January 20, 2018, 4:50 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

S&P fears for PHI Banks

STANDARD & Poor’s believes that banks in the Philippines are not prepared for the tougher competition that will come with the planned integration of Southeast Asian economies. 
 
In one of its latest publications, S&P said Philippines banks in the country, although profitable and stable, have a much smaller business scale compared with their counterparts in the region. 
 
The credit-rating firm said that Philippine banks will find it difficult to preserve market share with the free entry of foreign competition that will result from the regional integration. 
 
“We believe banks [in the Philippines] will have to walk a thin line to preserve market share while pursuing profitable expansion as Asean 2015 draws closer,” S&P said in the report titled “The Philippines’ Banking System: The Good, the Bad and the Ambivalent.” 
 
The 10 members of the Association of Southeast Asian Nations (Asean) have agreed to integrate their economies with the aim of boosting economic activities, job creation and incomes. 
 
The target is to realize the integration by 2015, although policymakers in the region have agreed that the process could be extended through 2020. 
 
S&P said that even the biggest banks in the Philippines are small compared with the likes of CIMB and Maybank of Malaysia or DBS and United Overseas Bank of Singapore. 
 
One of the challenges facing Philippine banks is overcrowding. Since there are too many players in the country’s banking sector, industry members could not scale up their businesses. 
 
Although the number of banks in the country has been on a decline over the last few years, it remained big compared with regional standards. 
 
“We believe greater scale is essential for banks to deal with the more intense incoming competition. Even the largest domestic banks are relatively small compared with banks in Singapore and Malaysia,” S&P said. 
As of September 2013, there were 676 banks in the Philippines. Thirty-six were universal and commercial banks, 71 were thrift banks, and 569 were rural banks. 
 
Another problem confronting Philippine banks is the heavy concentration of credit to the corporate sector. This makes the stability of banks highly dependent on the performance of big borrowers. 
 
S&P noted that as of the end of last year, 82.7 percent of loan portfolio of banks was accounted for by credit extended to corporate entities and that consumer loans accounted for a much smaller portion. Out of the loans to the corporate sector, a substantial chunk was accounted for by large conglomerates. 
 
“The Philippine banking system is heavily skewed toward corporate lending. Systemic risks also are heightened because the conglomerates account for a sizable share of bank capital,” S&P said. In fact, many of these conglomerates are also in the banking sector, It noted, nonetheless, that default by a conglomerate was highly unlikely at this point. 
 
Meantime, S&P said that pending Asean integration, banks in the Philippines are expected to continue reaping the benefits of a growing economy. 
 
***
 
Senate President Franklin M. Drilon has affirmed his complete support for the full and immediate prosecution of all individuals involved in the P10-billion pork barrel scam, regardless of political affiliation.
 
“I fully support the full prosecution of all individuals involved in the pork barrel scam. The quest for justice must spare no one no matter their affiliation, and even the administration lawmakers and allies of the President must be covered by the investigation and its eventual prosecution,” stressed Drilon.
 
He said the pursuit of delivering justice “should be blind to political colors.”
 
However, the Senate chief cautioned against turning the process of finding out the truth into unlimited opportunities for mudslinging, witch hunts and smear campaigns, which “serve only to further the personal and political causes of some individuals.”
 
The Senate President called for an “atmosphere of sobriety” on the process of ferreting out the whole truth and enforcing the law on the controversy.
 
“In the face of controversy, what is important is we remain rational and circumspect while we search for the truth, and until we have put the perpetrators in jail. A sober approach on this controversy is of paramount importance, in order for this process to be successful,” emphasized Drilon, a former justice secretary.
 
“I understand that this issue provides a lot of opportunities for political attacks. But we should not muddle the issue by embarking on witch hunts and black propaganda and ruin the sincere efforts to find the truth and render justice,” he added.
 
“When anyone becomes a target of propaganda attacks, it is their reputation - their very integrity- that is wrongly put at stake,” he pointed out. 
 
Drilon said he wants that all involved in the scam face the full brunt of the law, as long as there is enough evidence to support the charges.
 
“All charges must be supported by compelling and undeniable evidence, and they must be laid out and presented to the court and to the public” said Drilon.
 
He however said that those who will be charged should be given adequate opportunities to defend themselves, while those proven innocent should be freed of the charges.
 
“It is only through our courts and the country’s justice system that we can achieve the genuine truth and justice rightfully demanded by our people. I invite everyone to help us in this just cause,” he concluded. 
 
The process has taken too long as it is. If only charges had been filed in court months ago, maybe the accused would by now be already answering in court the charges against them instead of trying to muddle the fact by throwing accusations of politically motivated vendettas to the winds.
 
***
 
Here’s something to think about for those who will demonstrate during next week’s visit of Barack Obama:. When people in the United States were asked this question: “Do you have a favorable or unfavorable view of the American people?”
 
86% of Filipinos had a more favorable view than even Americans had. Only 84% of Americans had a favorable view of their fellow Americans, 84% of people from Ghana and 80% of South Koreans and Israelis. The Pew Research Center is a nonpartisan American think tank based in Washington, D.C., that provides information on social issues, public opinion, and demographic trends shaping the United States and the world. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. It does not take policy positions.
 
***
 
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