April 20, 2018, 3:13 pm
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1 Philippine Peso = 0.07053 UAE Dirham
1 Philippine Peso = 1.99923 Albanian Lek
1 Philippine Peso = 0.03418 Neth Antilles Guilder
1 Philippine Peso = 0.38677 Argentine Peso
1 Philippine Peso = 0.02467 Australian Dollar
1 Philippine Peso = 0.03418 Aruba Florin
1 Philippine Peso = 0.03841 Barbados Dollar
1 Philippine Peso = 1.59228 Bangladesh Taka
1 Philippine Peso = 0.03034 Bulgarian Lev
1 Philippine Peso = 0.00724 Bahraini Dinar
1 Philippine Peso = 33.62742 Burundi Franc
1 Philippine Peso = 0.0192 Bermuda Dollar
1 Philippine Peso = 0.02503 Brunei Dollar
1 Philippine Peso = 0.13175 Bolivian Boliviano
1 Philippine Peso = 0.06526 Brazilian Real
1 Philippine Peso = 0.0192 Bahamian Dollar
1 Philippine Peso = 1.26032 Bhutan Ngultrum
1 Philippine Peso = 0.18403 Botswana Pula
1 Philippine Peso = 384.48243 Belarus Ruble
1 Philippine Peso = 0.03837 Belize Dollar
1 Philippine Peso = 0.02421 Canadian Dollar
1 Philippine Peso = 0.01858 Swiss Franc
1 Philippine Peso = 11.41406 Chilean Peso
1 Philippine Peso = 0.12052 Chinese Yuan
1 Philippine Peso = 52.12791 Colombian Peso
1 Philippine Peso = 10.7778 Costa Rica Colon
1 Philippine Peso = 0.0192 Cuban Peso
1 Philippine Peso = 1.71039 Cape Verde Escudo
1 Philippine Peso = 0.39282 Czech Koruna
1 Philippine Peso = 3.39601 Djibouti Franc
1 Philippine Peso = 0.11551 Danish Krone
1 Philippine Peso = 0.94891 Dominican Peso
1 Philippine Peso = 2.1798 Algerian Dinar
1 Philippine Peso = 0.24262 Estonian Kroon
1 Philippine Peso = 0.33916 Egyptian Pound
1 Philippine Peso = 0.52276 Ethiopian Birr
1 Philippine Peso = 0.01551 Euro
1 Philippine Peso = 0.03865 Fiji Dollar
1 Philippine Peso = 0.01348 Falkland Islands Pound
1 Philippine Peso = 0.01349 British Pound
1 Philippine Peso = 0.08525 Ghanaian Cedi
1 Philippine Peso = 0.89975 Gambian Dalasi
1 Philippine Peso = 172.80584 Guinea Franc
1 Philippine Peso = 0.14089 Guatemala Quetzal
1 Philippine Peso = 3.95007 Guyana Dollar
1 Philippine Peso = 0.15072 Hong Kong Dollar
1 Philippine Peso = 0.45249 Honduras Lempira
1 Philippine Peso = 0.11491 Croatian Kuna
1 Philippine Peso = 1.24505 Haiti Gourde
1 Philippine Peso = 4.8093 Hungarian Forint
1 Philippine Peso = 264.60534 Indonesian Rupiah
1 Philippine Peso = 0.06739 Israeli Shekel
1 Philippine Peso = 1.26727 Indian Rupee
1 Philippine Peso = 22.73862 Iraqi Dinar
1 Philippine Peso = 806.60649 Iran Rial
1 Philippine Peso = 1.91031 Iceland Krona
1 Philippine Peso = 2.37565 Jamaican Dollar
1 Philippine Peso = 0.01361 Jordanian Dinar
1 Philippine Peso = 2.06171 Japanese Yen
1 Philippine Peso = 1.92145 Kenyan Shilling
1 Philippine Peso = 1.32194 Kyrgyzstan Som
1 Philippine Peso = 76.97331 Cambodia Riel
1 Philippine Peso = 7.61206 Comoros Franc
1 Philippine Peso = 17.28442 North Korean Won
1 Philippine Peso = 20.40042 Korean Won
1 Philippine Peso = 0.00575 Kuwaiti Dinar
1 Philippine Peso = 0.01575 Cayman Islands Dollar
1 Philippine Peso = 6.25043 Kazakhstan Tenge
1 Philippine Peso = 158.93989 Lao Kip
1 Philippine Peso = 28.9034 Lebanese Pound
1 Philippine Peso = 2.99693 Sri Lanka Rupee
1 Philippine Peso = 2.50451 Liberian Dollar
1 Philippine Peso = 0.22892 Lesotho Loti
1 Philippine Peso = 0.05855 Lithuanian Lita
1 Philippine Peso = 0.01192 Latvian Lat
1 Philippine Peso = 0.02543 Libyan Dinar
1 Philippine Peso = 0.17577 Moroccan Dirham
1 Philippine Peso = 0.31452 Moldovan Leu
1 Philippine Peso = 0.94968 Macedonian Denar
1 Philippine Peso = 25.52333 Myanmar Kyat
1 Philippine Peso = 45.86134 Mongolian Tugrik
1 Philippine Peso = 0.15521 Macau Pataca
1 Philippine Peso = 6.76013 Mauritania Ougulya
1 Philippine Peso = 0.64144 Mauritius Rupee
1 Philippine Peso = 0.29902 Maldives Rufiyaa
1 Philippine Peso = 13.70175 Malawi Kwacha
1 Philippine Peso = 0.35007 Mexican Peso
1 Philippine Peso = 0.07459 Malaysian Ringgit
1 Philippine Peso = 0.22915 Namibian Dollar
1 Philippine Peso = 6.87536 Nigerian Naira
1 Philippine Peso = 0.59554 Nicaragua Cordoba
1 Philippine Peso = 0.14884 Norwegian Krone
1 Philippine Peso = 2.01652 Nepalese Rupee
1 Philippine Peso = 0.02629 New Zealand Dollar
1 Philippine Peso = 0.00739 Omani Rial
1 Philippine Peso = 0.0192 Panama Balboa
1 Philippine Peso = 0.06176 Peruvian Nuevo Sol
1 Philippine Peso = 0.06241 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.21836 Pakistani Rupee
1 Philippine Peso = 0.06459 Polish Zloty
1 Philippine Peso = 106.04187 Paraguayan Guarani
1 Philippine Peso = 0.0699 Qatar Rial
1 Philippine Peso = 0.07223 Romanian New Leu
1 Philippine Peso = 1.16816 Russian Rouble
1 Philippine Peso = 16.22066 Rwanda Franc
1 Philippine Peso = 0.07202 Saudi Arabian Riyal
1 Philippine Peso = 0.14768 Solomon Islands Dollar
1 Philippine Peso = 0.25792 Seychelles Rupee
1 Philippine Peso = 0.34667 Sudanese Pound
1 Philippine Peso = 0.161 Swedish Krona
1 Philippine Peso = 0.02513 Singapore Dollar
1 Philippine Peso = 0.01349 St Helena Pound
1 Philippine Peso = 0.42646 Slovak Koruna
1 Philippine Peso = 146.53351 Sierra Leone Leone
1 Philippine Peso = 10.79316 Somali Shilling
1 Philippine Peso = 380.06338 Sao Tome Dobra
1 Philippine Peso = 0.16804 El Salvador Colon
1 Philippine Peso = 9.89015 Syrian Pound
1 Philippine Peso = 0.22917 Swaziland Lilageni
1 Philippine Peso = 0.599 Thai Baht
1 Philippine Peso = 0.04602 Tunisian Dinar
1 Philippine Peso = 0.04292 Tongan paʻanga
1 Philippine Peso = 0.07736 Turkish Lira
1 Philippine Peso = 0.12961 Trinidad Tobago Dollar
1 Philippine Peso = 0.56365 Taiwan Dollar
1 Philippine Peso = 43.7488 Tanzanian Shilling
1 Philippine Peso = 0.50259 Ukraine Hryvnia
1 Philippine Peso = 70.84694 Ugandan Shilling
1 Philippine Peso = 0.0192 United States Dollar
1 Philippine Peso = 0.54158 Uruguayan New Peso
1 Philippine Peso = 154.65719 Uzbekistan Sum
1 Philippine Peso = 1139.831 Venezuelan Bolivar
1 Philippine Peso = 437.43038 Vietnam Dong
1 Philippine Peso = 2.00538 Vanuatu Vatu
1 Philippine Peso = 0.04922 Samoa Tala
1 Philippine Peso = 10.16881 CFA Franc (BEAC)
1 Philippine Peso = 0.05185 East Caribbean Dollar
1 Philippine Peso = 10.16881 CFA Franc (BCEAO)
1 Philippine Peso = 1.83983 Pacific Franc
1 Philippine Peso = 4.79931 Yemen Riyal
1 Philippine Peso = 0.2292 South African Rand
1 Philippine Peso = 99.66391 Zambian Kwacha
1 Philippine Peso = 6.95026 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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