January 20, 2018, 4:56 am
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1 Philippine Peso = 0.07263 UAE Dirham
1 Philippine Peso = 2.14992 Albanian Lek
1 Philippine Peso = 0.03521 Neth Antilles Guilder
1 Philippine Peso = 0.37318 Argentine Peso
1 Philippine Peso = 0.02474 Australian Dollar
1 Philippine Peso = 0.03521 Aruba Florin
1 Philippine Peso = 0.03956 Barbados Dollar
1 Philippine Peso = 1.63687 Bangladesh Taka
1 Philippine Peso = 0.03163 Bulgarian Lev
1 Philippine Peso = 0.00745 Bahraini Dinar
1 Philippine Peso = 34.63172 Burundi Franc
1 Philippine Peso = 0.01978 Bermuda Dollar
1 Philippine Peso = 0.02627 Brunei Dollar
1 Philippine Peso = 0.13568 Bolivian Boliviano
1 Philippine Peso = 0.06382 Brazilian Real
1 Philippine Peso = 0.01978 Bahamian Dollar
1 Philippine Peso = 1.25445 Bhutan Ngultrum
1 Philippine Peso = 0.19324 Botswana Pula
1 Philippine Peso = 395.96518 Belarus Ruble
1 Philippine Peso = 0.03951 Belize Dollar
1 Philippine Peso = 0.02456 Canadian Dollar
1 Philippine Peso = 0.01896 Swiss Franc
1 Philippine Peso = 11.96895 Chilean Peso
1 Philippine Peso = 0.12736 Chinese Yuan
1 Philippine Peso = 56.62579 Colombian Peso
1 Philippine Peso = 11.15506 Costa Rica Colon
1 Philippine Peso = 0.01978 Cuban Peso
1 Philippine Peso = 1.77275 Cape Verde Escudo
1 Philippine Peso = 0.40883 Czech Koruna
1 Philippine Peso = 3.49743 Djibouti Franc
1 Philippine Peso = 0.1197 Danish Krone
1 Philippine Peso = 0.95886 Dominican Peso
1 Philippine Peso = 2.24462 Algerian Dinar
1 Philippine Peso = 0.25141 Estonian Kroon
1 Philippine Peso = 0.34978 Egyptian Pound
1 Philippine Peso = 0.53817 Ethiopian Birr
1 Philippine Peso = 0.01607 Euro
1 Philippine Peso = 0.03956 Fiji Dollar
1 Philippine Peso = 0.01433 Falkland Islands Pound
1 Philippine Peso = 0.01431 British Pound
1 Philippine Peso = 0.08957 Ghanaian Cedi
1 Philippine Peso = 0.9371 Gambian Dalasi
1 Philippine Peso = 177.94699 Guinea Franc
1 Philippine Peso = 0.14509 Guatemala Quetzal
1 Philippine Peso = 4.07219 Guyana Dollar
1 Philippine Peso = 0.15475 Hong Kong Dollar
1 Philippine Peso = 0.46509 Honduras Lempira
1 Philippine Peso = 0.11922 Croatian Kuna
1 Philippine Peso = 1.25771 Haiti Gourde
1 Philippine Peso = 4.9644 Hungarian Forint
1 Philippine Peso = 263.35047 Indonesian Rupiah
1 Philippine Peso = 0.06775 Israeli Shekel
1 Philippine Peso = 1.266 Indian Rupee
1 Philippine Peso = 23.41772 Iraqi Dinar
1 Philippine Peso = 723.08147 Iran Rial
1 Philippine Peso = 2.02255 Iceland Krona
1 Philippine Peso = 2.43928 Jamaican Dollar
1 Philippine Peso = 0.01399 Jordanian Dinar
1 Philippine Peso = 2.18216 Japanese Yen
1 Philippine Peso = 2.03224 Kenyan Shilling
1 Philippine Peso = 1.37189 Kyrgyzstan Som
1 Philippine Peso = 79.26622 Cambodia Riel
1 Philippine Peso = 8.12896 Comoros Franc
1 Philippine Peso = 17.80063 North Korean Won
1 Philippine Peso = 21.02452 Korean Won
1 Philippine Peso = 0.00594 Kuwaiti Dinar
1 Philippine Peso = 0.01622 Cayman Islands Dollar
1 Philippine Peso = 6.47765 Kazakhstan Tenge
1 Philippine Peso = 163.7856 Lao Kip
1 Philippine Peso = 29.88528 Lebanese Pound
1 Philippine Peso = 3.04292 Sri Lanka Rupee
1 Philippine Peso = 2.5093 Liberian Dollar
1 Philippine Peso = 0.24248 Lesotho Loti
1 Philippine Peso = 0.0603 Lithuanian Lita
1 Philippine Peso = 0.01227 Latvian Lat
1 Philippine Peso = 0.02646 Libyan Dinar
1 Philippine Peso = 0.18183 Moroccan Dirham
1 Philippine Peso = 0.33356 Moldovan Leu
1 Philippine Peso = 0.98418 Macedonian Denar
1 Philippine Peso = 26.46361 Myanmar Kyat
1 Philippine Peso = 47.8837 Mongolian Tugrik
1 Philippine Peso = 0.1593 Macau Pataca
1 Philippine Peso = 6.96203 Mauritania Ougulya
1 Philippine Peso = 0.64676 Mauritius Rupee
1 Philippine Peso = 0.30795 Maldives Rufiyaa
1 Philippine Peso = 14.11195 Malawi Kwacha
1 Philippine Peso = 0.37086 Mexican Peso
1 Philippine Peso = 0.07803 Malaysian Ringgit
1 Philippine Peso = 0.24161 Namibian Dollar
1 Philippine Peso = 7.0807 Nigerian Naira
1 Philippine Peso = 0.6072 Nicaragua Cordoba
1 Philippine Peso = 0.15518 Norwegian Krone
1 Philippine Peso = 2.0265 Nepalese Rupee
1 Philippine Peso = 0.02715 New Zealand Dollar
1 Philippine Peso = 0.0076 Omani Rial
1 Philippine Peso = 0.01978 Panama Balboa
1 Philippine Peso = 0.06341 Peruvian Nuevo Sol
1 Philippine Peso = 0.0624 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.18473 Pakistani Rupee
1 Philippine Peso = 0.06706 Polish Zloty
1 Philippine Peso = 110.52215 Paraguayan Guarani
1 Philippine Peso = 0.07202 Qatar Rial
1 Philippine Peso = 0.07488 Romanian New Leu
1 Philippine Peso = 1.11739 Russian Rouble
1 Philippine Peso = 16.52987 Rwanda Franc
1 Philippine Peso = 0.07417 Saudi Arabian Riyal
1 Philippine Peso = 0.15387 Solomon Islands Dollar
1 Philippine Peso = 0.26503 Seychelles Rupee
1 Philippine Peso = 0.13841 Sudanese Pound
1 Philippine Peso = 0.15847 Swedish Krona
1 Philippine Peso = 0.02609 Singapore Dollar
1 Philippine Peso = 0.01433 St Helena Pound
1 Philippine Peso = 0.4392 Slovak Koruna
1 Philippine Peso = 150.90981 Sierra Leone Leone
1 Philippine Peso = 10.85839 Somali Shilling
1 Philippine Peso = 393.89636 Sao Tome Dobra
1 Philippine Peso = 0.17306 El Salvador Colon
1 Philippine Peso = 10.18552 Syrian Pound
1 Philippine Peso = 0.24175 Swaziland Lilageni
1 Philippine Peso = 0.63054 Thai Baht
1 Philippine Peso = 0.04769 Tunisian Dinar
1 Philippine Peso = 0.04409 Tongan paʻanga
1 Philippine Peso = 0.07507 Turkish Lira
1 Philippine Peso = 0.13281 Trinidad Tobago Dollar
1 Philippine Peso = 0.5839 Taiwan Dollar
1 Philippine Peso = 44.34335 Tanzanian Shilling
1 Philippine Peso = 0.56547 Ukraine Hryvnia
1 Philippine Peso = 71.79588 Ugandan Shilling
1 Philippine Peso = 0.01978 United States Dollar
1 Philippine Peso = 0.56468 Uruguayan New Peso
1 Philippine Peso = 160.81883 Uzbekistan Sum
1 Philippine Peso = 0.19729 Venezuelan Bolivar
1 Philippine Peso = 449.14952 Vietnam Dong
1 Philippine Peso = 2.0449 Vanuatu Vatu
1 Philippine Peso = 0.04966 Samoa Tala
1 Philippine Peso = 10.5352 CFA Franc (BEAC)
1 Philippine Peso = 0.0534 East Caribbean Dollar
1 Philippine Peso = 10.5352 CFA Franc (BCEAO)
1 Philippine Peso = 1.90645 Pacific Franc
1 Philippine Peso = 4.94363 Yemen Riyal
1 Philippine Peso = 0.24183 South African Rand
1 Philippine Peso = 102.64043 Zambian Kwacha
1 Philippine Peso = 7.15783 Zimbabwe dollar

Biazon ignores tobacco anomaly

Whatever Customs Commissioner Ruffy Biazon does in straightening out the mess in his bureau is made useless by his indifference to an anomaly glaringly appearing in the records. 
 
He continues to be blind as to how Mighty Corporation, an ertswhile small but now a big player in the cigarette manufacturing business, is able to import tobacco at 85 percent below the average world price.
 
He knows that the company is deeply involved in technical smuggling that in turn denies the bureau of hundreds of millions of pesos in tariff payments. The willful indifference is one big reason the bureau cannot meet collection targets. 
 
We surreptitiously obtained from the National Tobacco Administration the information that Mighty was importing tobacco at $0.68 a kilo while other cigarette makers pay the average world price.
 
Business Insight sources recently confided to us Mighty is paying the same $0.68 per kilo for local tobacco. The market price is much higher. We fail to see what benefit the company gets underpricing purchases of local leaf.
 
Our guess is the understated price saves the company a lot of money that in turn enables it to buy more tobacco—local and foreign—that in turn makes possible the production of more cigarettes.
 
Consequently, Mighty is able to increase sales although it appears on the record of declaration of volume to the Bureau of Internal Revenue (BIR) that the company is incurring a big loss, as estimated by AC Nielsen, a marketing survey firm, at more than P4 per pack.
 
So far, it has not occurred to Biazon that the money Mighty saves by dodging tariff payments enables the company to make it appear it is suffering a loss but actually makes profits by underdeclaring production, according to detailed analysis made by Nielsen.
 
The underdeclaration becomes even more profitable with the tolerance of Biazon. The money the company “chisels” from government by avoiding payment of the correct tariff enables Mighty to buy more tobacco.
 
I am happy to hear that the ways and means committee of the House of Representatives will investigate what it believes is massive tax cheating by Mighty. The first step, in my mind, is to summon Biazon and require him to explain how the apparent technical smuggling has escaped his attention.
 
I never had a desire to testify in any congressional inquiry unless summoned. This time, however, I am prepared to face the Congressional committee investigating the case. It would help the probe body find the truth if Biazon would be confronted with the customs document in my possession.
 
We reported earlier that Finance Secretary Cesar Purisima knows about the document showing that Mighty imports tobacco at 15 percent of the world price.
 
We do not exactly want to go back on our word. But it is entirely possible that Biazon keeps the damaging document to himself and that it is possible he has not informed Purisima about it.
 
If I am summoned to a hearing, face to face with Biazon, Purisima will have the opportunity to find out the truth or falsity of what I have been saying. Knowing him, he will definitely take immediate steps.
 
We cannot guess what he will do but we are certain he would ask Biazon why he never required Mighty to explain the   discrepancy between the price that the company pays for imported tobacco and the average world price.
 
The congressional investigation should be pursued to its logical end. The logical end is requiring Biazon to explain the anomaly.  
 
If evidence of guilt is established, the final report of the committee should not merely require Mighty to pay the correct tariff.
 
The report should also recommend the dismissal of Biazon.
 
Few people in high places in government realize that in the end, the name of President Aquino can be dragged into the case.
 
There are clear suggestions of corruption based on the documents in our possession. People in government, more particularly Biazon and Purisima—after he gets the facts—appreciate the shame that President Aquino can go through considering the fact that he certified as urgent the enactment of the bill that is now the present excise tax law on sin products.
 
Everybody thought the tax was an accommodation to British American Tobacco.  Maybe it is. Unfortunately, Mighty appears to have found a way of benefiting immensely from a law harsh to others.
 
We have documents showing Mighty paid more than P2 billion excise tax in the first five months of the year. The company would not have been able to pay that much if its share of the market had not increased allegedly from 3 percent to the present 30 percent.
 
What the BIR and Customs may not know is that Mighty does not declare 59 percent of its cigarette production to the BIR. This is what AC Nielsen claims it discovered in its survey.
 
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