April 27, 2018, 6:54 am
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.07067 UAE Dirham
1 Philippine Peso = 2.04214 Albanian Lek
1 Philippine Peso = 0.03425 Neth Antilles Guilder
1 Philippine Peso = 0.39475 Argentine Peso
1 Philippine Peso = 0.02545 Australian Dollar
1 Philippine Peso = 0.03425 Aruba Florin
1 Philippine Peso = 0.03848 Barbados Dollar
1 Philippine Peso = 1.61997 Bangladesh Taka
1 Philippine Peso = 0.03093 Bulgarian Lev
1 Philippine Peso = 0.00725 Bahraini Dinar
1 Philippine Peso = 33.69213 Burundi Franc
1 Philippine Peso = 0.01924 Bermuda Dollar
1 Philippine Peso = 0.02511 Brunei Dollar
1 Philippine Peso = 0.13181 Bolivian Boliviano
1 Philippine Peso = 0.06731 Brazilian Real
1 Philippine Peso = 0.01924 Bahamian Dollar
1 Philippine Peso = 1.27622 Bhutan Ngultrum
1 Philippine Peso = 0.18873 Botswana Pula
1 Philippine Peso = 385.22224 Belarus Ruble
1 Philippine Peso = 0.03844 Belize Dollar
1 Philippine Peso = 0.02475 Canadian Dollar
1 Philippine Peso = 0.01901 Swiss Franc
1 Philippine Peso = 11.59746 Chilean Peso
1 Philippine Peso = 0.12188 Chinese Yuan
1 Philippine Peso = 54.13893 Colombian Peso
1 Philippine Peso = 10.81297 Costa Rica Colon
1 Philippine Peso = 0.01924 Cuban Peso
1 Philippine Peso = 1.75101 Cape Verde Escudo
1 Philippine Peso = 0.40451 Czech Koruna
1 Philippine Peso = 3.40254 Djibouti Franc
1 Philippine Peso = 0.11828 Danish Krone
1 Philippine Peso = 0.95228 Dominican Peso
1 Philippine Peso = 2.20275 Algerian Dinar
1 Philippine Peso = 0.24835 Estonian Kroon
1 Philippine Peso = 0.33981 Egyptian Pound
1 Philippine Peso = 0.52376 Ethiopian Birr
1 Philippine Peso = 0.01587 Euro
1 Philippine Peso = 0.03935 Fiji Dollar
1 Philippine Peso = 0.01378 Falkland Islands Pound
1 Philippine Peso = 0.01381 British Pound
1 Philippine Peso = 0.08579 Ghanaian Cedi
1 Philippine Peso = 0.89994 Gambian Dalasi
1 Philippine Peso = 173.19607 Guinea Franc
1 Philippine Peso = 0.14116 Guatemala Quetzal
1 Philippine Peso = 3.98422 Guyana Dollar
1 Philippine Peso = 0.15097 Hong Kong Dollar
1 Philippine Peso = 0.45338 Honduras Lempira
1 Philippine Peso = 0.11771 Croatian Kuna
1 Philippine Peso = 1.2411 Haiti Gourde
1 Philippine Peso = 4.96671 Hungarian Forint
1 Philippine Peso = 267.13488 Indonesian Rupiah
1 Philippine Peso = 0.06892 Israeli Shekel
1 Philippine Peso = 1.28763 Indian Rupee
1 Philippine Peso = 22.78237 Iraqi Dinar
1 Philippine Peso = 808.15854 Iran Rial
1 Philippine Peso = 1.95209 Iceland Krona
1 Philippine Peso = 2.37271 Jamaican Dollar
1 Philippine Peso = 0.01363 Jordanian Dinar
1 Philippine Peso = 2.10216 Japanese Yen
1 Philippine Peso = 1.92419 Kenyan Shilling
1 Philippine Peso = 1.32033 Kyrgyzstan Som
1 Philippine Peso = 77.1599 Cambodia Riel
1 Philippine Peso = 7.74909 Comoros Franc
1 Philippine Peso = 17.31768 North Korean Won
1 Philippine Peso = 20.73446 Korean Won
1 Philippine Peso = 0.00578 Kuwaiti Dinar
1 Philippine Peso = 0.01578 Cayman Islands Dollar
1 Philippine Peso = 6.31441 Kazakhstan Tenge
1 Philippine Peso = 159.45738 Lao Kip
1 Philippine Peso = 28.95901 Lebanese Pound
1 Philippine Peso = 3.03079 Sri Lanka Rupee
1 Philippine Peso = 2.52088 Liberian Dollar
1 Philippine Peso = 0.23908 Lesotho Loti
1 Philippine Peso = 0.05866 Lithuanian Lita
1 Philippine Peso = 0.01194 Latvian Lat
1 Philippine Peso = 0.02571 Libyan Dinar
1 Philippine Peso = 0.17834 Moroccan Dirham
1 Philippine Peso = 0.3172 Moldovan Leu
1 Philippine Peso = 0.97229 Macedonian Denar
1 Philippine Peso = 25.57245 Myanmar Kyat
1 Philippine Peso = 45.98807 Mongolian Tugrik
1 Philippine Peso = 0.15549 Macau Pataca
1 Philippine Peso = 6.79238 Mauritania Ougulya
1 Philippine Peso = 0.64845 Mauritius Rupee
1 Philippine Peso = 0.2996 Maldives Rufiyaa
1 Philippine Peso = 13.77275 Malawi Kwacha
1 Philippine Peso = 0.36266 Mexican Peso
1 Philippine Peso = 0.07533 Malaysian Ringgit
1 Philippine Peso = 0.239 Namibian Dollar
1 Philippine Peso = 6.90783 Nigerian Naira
1 Philippine Peso = 0.5965 Nicaragua Cordoba
1 Philippine Peso = 0.15376 Norwegian Krone
1 Philippine Peso = 2.05118 Nepalese Rupee
1 Philippine Peso = 0.02719 New Zealand Dollar
1 Philippine Peso = 0.0074 Omani Rial
1 Philippine Peso = 0.01924 Panama Balboa
1 Philippine Peso = 0.06226 Peruvian Nuevo Sol
1 Philippine Peso = 0.06253 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.22244 Pakistani Rupee
1 Philippine Peso = 0.06713 Polish Zloty
1 Philippine Peso = 106.81739 Paraguayan Guarani
1 Philippine Peso = 0.07004 Qatar Rial
1 Philippine Peso = 0.07398 Romanian New Leu
1 Philippine Peso = 1.20728 Russian Rouble
1 Philippine Peso = 16.27497 Rwanda Franc
1 Philippine Peso = 0.07215 Saudi Arabian Riyal
1 Philippine Peso = 0.15075 Solomon Islands Dollar
1 Philippine Peso = 0.25842 Seychelles Rupee
1 Philippine Peso = 0.34734 Sudanese Pound
1 Philippine Peso = 0.1666 Swedish Krona
1 Philippine Peso = 0.02553 Singapore Dollar
1 Philippine Peso = 0.01378 St Helena Pound
1 Philippine Peso = 0.42728 Slovak Koruna
1 Philippine Peso = 150.08659 Sierra Leone Leone
1 Philippine Peso = 10.83317 Somali Shilling
1 Philippine Peso = 389.09177 Sao Tome Dobra
1 Philippine Peso = 0.16837 El Salvador Colon
1 Philippine Peso = 9.90918 Syrian Pound
1 Philippine Peso = 0.23902 Swaziland Lilageni
1 Philippine Peso = 0.60785 Thai Baht
1 Philippine Peso = 0.04673 Tunisian Dinar
1 Philippine Peso = 0.04257 Tongan paʻanga
1 Philippine Peso = 0.07818 Turkish Lira
1 Philippine Peso = 0.13 Trinidad Tobago Dollar
1 Philippine Peso = 0.57066 Taiwan Dollar
1 Philippine Peso = 43.7945 Tanzanian Shilling
1 Philippine Peso = 0.50356 Ukraine Hryvnia
1 Philippine Peso = 71.29113 Ugandan Shilling
1 Philippine Peso = 0.01924 United States Dollar
1 Philippine Peso = 0.54531 Uruguayan New Peso
1 Philippine Peso = 155.05099 Uzbekistan Sum
1 Philippine Peso = 1284.77966 Venezuelan Bolivar
1 Philippine Peso = 438.02193 Vietnam Dong
1 Philippine Peso = 2.04753 Vanuatu Vatu
1 Philippine Peso = 0.04934 Samoa Tala
1 Philippine Peso = 10.40485 CFA Franc (BEAC)
1 Philippine Peso = 0.05195 East Caribbean Dollar
1 Philippine Peso = 10.40485 CFA Franc (BCEAO)
1 Philippine Peso = 1.88359 Pacific Franc
1 Philippine Peso = 4.80854 Yemen Riyal
1 Philippine Peso = 0.23908 South African Rand
1 Philippine Peso = 99.85568 Zambian Kwacha
1 Philippine Peso = 6.96363 Zimbabwe dollar

WHAT NEXT?: EMs sailed through storms in 2017

By Sujata Rao

LONDON- After a year of double-digit returns, one of the key questions for emerging markets in 2018 is whether they will continue to be insulated from one another’s crises.

Contagion, an intrinsic feature of the sector for years, shrank to such an extent that an almost 10 percent drop in Brazil’s currency in a single day in May had little effect on its emerging market peers.

Was that proof investors now treat individual emerging markets on their own merits, rather than as members of a homogenous poor and crisis-prone bloc? Or was it just a function of central bank money-printing and near-zero interest rates?

Both played a part.

Not too long ago, a selloff like that of Brazil’s real currency on May 18 last year would have sent central banks in distant Asia and Africa scrabbling to defend their markets via interest rate rises or dollar sales.

Instead, its Latin American neighbor Chile cut interest rates with little weakening in its currency, while in the Middle East, Oman announced plans for a dollar bond.

Earlier that week, as the corruption scandal which exploded on May 18 brewed in Brazil, “junk”-rated West African state Senegal borrowed $1.1 billion on bond markets.

“Back in 2000, if Philippines sold off in the Asian morning, it meant Russia would sell off in the London morning,” said Steve Cook, co-head of emerging debt at PineBridge Investments.

Cook said his fund did not exit Brazilian markets on May 18, opting instead to shuffle the portfolio towards companies which would benefit from currency weakness.

“Brazil sold off because of political uncertainty but we knew it doesn’t impact Colombia or Peru from a macro perspective.”

But a 2008-style crisis emanating from the United States or China would still spark indiscriminate flight from emerging markets towards “safe” assets such as the Swiss franc, specialists say.

“The single-largest driver of EM performance is and will continue to be - growth. As we are seeing synchronized growth recovery, that’s what is underpinning relatively low contagion,” said Polina Kurdyavko, co-head of emerging markets at BlueBay Asset Management.

Kurdyavko bought Brazilian bonds after the selloff, judging that recovery from economic recession would continue and that “the fundamental story in Brazil is unchanged”.

Around half of the May 18 correction reversed over the following week as local and foreign funds snapped up bargains.

Emerging bonds earned double-digit returns this year, shrugging off Venezuela’s expected default, in a striking contrast to crises in Asia in 1997 or Turkey in 2001, shockwaves from which rippled through the developing world.

Change has been building for a while. There was little contagion from the July 2016 attempted coup in Turkey or Russia’s 2014 meltdown and even in 2013, the so-called Fragile Five developing countries were far worse hit than peers when the United States signaled plans to start unwinding its stimulus.

Russia’s decision on Dec 15 to cut interest rates by half a percent, just two days after the US Federal Reserve raised rates, shows central bank policies are increasingly dictated by their own economic conditions, rather than the Fed.

Mexico and Turkey raised rates a day before Russia’s cut.

Expectations of more US rate rises and the European Central Bank halving its bond buying will test individual emerging economies in 2018, emerging market veterans say.

But the sector as a whole is insulated by sweeping changes within the asset class and its investor base in the past decade.

Improvements made since turn-of-the-century crises are easy to pinpoint - inflation-targeting central banks, floating currencies, and borrowing that is now 80 percent denominated in emerging currencies rather than dollars.

Increasing numbers of investors have also come to view emerging markets as a structural rather than short-term trade.

That includes many Western pension funds which a decade back may have shunned emerging markets as too risky but are now raising exposure to benefit from the high yields on offer. - Reuters
Category: 
Rating: 
No votes yet

Column of the Day

No unifying factor

By DODY LACUNA | April 27,2018
‘The huge appeasement that caught both peoples by surprise virtually ended years of racial and political tensions.’

Opinion of the Day

White wheat arina vs NFRI healthy vegie arina

By DAHLI ASPILLERA | April 27, 2018
‘Simplio Umali Jr.: Instead of nutrient-devoid white wheat flour bought from abroad, please learn to use our nutritious NFRI veggie flours to patronize local farmers; for healthier Filipinos.’