February 26, 2018, 9:29 am
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1 Philippine Peso = 0.0709 UAE Dirham
1 Philippine Peso = 2.0666 Albanian Lek
1 Philippine Peso = 0.03436 Neth Antilles Guilder
1 Philippine Peso = 0.38512 Argentine Peso
1 Philippine Peso = 0.0246 Australian Dollar
1 Philippine Peso = 0.03436 Aruba Florin
1 Philippine Peso = 0.03861 Barbados Dollar
1 Philippine Peso = 1.59981 Bangladesh Taka
1 Philippine Peso = 0.0307 Bulgarian Lev
1 Philippine Peso = 0.00727 Bahraini Dinar
1 Philippine Peso = 33.8027 Burundi Franc
1 Philippine Peso = 0.01931 Bermuda Dollar
1 Philippine Peso = 0.02544 Brunei Dollar
1 Philippine Peso = 0.13243 Bolivian Boliviano
1 Philippine Peso = 0.06249 Brazilian Real
1 Philippine Peso = 0.01931 Bahamian Dollar
1 Philippine Peso = 1.24035 Bhutan Ngultrum
1 Philippine Peso = 0.18341 Botswana Pula
1 Philippine Peso = 386.48649 Belarus Ruble
1 Philippine Peso = 0.03857 Belize Dollar
1 Philippine Peso = 0.02437 Canadian Dollar
1 Philippine Peso = 0.01807 Swiss Franc
1 Philippine Peso = 11.38996 Chilean Peso
1 Philippine Peso = 0.12225 Chinese Yuan
1 Philippine Peso = 54.88417 Colombian Peso
1 Philippine Peso = 10.92317 Costa Rica Colon
1 Philippine Peso = 0.01931 Cuban Peso
1 Philippine Peso = 1.73147 Cape Verde Escudo
1 Philippine Peso = 0.39788 Czech Koruna
1 Philippine Peso = 3.41371 Djibouti Franc
1 Philippine Peso = 0.11689 Danish Krone
1 Philippine Peso = 0.94363 Dominican Peso
1 Philippine Peso = 2.19764 Algerian Dinar
1 Philippine Peso = 0.24563 Estonian Kroon
1 Philippine Peso = 0.34054 Egyptian Pound
1 Philippine Peso = 0.5251 Ethiopian Birr
1 Philippine Peso = 0.0157 Euro
1 Philippine Peso = 0.03853 Fiji Dollar
1 Philippine Peso = 0.01381 Falkland Islands Pound
1 Philippine Peso = 0.01382 British Pound
1 Philippine Peso = 0.08607 Ghanaian Cedi
1 Philippine Peso = 0.90347 Gambian Dalasi
1 Philippine Peso = 173.55213 Guinea Franc
1 Philippine Peso = 0.14162 Guatemala Quetzal
1 Philippine Peso = 3.93494 Guyana Dollar
1 Philippine Peso = 0.15101 Hong Kong Dollar
1 Philippine Peso = 0.45448 Honduras Lempira
1 Philippine Peso = 0.11653 Croatian Kuna
1 Philippine Peso = 1.23243 Haiti Gourde
1 Philippine Peso = 4.90965 Hungarian Forint
1 Philippine Peso = 263.76448 Indonesian Rupiah
1 Philippine Peso = 0.06723 Israeli Shekel
1 Philippine Peso = 1.25268 Indian Rupee
1 Philippine Peso = 22.85714 Iraqi Dinar
1 Philippine Peso = 718.33978 Iran Rial
1 Philippine Peso = 1.93822 Iceland Krona
1 Philippine Peso = 2.4222 Jamaican Dollar
1 Philippine Peso = 0.01364 Jordanian Dinar
1 Philippine Peso = 2.0617 Japanese Yen
1 Philippine Peso = 1.96236 Kenyan Shilling
1 Philippine Peso = 1.311 Kyrgyzstan Som
1 Philippine Peso = 76.94981 Cambodia Riel
1 Philippine Peso = 7.70077 Comoros Franc
1 Philippine Peso = 17.37452 North Korean Won
1 Philippine Peso = 20.76255 Korean Won
1 Philippine Peso = 0.00578 Kuwaiti Dinar
1 Philippine Peso = 0.01583 Cayman Islands Dollar
1 Philippine Peso = 6.1749 Kazakhstan Tenge
1 Philippine Peso = 159.87839 Lao Kip
1 Philippine Peso = 29.06178 Lebanese Pound
1 Philippine Peso = 2.99421 Sri Lanka Rupee
1 Philippine Peso = 2.50386 Liberian Dollar
1 Philippine Peso = 0.22268 Lesotho Loti
1 Philippine Peso = 0.05886 Lithuanian Lita
1 Philippine Peso = 0.01198 Latvian Lat
1 Philippine Peso = 0.0257 Libyan Dinar
1 Philippine Peso = 0.1777 Moroccan Dirham
1 Philippine Peso = 0.32037 Moldovan Leu
1 Philippine Peso = 0.96332 Macedonian Denar
1 Philippine Peso = 25.79151 Myanmar Kyat
1 Philippine Peso = 46.1583 Mongolian Tugrik
1 Philippine Peso = 0.15547 Macau Pataca
1 Philippine Peso = 6.75676 Mauritania Ougulya
1 Philippine Peso = 0.63514 Mauritius Rupee
1 Philippine Peso = 0.29614 Maldives Rufiyaa
1 Philippine Peso = 13.77317 Malawi Kwacha
1 Philippine Peso = 0.35764 Mexican Peso
1 Philippine Peso = 0.07562 Malaysian Ringgit
1 Philippine Peso = 0.22261 Namibian Dollar
1 Philippine Peso = 6.9112 Nigerian Naira
1 Philippine Peso = 0.59556 Nicaragua Cordoba
1 Philippine Peso = 0.15133 Norwegian Krone
1 Philippine Peso = 1.99853 Nepalese Rupee
1 Philippine Peso = 0.02647 New Zealand Dollar
1 Philippine Peso = 0.00743 Omani Rial
1 Philippine Peso = 0.01931 Panama Balboa
1 Philippine Peso = 0.06266 Peruvian Nuevo Sol
1 Philippine Peso = 0.06071 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.13127 Pakistani Rupee
1 Philippine Peso = 0.06552 Polish Zloty
1 Philippine Peso = 107.39382 Paraguayan Guarani
1 Philippine Peso = 0.07027 Qatar Rial
1 Philippine Peso = 0.07302 Romanian New Leu
1 Philippine Peso = 1.08832 Russian Rouble
1 Philippine Peso = 16.23803 Rwanda Franc
1 Philippine Peso = 0.07239 Saudi Arabian Riyal
1 Philippine Peso = 0.14989 Solomon Islands Dollar
1 Philippine Peso = 0.25792 Seychelles Rupee
1 Philippine Peso = 0.34575 Sudanese Pound
1 Philippine Peso = 0.15762 Swedish Krona
1 Philippine Peso = 0.02545 Singapore Dollar
1 Philippine Peso = 0.01382 St Helena Pound
1 Philippine Peso = 0.42869 Slovak Koruna
1 Philippine Peso = 147.2973 Sierra Leone Leone
1 Philippine Peso = 10.84942 Somali Shilling
1 Philippine Peso = 384.74904 Sao Tome Dobra
1 Philippine Peso = 0.16892 El Salvador Colon
1 Philippine Peso = 9.9417 Syrian Pound
1 Philippine Peso = 0.22262 Swaziland Lilageni
1 Philippine Peso = 0.60579 Thai Baht
1 Philippine Peso = 0.04633 Tunisian Dinar
1 Philippine Peso = 0.04271 Tongan paʻanga
1 Philippine Peso = 0.07317 Turkish Lira
1 Philippine Peso = 0.12974 Trinidad Tobago Dollar
1 Philippine Peso = 0.56444 Taiwan Dollar
1 Philippine Peso = 43.35907 Tanzanian Shilling
1 Philippine Peso = 0.52008 Ukraine Hryvnia
1 Philippine Peso = 70.40541 Ugandan Shilling
1 Philippine Peso = 0.01931 United States Dollar
1 Philippine Peso = 0.54923 Uruguayan New Peso
1 Philippine Peso = 157.72201 Uzbekistan Sum
1 Philippine Peso = 558.39769 Venezuelan Bolivar
1 Philippine Peso = 438.97684 Vietnam Dong
1 Philippine Peso = 2.05502 Vanuatu Vatu
1 Philippine Peso = 0.04818 Samoa Tala
1 Philippine Peso = 10.28822 CFA Franc (BEAC)
1 Philippine Peso = 0.05212 East Caribbean Dollar
1 Philippine Peso = 10.28822 CFA Franc (BCEAO)
1 Philippine Peso = 1.87297 Pacific Franc
1 Philippine Peso = 4.82336 Yemen Riyal
1 Philippine Peso = 0.22278 South African Rand
1 Philippine Peso = 100.1834 Zambian Kwacha
1 Philippine Peso = 6.98649 Zimbabwe dollar

The economics of a failed revolution

In the first place, maybe what we insisted on calling a revolution never was in the strictest sense. Seeing through the years what we had become -- those of us who reveled in the EDSA Revolution, ecstatic we had deposed a dictatorship with prayers -- the EDSA Revolution might have been, in reality, a dismal failure.

Self-reflection can be painful when what stares back falls short of expectations and in contrast might actually be the reality others see. 

Note how others might view our democracy. 

In 1986 we demonized a despot who choked us employing a dictatorial stranglehold that it took decades for us to grow the gonads to depose him. Since then we reverted, confronted now with the possibility of a diabolic political resurrection.

Since 1986, we’ve had two presidents accused of high crimes enough to jail them. After a few years we not only released them but we’ve reinstalled them in powerful positions.

Our political development actually worsened. Recently we picked a president whose reputation for violence might sit well with the reputations of such authoritarians as Baby Doc Duvalier, Pol Pot, and even Idi Amin.

Now note how others might view our economy.

Since 1986 we’ve failed to industrialize and instead established an economy essentially nothing more than a backroom after-sales office providing telephony support. If what sustained us prior to being a business processes outsourcing (BPO) economy was simply being a raw material supplier, via our dependence on BPO, we effectively remain as raw input suppliers.

Where we think we’ve industrialized, we didn’t. Note where mining is typically a seminal industrial catalyst, despite the  political power mining players wield data shows it contributes little to GDP, enhancing instead offshore industrialized economies while ravaging our forests and food baskets.

More than failed development, the manner we celebrate the EDSA Revolution is perhaps the most painful realization of a self-inflicted wound. Note that our most historically popular president chose not to celebrate EDSA himself. The snub was deliberate. Worse, it felt like a slap. 

It’s ironic. Had EDSA failed to unseat Ferdinand E. Marcos, we would not be enjoying the freedoms we carelessly enjoy. Without deposing the dictatorship Cory Aquino would not have been president. Nor would Estrada, Gloria Arroyo and Cory’s son, Benigno III -- the latter’s weaknesses and failures compelling us to elect Rodrigo R. Duterte. 

The EDSA unseating was successful only where it allowed us to choose according to the depth of our intellect and the sway and swings of our emotions. But was the EDSA Revolution just that, an unseating? 

One view of revolutions is that these result in a profound overturning of ruling classes. The socio-economic structure of the Philippines during the dictatorship years and what it is now are perhaps the best arguments that the revolution we thought we fought either did not take place or had failed miserably. 

Some economic indices bear these out. We are not referring to the disembodied GDP that misses out on critical metrics like the gap between the rich and the poor, hunger and inequity -- those that measure inclusive development. 

GDP improved. Even in the simplest macroeconomic growth graphs GDP eventually travels north powered by technological advancement and the inherent desire to be more efficient. Given three decades since 1986, whether governed by outstanding presidents, or among them, bungling buffoons, growth is assumed and dips, naturally corrected.

Between 1986 and  2016 poverty incidence did indeed fall to between 21 percent to 28 percent under Benigno Aquino III, albeit those mimic Estrada’s target in 2004. GDP growth increased from 3.2 percent to 7.1 percent. External debt fell and interest burdens decreased substantially when, under Arroyo, debts were either paid down or refinanced, eventually leading to the ballyhooed ratings Aquino boasted of when he inherited Arroyo’s economy. Tragically however, per capita GDP remained lowest in the region while coup-cursed Thailand, our economic twin, registered over 2.20 times ours.

Unemployment, also the worst in the region among even lower GDP growth economies, improved from 1986 as the government changed its benchmarks but the bigger problem of underemployment remained substantially between 25 percent to 33 percent. The most alarming however is the labor participation rate under Aquino’s final year. Those looking for work in 2016 were 63.4 percent. In 1986 it averaged lower at 62.9 percent.

Where revolutions impact on inequities EDSA failed miserably. The Gini Coefficient that measures inequality worsened under Aquino registering 43.1 percent compared to 41.04 percent in 1986.

That gap should not have happened. Yet it was allowed to grow by a dispensation that cared little and had no empathy for our poorest subsisting at the bottom rung of the index despite the GDP growth that skirted them. The gap shows  the last presidency that could have and should have resurrected the economic promise of EDSA, simply pampered its upper-crust plutocracy. 

After 1986 we crawled away from a debt-driven economy and GDP grew. But only for the rich. From 1986 the worsening inequity shows how government fails when it prioritizes the interests of cronies in the case of 1986, and in 2016, the “kaklase, kaibigan and kabarilan” coterie under Aquino. If the EDSA celebrations were largely ignored last month it is because the last plutocratic administration hammered the last nail on its coffin.
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