June 26, 2017, 1:18 am
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1 Philippine Peso = 0.07443 UAE Dirham
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1 Philippine Peso = 0.32436 Argentine Peso
1 Philippine Peso = 0.02723 Australian Dollar
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1 Philippine Peso = 0.06579 Brazilian Real
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1 Philippine Peso = 0.02733 Canadian Dollar
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1 Philippine Peso = 13.57175 Chilean Peso
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1 Philippine Peso = 0.02027 Cuban Peso
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1 Philippine Peso = 2.19181 Algerian Dinar
1 Philippine Peso = 0.28109 Estonian Kroon
1 Philippine Peso = 0.36583 Egyptian Pound
1 Philippine Peso = 0.46433 Ethiopian Birr
1 Philippine Peso = 0.01797 Euro
1 Philippine Peso = 0.04244 Fiji Dollar
1 Philippine Peso = 0.01573 Falkland Islands Pound
1 Philippine Peso = 0.01572 British Pound
1 Philippine Peso = 0.08685 Ghanaian Cedi
1 Philippine Peso = 0.91021 Gambian Dalasi
1 Philippine Peso = 182.75233 Guinea Franc
1 Philippine Peso = 0.1491 Guatemala Quetzal
1 Philippine Peso = 4.14512 Guyana Dollar
1 Philippine Peso = 0.15784 Hong Kong Dollar
1 Philippine Peso = 0.47422 Honduras Lempira
1 Philippine Peso = 0.13229 Croatian Kuna
1 Philippine Peso = 1.24625 Haiti Gourde
1 Philippine Peso = 5.54195 Hungarian Forint
1 Philippine Peso = 269.57844 Indonesian Rupiah
1 Philippine Peso = 0.07211 Israeli Shekel
1 Philippine Peso = 1.30521 Indian Rupee
1 Philippine Peso = 23.93595 Iraqi Dinar
1 Philippine Peso = 657.62059 Iran Rial
1 Philippine Peso = 1.9771 Iceland Krona
1 Philippine Peso = 2.6139 Jamaican Dollar
1 Philippine Peso = 0.01433 Jordanian Dinar
1 Philippine Peso = 2.23666 Japanese Yen
1 Philippine Peso = 2.0906 Kenyan Shilling
1 Philippine Peso = 1.38113 Kyrgyzstan Som
1 Philippine Peso = 81.57681 Cambodia Riel
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1 Philippine Peso = 18.24078 North Korean Won
1 Philippine Peso = 22.6366 Korean Won
1 Philippine Peso = 0.00614 Kuwaiti Dinar
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1 Philippine Peso = 6.364 Kazakhstan Tenge
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1 Philippine Peso = 30.51277 Lebanese Pound
1 Philippine Peso = 3.08877 Sri Lanka Rupee
1 Philippine Peso = 1.84435 Liberian Dollar
1 Philippine Peso = 0.25922 Lesotho Loti
1 Philippine Peso = 0.06179 Lithuanian Lita
1 Philippine Peso = 0.01258 Latvian Lat
1 Philippine Peso = 0.02821 Libyan Dinar
1 Philippine Peso = 0.19642 Moroccan Dirham
1 Philippine Peso = 0.36735 Moldovan Leu
1 Philippine Peso = 1.09972 Macedonian Denar
1 Philippine Peso = 27.52331 Myanmar Kyat
1 Philippine Peso = 48.27726 Mongolian Tugrik
1 Philippine Peso = 0.16258 Macau Pataca
1 Philippine Peso = 7.25578 Mauritania Ougulya
1 Philippine Peso = 0.70024 Mauritius Rupee
1 Philippine Peso = 0.31394 Maldives Rufiyaa
1 Philippine Peso = 14.54094 Malawi Kwacha
1 Philippine Peso = 0.37863 Mexican Peso
1 Philippine Peso = 0.08672 Malaysian Ringgit
1 Philippine Peso = 0.2604 Namibian Dollar
1 Philippine Peso = 6.52615 Nigerian Naira
1 Philippine Peso = 0.59972 Nicaragua Cordoba
1 Philippine Peso = 0.17055 Norwegian Krone
1 Philippine Peso = 2.08654 Nepalese Rupee
1 Philippine Peso = 0.02835 New Zealand Dollar
1 Philippine Peso = 0.00779 Omani Rial
1 Philippine Peso = 0.02027 Panama Balboa
1 Philippine Peso = 0.06622 Peruvian Nuevo Sol
1 Philippine Peso = 0.06654 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.11897 Pakistani Rupee
1 Philippine Peso = 0.0753 Polish Zloty
1 Philippine Peso = 112.82935 Paraguayan Guarani
1 Philippine Peso = 0.0738 Qatar Rial
1 Philippine Peso = 0.08196 Romanian New Leu
1 Philippine Peso = 1.14766 Russian Rouble
1 Philippine Peso = 16.61897 Rwanda Franc
1 Philippine Peso = 0.076 Saudi Arabian Riyal
1 Philippine Peso = 0.16004 Solomon Islands Dollar
1 Philippine Peso = 0.26836 Seychelles Rupee
1 Philippine Peso = 0.13498 Sudanese Pound
1 Philippine Peso = 0.17451 Swedish Krona
1 Philippine Peso = 0.02797 Singapore Dollar
1 Philippine Peso = 0.01573 St Helena Pound
1 Philippine Peso = 0.45006 Slovak Koruna
1 Philippine Peso = 152.00649 Sierra Leone Leone
1 Philippine Peso = 11.08634 Somali Shilling
1 Philippine Peso = 435.85326 Sao Tome Dobra
1 Philippine Peso = 0.17678 El Salvador Colon
1 Philippine Peso = 10.43737 Syrian Pound
1 Philippine Peso = 0.26014 Swaziland Lilageni
1 Philippine Peso = 0.6897 Thai Baht
1 Philippine Peso = 0.04917 Tunisian Dinar
1 Philippine Peso = 0.04647 Tongan paʻanga
1 Philippine Peso = 0.0711 Turkish Lira
1 Philippine Peso = 0.13537 Trinidad Tobago Dollar
1 Philippine Peso = 0.61011 Taiwan Dollar
1 Philippine Peso = 45.17633 Tanzanian Shilling
1 Philippine Peso = 0.53223 Ukraine Hryvnia
1 Philippine Peso = 72.78071 Ugandan Shilling
1 Philippine Peso = 0.02027 United States Dollar
1 Philippine Peso = 0.57377 Uruguayan New Peso
1 Philippine Peso = 77.82732 Uzbekistan Sum
1 Philippine Peso = 0.20216 Venezuelan Bolivar
1 Philippine Peso = 459.54601 Vietnam Dong
1 Philippine Peso = 2.18241 Vanuatu Vatu
1 Philippine Peso = 0.05201 Samoa Tala
1 Philippine Peso = 11.77483 CFA Franc (BEAC)
1 Philippine Peso = 0.05472 East Caribbean Dollar
1 Philippine Peso = 11.82205 CFA Franc (BCEAO)
1 Philippine Peso = 2.13174 Pacific Franc
1 Philippine Peso = 5.06546 Yemen Riyal
1 Philippine Peso = 0.25921 South African Rand
1 Philippine Peso = 105.17835 Zambian Kwacha
1 Philippine Peso = 7.33482 Zimbabwe dollar

Six heirs of a Filipino-Chinese billionaire

EVER since President Rodrigo Roa Duterte’s foreign policy shift towards Beijing, China, heirs of a retail and property mogul behind Southeast Asia’s largest fortune “may have found a jackpot of their own.”

They’re building a supermall in China that is almost the size of the Pentagon in Washington, D.C. Their project signals increased exposure to the world’s biggest consumer market, according to Blake Schmidt in an article for Bloomberg Billionaires Index.

Investors have come around to President Duterte since his election last May 2016, supporting a rally for Philippine equities and a surge for the stocks owned by Henry Sy’s SM Investments Corp as the company undergoes a generational shift. That’s made billionaires of his six children.

“Henry Sy was one of the more forward-looking tycoons in the Philippines in that he paid attention to succession issues probably better than most,” said Alejandro Reyes, a Manila-born visiting professor at University of Hong Kong’s politics department. “The Philippines is an oligarchy where you have a limited number of families who benefit when the economy is doing very well, and who control an inordinate amount of the economy.”

The heirs collectively have direct stakes of around 44 percent of SM, which has holdings in retail, property development, banking and logistics. The siblings -- Teresita, Elizabeth, Henry Jr., Hans, Herbert, and Harley -- have a combined net worth of $10.7 billion. Henry Sy, 92, is credited with the remainder of the clan’s share of the conglomerate, held directly, with his wife and through family-owned holding companies.

The family’s $17.6 billion fortune amounts to more than 5 percent of the island nation’s annual GDP and has risen more than $3 billion since Duterte’s victory, more than any in Southeast Asia.

The conglomerate is viewed by investors as a proxy for the fast-growing Philippines economy, according to Frederic DyBuncio, who assumed the presidency of SM Investments in April. 

Indeed, logistics company 2GO Group Inc., which counts Sy’s group among its largest stakeholders, has tripled in the past year, while property company SM Prime Holdings Inc., lender BDO Unibank Inc. and holding company SM Investments are each up more than 19 percent.

Teresita Sy-Coson, the eldest of the heirs, lauded Duterte in a recent interview with CNBC for his laissez-faire approach to the economy. She and her brother Hans have been in delegations that went with President Duterte to China for talks with President Xi Jinping, a sign that the descendants of the conglomerate’s China-born founder are well-positioned to benefit from the detente. 

Visits from Chinese tourists grew by more than one-third last year, a boon for the Sys’ tenant at the City of Dreams Manila casino resort.

Seven of the group’s more than 60 malls are in China. The conglomerate is building a residential project in Chengdu, with plans for Xiamen and Jinjiang, the latter being the birthplace of Henry Sy, who spearheaded the group’s push into China. A supermall in the works in Tianjin would have more than 500,000 square meters of floor space, rivalling that of the Pentagon. It was designed like a blossoming flower to symbolize growth and new opportunities, according to the company’s website. Still, China only accounts for about 2 percent of the group’s total revenue.

The expansion in China brings the fortune back to the founder’s homeland, and comes as Henry Sy attempts to execute an orderly handover of his wealth to a new generation, which includes the appointing of professional managers from outside the family. 

By involving all of his children as managers and giving them an ownership stake, he’s been more proactive than some -- even if he hasn’t publicly designated a successor.

***

Quote of the Day: “Be a Filipino always, but an educated Filipino.” – Anon.
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