Philippine Peso = 0.03326 Aruba Florin
1 Philippine Peso = 0.03738 Barbados Dollar
1 Philippine Peso = 1.56345 Bangladesh Taka
1 Philippine Peso = 0.03139 Bulgarian Lev
1 Philippine Peso = 0.00707 Bahraini Dinar
1 Philippine Peso = 32.72248 Burundi Franc
1 Philippine Peso = 0.01869 Bermuda Dollar
1 Philippine Peso = 0.02526 Brunei Dollar
1 Philippine Peso = 0.1282 Bolivian Boliviano
1 Philippine Peso = 0.07195 Brazilian Real
1 Philippine Peso = 0.01869 Bahamian Dollar
1 Philippine Peso = 1.282 Bhutan Ngultrum
1 Philippine Peso = 0.19138 Botswana Pula
1 Philippine Peso = 374.13568 Belarus Ruble
1 Philippine Peso = 0.03734 Belize Dollar
1 Philippine Peso = 0.02459 Canadian Dollar
1 Philippine Peso = 0.01871 Swiss Franc
1 Philippine Peso = 12.14969 Chilean Peso
1 Philippine Peso = 0.12502 Chinese Yuan
1 Philippine Peso = 53.37133 Colombian Peso
1 Philippine Peso = 10.54401 Costa Rica Colon
1 Philippine Peso = 0.01869 Cuban Peso
1 Philippine Peso = 1.76603 Cape Verde Escudo
1 Philippine Peso = 0.4139 Czech Koruna
1 Philippine Peso = 3.31714 Djibouti Franc
1 Philippine Peso = 0.11919 Danish Krone
1 Philippine Peso = 0.92375 Dominican Peso
1 Philippine Peso = 2.19884 Algerian Dinar
1 Philippine Peso = 0.25015 Estonian Kroon
1 Philippine Peso = 0.3334 Egyptian Pound
1 Philippine Peso = 0.51037 Ethiopian Birr
1 Philippine Peso = 0.01599 Euro
1 Philippine Peso = 0.03902 Fiji Dollar
1 Philippine Peso = 0.01411 Falkland Islands Pound
1 Philippine Peso = 0.01412 British Pound
1 Philippine Peso = 0.08949 Ghanaian Cedi
1 Philippine Peso = 0.88526 Gambian Dalasi
1 Philippine Peso = 168.36105 Guinea Franc
1 Philippine Peso = 0.13998 Guatemala Quetzal
1 Philippine Peso = 3.87012 Guyana Dollar
1 Philippine Peso = 0.14665 Hong Kong Dollar
1 Philippine Peso = 0.44715 Honduras Lempira
1 Philippine Peso = 0.11858 Croatian Kuna
1 Philippine Peso = 1.25939 Haiti Gourde
1 Philippine Peso = 5.1596 Hungarian Forint
1 Philippine Peso = 268.604 Indonesian Rupiah
1 Philippine Peso = 0.06791 Israeli Shekel
1 Philippine Peso = 1.27993 Indian Rupee
1 Philippine Peso = 22.12671 Iraqi Dinar
1 Philippine Peso = 807.13885 Iran Rial
1 Philippine Peso = 2.0015 Iceland Krona
1 Philippine Peso = 2.42478 Jamaican Dollar
1 Philippine Peso = 0.01324 Jordanian Dinar
1 Philippine Peso = 2.09923 Japanese Yen
1 Philippine Peso = 1.87722 Kenyan Shilling
1 Philippine Peso = 1.27646 Kyrgyzstan Som
1 Philippine Peso = 75.63072 Cambodia Riel
1 Philippine Peso = 7.88806 Comoros Franc
1 Philippine Peso = 16.81929 North Korean Won
1 Philippine Peso = 21.08952 Korean Won
1 Philippine Peso = 0.00566 Kuwaiti Dinar
1 Philippine Peso = 0.01532 Cayman Islands Dollar
1 Philippine Peso = 6.39993 Kazakhstan Tenge
1 Philippine Peso = 157.01738 Lao Kip
1 Philippine Peso = 28.13493 Lebanese Pound
1 Philippine Peso = 2.97982 Sri Lanka Rupee
1 Philippine Peso = 2.97197 Liberian Dollar
1 Philippine Peso = 0.24762 Lesotho Loti
1 Philippine Peso = 0.05697 Lithuanian Lita
1 Philippine Peso = 0.0116 Latvian Lat
1 Philippine Peso = 0.02562 Libyan Dinar
1 Philippine Peso = 0.17688 Moroccan Dirham
1 Philippine Peso = 0.31088 Moldovan Leu
1 Philippine Peso = 0.98075 Macedonian Denar
1 Philippine Peso = 26.55578 Myanmar Kyat
1 Philippine Peso = 45.74846 Mongolian Tugrik
1 Philippine Peso = 0.15104 Macau Pataca
1 Philippine Peso = 6.63427 Mauritania Ougulya
1 Philippine Peso = 0.6382 Mauritius Rupee
1 Philippine Peso = 0.29097 Maldives Rufiyaa
1 Philippine Peso = 13.33283 Malawi Kwacha
1 Philippine Peso = 0.35287 Mexican Peso
1 Philippine Peso = 0.07569 Malaysian Ringgit
1 Philippine Peso = 0.24767 Namibian Dollar
1 Philippine Peso = 6.69034 Nigerian Naira
1 Philippine Peso = 0.58456 Nicaragua Cordoba
1 Philippine Peso = 0.15155 Norwegian Krone
1 Philippine Peso = 2.04691 Nepalese Rupee
1 Philippine Peso = 0.02764 New Zealand Dollar
1 Philippine Peso = 0.00719 Omani Rial
1 Philippine Peso = 0.01869 Panama Balboa
1 Philippine Peso = 0.06103 Peruvian Nuevo Sol
1 Philippine Peso = 0.06077 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.27135 Pakistani Rupee
1 Philippine Peso = 0.06898 Polish Zloty
1 Philippine Peso = 106.5969 Paraguayan Guarani
1 Philippine Peso = 0.06802 Qatar Rial
1 Philippine Peso = 0.07424 Romanian New Leu
1 Philippine Peso = 1.1686 Russian Rouble
1 Philippine Peso = 15.92992 Rwanda Franc
1 Philippine Peso = 0.07008 Saudi Arabian Riyal
1 Philippine Peso = 0.14699 Solomon Islands Dollar
1 Philippine Peso = 0.25089 Seychelles Rupee
1 Philippine Peso = 0.33555 Sudanese Pound
1 Philippine Peso = 0.16567 Swedish Krona
1 Philippine Peso = 0.02551 Singapore Dollar
1 Philippine Peso = 0.01412 St Helena Pound
1 Philippine Peso = 0.41499 Slovak Koruna
1 Philippine Peso = 153.24238 Sierra Leone Leone
1 Philippine Peso = 10.65221 Somali Shilling
1 Philippine Peso = 391.8333 Sao Tome Dobra
1 Philippine Peso = 0.16352 El Salvador Colon
1 Philippine Peso = 9.624 Syrian Pound
1 Philippine Peso = 0.24803 Swaziland Lilageni
1 Philippine Peso = 0.62213 Thai Baht
1 Philippine Peso = 0.04953 Tunisian Dinar
1 Philippine Peso = 0.04334 Tongan paʻanga
1 Philippine Peso = 0.09042 Turkish Lira
1 Philippine Peso = 0.12621 Trinidad Tobago Dollar
1 Philippine Peso = 0.57118 Taiwan Dollar
1 Philippine Peso = 42.3846 Tanzanian Shilling
1 Philippine Peso = 0.48981 Ukraine Hryvnia
1 Philippine Peso = 69.93085 Ugandan Shilling
1 Philippine Peso = 0.01869 United States Dollar
1 Philippine Peso = 0.58568 Uruguayan New Peso
1 Philippine Peso = 145.44945 Uzbekistan Sum
1 Philippine Peso = 2236.96505 Venezuelan Bolivar
1 Philippine Peso = 430.74192 Vietnam Dong
1 Philippine Peso = 2.06036 Vanuatu Vatu
1 Philippine Peso = 0.04858 Samoa Tala
1 Philippine Peso = 10.48103 CFA Franc (BEAC)
1 Philippine Peso = 0.05046 East Caribbean Dollar
1 Philippine Peso = 10.48103 CFA Franc (BCEAO)
1 Philippine Peso = 1.90563 Pacific Franc
1 Philippine Peso = 4.66922 Yemen Riyal
1 Philippine Peso = 0.24782 South African Rand
1 Philippine Peso = 96.98187 Zambian Kwacha
1 Philippine Peso = 6.76322 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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