March 25, 2017, 5:09 pm
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1 Philippine Peso = 0.07295 UAE Dirham
1 Philippine Peso = 2.48788 Albanian Lek
1 Philippine Peso = 0.03556 Neth Antilles Guilder
1 Philippine Peso = 0.3095 Argentine Peso
1 Philippine Peso = 0.02607 Australian Dollar
1 Philippine Peso = 0.03556 Aruba Florin
1 Philippine Peso = 0.03973 Barbados Dollar
1 Philippine Peso = 1.59217 Bangladesh Taka
1 Philippine Peso = 0.03602 Bulgarian Lev
1 Philippine Peso = 0.00747 Bahraini Dinar
1 Philippine Peso = 33.62574 Burundi Franc
1 Philippine Peso = 0.01986 Bermuda Dollar
1 Philippine Peso = 0.02782 Brunei Dollar
1 Philippine Peso = 0.13667 Bolivian Boliviano
1 Philippine Peso = 0.06237 Brazilian Real
1 Philippine Peso = 0.01986 Bahamian Dollar
1 Philippine Peso = 1.30066 Bhutan Ngultrum
1 Philippine Peso = 0.20198 Botswana Pula
1 Philippine Peso = 397.69567 Belarus Ruble
1 Philippine Peso = 0.03968 Belize Dollar
1 Philippine Peso = 0.02656 Canadian Dollar
1 Philippine Peso = 0.01978 Swiss Franc
1 Philippine Peso = 13.15634 Chilean Peso
1 Philippine Peso = 0.13692 Chinese Yuan
1 Philippine Peso = 57.86254 Colombian Peso
1 Philippine Peso = 10.93802 Costa Rica Colon
1 Philippine Peso = 0.01986 Cuban Peso
1 Philippine Peso = 2.03496 Cape Verde Escudo
1 Philippine Peso = 0.49851 Czech Koruna
1 Philippine Peso = 3.5151 Djibouti Franc
1 Philippine Peso = 0.13724 Danish Krone
1 Philippine Peso = 0.93127 Dominican Peso
1 Philippine Peso = 2.1644 Algerian Dinar
1 Philippine Peso = 0.28863 Estonian Kroon
1 Philippine Peso = 0.35856 Egyptian Pound
1 Philippine Peso = 0.45093 Ethiopian Birr
1 Philippine Peso = 0.01845 Euro
1 Philippine Peso = 0.04108 Fiji Dollar
1 Philippine Peso = 0.01589 Falkland Islands Pound
1 Philippine Peso = 0.01592 British Pound
1 Philippine Peso = 0.08837 Ghanaian Cedi
1 Philippine Peso = 0.86869 Gambian Dalasi
1 Philippine Peso = 183.55185 Guinea Franc
1 Philippine Peso = 0.1458 Guatemala Quetzal
1 Philippine Peso = 4.10191 Guyana Dollar
1 Philippine Peso = 0.1543 Hong Kong Dollar
1 Philippine Peso = 0.46583 Honduras Lempira
1 Philippine Peso = 0.13612 Croatian Kuna
1 Philippine Peso = 1.34644 Haiti Gourde
1 Philippine Peso = 5.70143 Hungarian Forint
1 Philippine Peso = 264.73977 Indonesian Rupiah
1 Philippine Peso = 0.07242 Israeli Shekel
1 Philippine Peso = 1.29991 Indian Rupee
1 Philippine Peso = 23.46047 Iraqi Dinar
1 Philippine Peso = 644.02066 Iran Rial
1 Philippine Peso = 2.20501 Iceland Krona
1 Philippine Peso = 2.54927 Jamaican Dollar
1 Philippine Peso = 0.01405 Jordanian Dinar
1 Philippine Peso = 2.21154 Japanese Yen
1 Philippine Peso = 2.04112 Kenyan Shilling
1 Philippine Peso = 1.37288 Kyrgyzstan Som
1 Philippine Peso = 78.68693 Cambodia Riel
1 Philippine Peso = 9.14978 Comoros Franc
1 Philippine Peso = 17.87843 North Korean Won
1 Philippine Peso = 22.29479 Korean Won
1 Philippine Peso = 0.00604 Kuwaiti Dinar
1 Philippine Peso = 0.01629 Cayman Islands Dollar
1 Philippine Peso = 6.28526 Kazakhstan Tenge
1 Philippine Peso = 163.01152 Lao Kip
1 Philippine Peso = 29.90465 Lebanese Pound
1 Philippine Peso = 3.01549 Sri Lanka Rupee
1 Philippine Peso = 1.78784 Liberian Dollar
1 Philippine Peso = 0.24851 Lesotho Loti
1 Philippine Peso = 0.06056 Lithuanian Lita
1 Philippine Peso = 0.01233 Latvian Lat
1 Philippine Peso = 0.02811 Libyan Dinar
1 Philippine Peso = 0.19785 Moroccan Dirham
1 Philippine Peso = 0.38468 Moldovan Leu
1 Philippine Peso = 1.12515 Macedonian Denar
1 Philippine Peso = 27.19507 Myanmar Kyat
1 Philippine Peso = 48.70878 Mongolian Tugrik
1 Philippine Peso = 0.15892 Macau Pataca
1 Philippine Peso = 7.09178 Mauritania Ougulya
1 Philippine Peso = 0.69785 Mauritius Rupee
1 Philippine Peso = 0.30671 Maldives Rufiyaa
1 Philippine Peso = 14.24096 Malawi Kwacha
1 Philippine Peso = 0.3761 Mexican Peso
1 Philippine Peso = 0.08802 Malaysian Ringgit
1 Philippine Peso = 0.24708 Namibian Dollar
1 Philippine Peso = 6.25745 Nigerian Naira
1 Philippine Peso = 0.58244 Nicaragua Cordoba
1 Philippine Peso = 0.16898 Norwegian Krone
1 Philippine Peso = 2.0729 Nepalese Rupee
1 Philippine Peso = 0.02831 New Zealand Dollar
1 Philippine Peso = 0.00765 Omani Rial
1 Philippine Peso = 0.01986 Panama Balboa
1 Philippine Peso = 0.06437 Peruvian Nuevo Sol
1 Philippine Peso = 0.06286 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.08244 Pakistani Rupee
1 Philippine Peso = 0.0787 Polish Zloty
1 Philippine Peso = 111.14024 Paraguayan Guarani
1 Philippine Peso = 0.07233 Qatar Rial
1 Philippine Peso = 0.08402 Romanian New Leu
1 Philippine Peso = 1.13951 Russian Rouble
1 Philippine Peso = 16.2352 Rwanda Franc
1 Philippine Peso = 0.07449 Saudi Arabian Riyal
1 Philippine Peso = 0.15454 Solomon Islands Dollar
1 Philippine Peso = 0.26917 Seychelles Rupee
1 Philippine Peso = 0.13244 Sudanese Pound
1 Philippine Peso = 0.17566 Swedish Krona
1 Philippine Peso = 0.02783 Singapore Dollar
1 Philippine Peso = 0.0159 St Helena Pound
1 Philippine Peso = 0.44112 Slovak Koruna
1 Philippine Peso = 142.70957 Sierra Leone Leone
1 Philippine Peso = 10.90584 Somali Shilling
1 Philippine Peso = 452.14739 Sao Tome Dobra
1 Philippine Peso = 0.17327 El Salvador Colon
1 Philippine Peso = 10.23004 Syrian Pound
1 Philippine Peso = 0.24791 Swaziland Lilageni
1 Philippine Peso = 0.68872 Thai Baht
1 Philippine Peso = 0.04503 Tunisian Dinar
1 Philippine Peso = 0.04577 Tongan paʻanga
1 Philippine Peso = 0.0722 Turkish Lira
1 Philippine Peso = 0.13328 Trinidad Tobago Dollar
1 Philippine Peso = 0.60552 Taiwan Dollar
1 Philippine Peso = 44.25904 Tanzanian Shilling
1 Philippine Peso = 0.53754 Ukraine Hryvnia
1 Philippine Peso = 71.25546 Ugandan Shilling
1 Philippine Peso = 0.01986 United States Dollar
1 Philippine Peso = 0.55781 Uruguayan New Peso
1 Philippine Peso = 70.42114 Uzbekistan Sum
1 Philippine Peso = 0.19815 Venezuelan Bolivar
1 Philippine Peso = 451.90703 Vietnam Dong
1 Philippine Peso = 2.11462 Vanuatu Vatu
1 Philippine Peso = 0.05075 Samoa Tala
1 Philippine Peso = 12.09416 CFA Franc (BEAC)
1 Philippine Peso = 0.05364 East Caribbean Dollar
1 Philippine Peso = 12.176 CFA Franc (BCEAO)
1 Philippine Peso = 2.18852 Pacific Franc
1 Philippine Peso = 4.96524 Yemen Riyal
1 Philippine Peso = 0.24804 South African Rand
1 Philippine Peso = 103.08899 Zambian Kwacha
1 Philippine Peso = 7.18911 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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