May 22, 2018, 4:52 am
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1 Philippine Peso = 0.07022 UAE Dirham
1 Philippine Peso = 2.04971 Albanian Lek
1 Philippine Peso = 0.03427 Neth Antilles Guilder
1 Philippine Peso = 0.46553 Argentine Peso
1 Philippine Peso = 0.02521 Australian Dollar
1 Philippine Peso = 0.03403 Aruba Florin
1 Philippine Peso = 0.03824 Barbados Dollar
1 Philippine Peso = 1.6174 Bangladesh Taka
1 Philippine Peso = 0.0318 Bulgarian Lev
1 Philippine Peso = 0.00722 Bahraini Dinar
1 Philippine Peso = 33.47954 Burundi Franc
1 Philippine Peso = 0.01912 Bermuda Dollar
1 Philippine Peso = 0.02536 Brunei Dollar
1 Philippine Peso = 0.13117 Bolivian Boliviano
1 Philippine Peso = 0.07028 Brazilian Real
1 Philippine Peso = 0.01912 Bahamian Dollar
1 Philippine Peso = 1.30067 Bhutan Ngultrum
1 Philippine Peso = 0.19226 Botswana Pula
1 Philippine Peso = 382.79159 Belarus Ruble
1 Philippine Peso = 0.0382 Belize Dollar
1 Philippine Peso = 0.02445 Canadian Dollar
1 Philippine Peso = 0.01907 Swiss Franc
1 Philippine Peso = 12.17151 Chilean Peso
1 Philippine Peso = 0.12202 Chinese Yuan
1 Philippine Peso = 54.9522 Colombian Peso
1 Philippine Peso = 10.70612 Costa Rica Colon
1 Philippine Peso = 0.01912 Cuban Peso
1 Philippine Peso = 1.78834 Cape Verde Escudo
1 Philippine Peso = 0.41644 Czech Koruna
1 Philippine Peso = 3.3891 Djibouti Franc
1 Philippine Peso = 0.12076 Danish Krone
1 Philippine Peso = 0.94646 Dominican Peso
1 Philippine Peso = 2.21398 Algerian Dinar
1 Philippine Peso = 0.25367 Estonian Kroon
1 Philippine Peso = 0.34149 Egyptian Pound
1 Philippine Peso = 0.52008 Ethiopian Birr
1 Philippine Peso = 0.01621 Euro
1 Philippine Peso = 0.03927 Fiji Dollar
1 Philippine Peso = 0.01423 Falkland Islands Pound
1 Philippine Peso = 0.01423 British Pound
1 Philippine Peso = 0.08859 Ghanaian Cedi
1 Philippine Peso = 0.89503 Gambian Dalasi
1 Philippine Peso = 172.06501 Guinea Franc
1 Philippine Peso = 0.14027 Guatemala Quetzal
1 Philippine Peso = 3.93289 Guyana Dollar
1 Philippine Peso = 0.15004 Hong Kong Dollar
1 Philippine Peso = 0.45428 Honduras Lempira
1 Philippine Peso = 0.11999 Croatian Kuna
1 Philippine Peso = 1.19751 Haiti Gourde
1 Philippine Peso = 5.1499 Hungarian Forint
1 Philippine Peso = 271.08987 Indonesian Rupiah
1 Philippine Peso = 0.06827 Israeli Shekel
1 Philippine Peso = 1.30228 Indian Rupee
1 Philippine Peso = 22.63862 Iraqi Dinar
1 Philippine Peso = 804.0153 Iran Rial
1 Philippine Peso = 1.99809 Iceland Krona
1 Philippine Peso = 2.38145 Jamaican Dollar
1 Philippine Peso = 0.0135 Jordanian Dinar
1 Philippine Peso = 2.12293 Japanese Yen
1 Philippine Peso = 1.91587 Kenyan Shilling
1 Philippine Peso = 1.30863 Kyrgyzstan Som
1 Philippine Peso = 77.2065 Cambodia Riel
1 Philippine Peso = 7.91109 Comoros Franc
1 Philippine Peso = 17.20841 North Korean Won
1 Philippine Peso = 20.57725 Korean Won
1 Philippine Peso = 0.00577 Kuwaiti Dinar
1 Philippine Peso = 0.01568 Cayman Islands Dollar
1 Philippine Peso = 6.29369 Kazakhstan Tenge
1 Philippine Peso = 159.08222 Lao Kip
1 Philippine Peso = 28.77629 Lebanese Pound
1 Philippine Peso = 3.0153 Sri Lanka Rupee
1 Philippine Peso = 2.55793 Liberian Dollar
1 Philippine Peso = 0.24207 Lesotho Loti
1 Philippine Peso = 0.05829 Lithuanian Lita
1 Philippine Peso = 0.01187 Latvian Lat
1 Philippine Peso = 0.02595 Libyan Dinar
1 Philippine Peso = 0.18017 Moroccan Dirham
1 Philippine Peso = 0.31807 Moldovan Leu
1 Philippine Peso = 0.99293 Macedonian Denar
1 Philippine Peso = 25.85086 Myanmar Kyat
1 Philippine Peso = 45.83174 Mongolian Tugrik
1 Philippine Peso = 0.15455 Macau Pataca
1 Philippine Peso = 6.76864 Mauritania Ougulya
1 Philippine Peso = 0.65679 Mauritius Rupee
1 Philippine Peso = 0.29771 Maldives Rufiyaa
1 Philippine Peso = 13.64149 Malawi Kwacha
1 Philippine Peso = 0.37878 Mexican Peso
1 Philippine Peso = 0.07606 Malaysian Ringgit
1 Philippine Peso = 0.24208 Namibian Dollar
1 Philippine Peso = 6.88337 Nigerian Naira
1 Philippine Peso = 0.59598 Nicaragua Cordoba
1 Philippine Peso = 0.15388 Norwegian Krone
1 Philippine Peso = 2.08185 Nepalese Rupee
1 Philippine Peso = 0.02752 New Zealand Dollar
1 Philippine Peso = 0.00735 Omani Rial
1 Philippine Peso = 0.01912 Panama Balboa
1 Philippine Peso = 0.0627 Peruvian Nuevo Sol
1 Philippine Peso = 0.06117 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.20841 Pakistani Rupee
1 Philippine Peso = 0.06955 Polish Zloty
1 Philippine Peso = 107.60994 Paraguayan Guarani
1 Philippine Peso = 0.06959 Qatar Rial
1 Philippine Peso = 0.07495 Romanian New Leu
1 Philippine Peso = 1.17737 Russian Rouble
1 Philippine Peso = 16.18375 Rwanda Franc
1 Philippine Peso = 0.0717 Saudi Arabian Riyal
1 Philippine Peso = 0.15039 Solomon Islands Dollar
1 Philippine Peso = 0.26023 Seychelles Rupee
1 Philippine Peso = 0.34331 Sudanese Pound
1 Philippine Peso = 0.16581 Swedish Krona
1 Philippine Peso = 0.02562 Singapore Dollar
1 Philippine Peso = 0.01424 St Helena Pound
1 Philippine Peso = 0.42459 Slovak Koruna
1 Philippine Peso = 149.13958 Sierra Leone Leone
1 Philippine Peso = 10.7457 Somali Shilling
1 Philippine Peso = 397.36138 Sao Tome Dobra
1 Philippine Peso = 0.1673 El Salvador Colon
1 Philippine Peso = 9.84665 Syrian Pound
1 Philippine Peso = 0.24215 Swaziland Lilageni
1 Philippine Peso = 0.61434 Thai Baht
1 Philippine Peso = 0.04906 Tunisian Dinar
1 Philippine Peso = 0.04426 Tongan paʻanga
1 Philippine Peso = 0.08746 Turkish Lira
1 Philippine Peso = 0.12714 Trinidad Tobago Dollar
1 Philippine Peso = 0.57119 Taiwan Dollar
1 Philippine Peso = 43.51816 Tanzanian Shilling
1 Philippine Peso = 0.49847 Ukraine Hryvnia
1 Philippine Peso = 71.12811 Ugandan Shilling
1 Philippine Peso = 0.01912 United States Dollar
1 Philippine Peso = 0.59981 Uruguayan New Peso
1 Philippine Peso = 152.58126 Uzbekistan Sum
1 Philippine Peso = 1501.96941 Venezuelan Bolivar
1 Philippine Peso = 435.35373 Vietnam Dong
1 Philippine Peso = 2.08088 Vanuatu Vatu
1 Philippine Peso = 0.0494 Samoa Tala
1 Philippine Peso = 10.62849 CFA Franc (BEAC)
1 Philippine Peso = 0.05163 East Caribbean Dollar
1 Philippine Peso = 10.62849 CFA Franc (BCEAO)
1 Philippine Peso = 1.92218 Pacific Franc
1 Philippine Peso = 4.7782 Yemen Riyal
1 Philippine Peso = 0.24216 South African Rand
1 Philippine Peso = 99.22562 Zambian Kwacha
1 Philippine Peso = 6.91969 Zimbabwe dollar

TRAINflation!

The critics of the Tax Reform for Acceleration and Inclusion (TRAIN) warned that not only would the revenue-generation offensive catalyze higher prices thereby washing over the anemic upsides from re-bracketing anachronistic income tax categories for minimum wage earners, but would also create a titanic inflationary wave inundating even those costs not contemplated by TRAIN.

In some measure, we agreed. The quantitative basis for TRAIN was an econometric input-output model theoretically linking costs in a grand value chain, prophesizing where a TRAIN- increased tax might impact. To degrees possible, indirect links were imagined and inputted in a lengthening equation. It’s accuracy, a function of the complexity of the pencil-pushing. Unfortunately government pay-scales do not guarantee employing the best and brightest.

Our criticism centered on TRAIN’s incremental excise on petroleum products designed to offset foregone taxes from TRAIN’s minimum wage re-bracketing. Not only are petroleum products scattered all throughout the value chain’s nooks and crannies, but, paid by all and sundry, this creates revenue flows that exceed the costs of foregone income taxes.

Worse, the factors that affect petroleum products are largely external and uncontrollable. Apply wave theory and one would soon realize that the low oil prices we’ve been experiencing will not only rebound to equilibrium, these are likelier to explode far into the stratosphere.

Because economic inclusion was supposedly an objective of TRAIN, its econometric equation should have focused on costs burdened on those effectively disenfranchised by our ballyhooed gross domestic productivity (GDP) growth. This is important. It is important to focus TRAIN on those whose specific basket of necessities reflects GDP’s inelastic impacts.

In other words, for TRAIN to provide for economic inclusion, it should have considered costs specific to those disenfranchised by GDP growth. 

Analyzing, we know these are the agricultural workforce, those who remain unemployed or underemployed, those who make up the base of the hunger index and the petrified core under the poverty line. While we cannot ascertain the specific variables technocrats used for TRAIN’s econometric algorithms, we can surmise from TRAIN’s negative effects.

Here we cite three.

One of TRAIN’s immediate effects is the slowdown in critical expenditure programs that would have boosted domestic competitiveness and catalyzed economic inclusion. 

A case in point. In Pampanga, 21 school projects were “derailed” leading to an unacceptable accomplishment rate of only 4.43 percent due to the inadequacy of previously -budgeted funds falling below actual TRAIN-attributable rising costs to accomplish these. 

These delays create gridlocks up and down each school project’s individual supply chain, aggravating its multiplier impacts and worsening the existing shortage in classrooms. Building materials are not purchased. Equipment is not mobilized. Construction workers are not employed. Students are left uneducated. Such undersupply forces the cost of education to rise exponentially where demand races ahead of supply. 

There are few things more expensive than an uneducated child.

Our second example involves the continuing outflow of capital from our economy. Foreign direct investments (FDI) catalyze economic inclusion from providing employment, technology transfers, to industrialization, to foreign currency revenues, to the increased purchasing power of the peso.

Confronted with the chemistry of TRAIN-induced higher costs and the imminent loss of investment incentives, FDIs, already trailing regional economies, pledged to the Philippine Economic Zone Authority (PEZA)  from one of our friendliest trading partners, the United States, crashed by as much as 76.8 percent after a historic 13-year low under the Duterte administration. 

Add a sharp and stinging decline in PEZA FDIs from the United Kingdom of 57.5 percent and from Singapore of 86.8 percent. Obviously this is not simply a result of better Wall Street returns under the Trump economy, but a very real and deliberated investment snub.

The third effect of TRAIN is cost-push inflation.

Add to the foregoing inflationary specifics on education and FDIs the systemic increase in headline inflation to 4.5 percent, worsened by 5.45 percent for the National Capital Region, and even higher rural inflation where aggregate prices are poorly monitored, less regulated and where family incomes wallow below the national median. 

Coinciding with the bloating of global petroleum prices and the weakening of the peso, these TRAIN effects are functions of controllable internal and uncontrollable external factors. They are also due to myopic econometric modelling on one end, poor linear forecasting on another, and plain bad luck in the middle. 

TRAIN’s critics are chorusing “I-told-you-sos.” Unfortunately, no one is happy they called it correctly. Like toothpaste squeezed from a tube, most of these are irreversible.
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