April 26, 2018, 12:38 am
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.07044 UAE Dirham
1 Philippine Peso = 2.01285 Albanian Lek
1 Philippine Peso = 0.03414 Neth Antilles Guilder
1 Philippine Peso = 0.3869 Argentine Peso
1 Philippine Peso = 0.02498 Australian Dollar
1 Philippine Peso = 0.03414 Aruba Florin
1 Philippine Peso = 0.03836 Barbados Dollar
1 Philippine Peso = 1.59992 Bangladesh Taka
1 Philippine Peso = 0.03047 Bulgarian Lev
1 Philippine Peso = 0.00723 Bahraini Dinar
1 Philippine Peso = 33.58228 Burundi Franc
1 Philippine Peso = 0.01918 Bermuda Dollar
1 Philippine Peso = 0.025 Brunei Dollar
1 Philippine Peso = 0.13157 Bolivian Boliviano
1 Philippine Peso = 0.06531 Brazilian Real
1 Philippine Peso = 0.01918 Bahamian Dollar
1 Philippine Peso = 1.26103 Bhutan Ngultrum
1 Philippine Peso = 0.18432 Botswana Pula
1 Philippine Peso = 383.96625 Belarus Ruble
1 Philippine Peso = 0.03832 Belize Dollar
1 Philippine Peso = 0.02447 Canadian Dollar
1 Philippine Peso = 0.01871 Swiss Franc
1 Philippine Peso = 11.4346 Chilean Peso
1 Philippine Peso = 0.12071 Chinese Yuan
1 Philippine Peso = 52.91139 Colombian Peso
1 Philippine Peso = 10.76908 Costa Rica Colon
1 Philippine Peso = 0.01918 Cuban Peso
1 Philippine Peso = 1.72344 Cape Verde Escudo
1 Philippine Peso = 0.3961 Czech Koruna
1 Philippine Peso = 3.39145 Djibouti Franc
1 Philippine Peso = 0.1164 Danish Krone
1 Philippine Peso = 0.94764 Dominican Peso
1 Philippine Peso = 2.1869 Algerian Dinar
1 Philippine Peso = 0.24445 Estonian Kroon
1 Philippine Peso = 0.33832 Egyptian Pound
1 Philippine Peso = 0.52167 Ethiopian Birr
1 Philippine Peso = 0.01562 Euro
1 Philippine Peso = 0.03879 Fiji Dollar
1 Philippine Peso = 0.01369 Falkland Islands Pound
1 Philippine Peso = 0.01368 British Pound
1 Philippine Peso = 0.08493 Ghanaian Cedi
1 Philippine Peso = 0.89893 Gambian Dalasi
1 Philippine Peso = 172.6122 Guinea Franc
1 Philippine Peso = 0.1407 Guatemala Quetzal
1 Philippine Peso = 3.94879 Guyana Dollar
1 Philippine Peso = 0.15041 Hong Kong Dollar
1 Philippine Peso = 0.4519 Honduras Lempira
1 Philippine Peso = 0.11558 Croatian Kuna
1 Philippine Peso = 1.23341 Haiti Gourde
1 Philippine Peso = 4.85501 Hungarian Forint
1 Philippine Peso = 266.4557 Indonesian Rupiah
1 Philippine Peso = 0.06754 Israeli Shekel
1 Philippine Peso = 1.26972 Indian Rupee
1 Philippine Peso = 22.70809 Iraqi Dinar
1 Philippine Peso = 805.52361 Iran Rial
1 Philippine Peso = 1.92079 Iceland Krona
1 Philippine Peso = 2.37438 Jamaican Dollar
1 Philippine Peso = 0.01359 Jordanian Dinar
1 Philippine Peso = 2.06782 Japanese Yen
1 Philippine Peso = 1.91408 Kenyan Shilling
1 Philippine Peso = 1.31497 Kyrgyzstan Som
1 Philippine Peso = 76.83161 Cambodia Riel
1 Philippine Peso = 7.65286 Comoros Franc
1 Philippine Peso = 17.26122 North Korean Won
1 Philippine Peso = 20.47315 Korean Won
1 Philippine Peso = 0.00575 Kuwaiti Dinar
1 Philippine Peso = 0.01573 Cayman Islands Dollar
1 Philippine Peso = 6.25738 Kazakhstan Tenge
1 Philippine Peso = 158.78405 Lao Kip
1 Philippine Peso = 28.8646 Lebanese Pound
1 Philippine Peso = 2.99962 Sri Lanka Rupee
1 Philippine Peso = 2.50441 Liberian Dollar
1 Philippine Peso = 0.23188 Lesotho Loti
1 Philippine Peso = 0.05847 Lithuanian Lita
1 Philippine Peso = 0.0119 Latvian Lat
1 Philippine Peso = 0.02539 Libyan Dinar
1 Philippine Peso = 0.17621 Moroccan Dirham
1 Philippine Peso = 0.31433 Moldovan Leu
1 Philippine Peso = 0.95589 Macedonian Denar
1 Philippine Peso = 25.29728 Myanmar Kyat
1 Philippine Peso = 45.79977 Mongolian Tugrik
1 Philippine Peso = 0.15492 Macau Pataca
1 Philippine Peso = 6.75105 Mauritania Ougulya
1 Philippine Peso = 0.64212 Mauritius Rupee
1 Philippine Peso = 0.29862 Maldives Rufiyaa
1 Philippine Peso = 13.71883 Malawi Kwacha
1 Philippine Peso = 0.35542 Mexican Peso
1 Philippine Peso = 0.07476 Malaysian Ringgit
1 Philippine Peso = 0.23032 Namibian Dollar
1 Philippine Peso = 6.88531 Nigerian Naira
1 Philippine Peso = 0.59455 Nicaragua Cordoba
1 Philippine Peso = 0.15025 Norwegian Krone
1 Philippine Peso = 2.02693 Nepalese Rupee
1 Philippine Peso = 0.02661 New Zealand Dollar
1 Philippine Peso = 0.00738 Omani Rial
1 Philippine Peso = 0.01918 Panama Balboa
1 Philippine Peso = 0.06167 Peruvian Nuevo Sol
1 Philippine Peso = 0.06232 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.21711 Pakistani Rupee
1 Philippine Peso = 0.06525 Polish Zloty
1 Philippine Peso = 105.81128 Paraguayan Guarani
1 Philippine Peso = 0.06981 Qatar Rial
1 Philippine Peso = 0.07297 Romanian New Leu
1 Philippine Peso = 1.17426 Russian Rouble
1 Philippine Peso = 16.19889 Rwanda Franc
1 Philippine Peso = 0.07192 Saudi Arabian Riyal
1 Philippine Peso = 0.14921 Solomon Islands Dollar
1 Philippine Peso = 0.25758 Seychelles Rupee
1 Philippine Peso = 0.34621 Sudanese Pound
1 Philippine Peso = 0.1621 Swedish Krona
1 Philippine Peso = 0.02526 Singapore Dollar
1 Philippine Peso = 0.01369 St Helena Pound
1 Philippine Peso = 0.42589 Slovak Koruna
1 Philippine Peso = 146.33679 Sierra Leone Leone
1 Philippine Peso = 10.79785 Somali Shilling
1 Philippine Peso = 382.92676 Sao Tome Dobra
1 Philippine Peso = 0.16782 El Salvador Colon
1 Philippine Peso = 9.87687 Syrian Pound
1 Philippine Peso = 0.2317 Swaziland Lilageni
1 Philippine Peso = 0.60153 Thai Baht
1 Philippine Peso = 0.04709 Tunisian Dinar
1 Philippine Peso = 0.04287 Tongan paʻanga
1 Philippine Peso = 0.07793 Turkish Lira
1 Philippine Peso = 0.12937 Trinidad Tobago Dollar
1 Philippine Peso = 0.56552 Taiwan Dollar
1 Philippine Peso = 43.65171 Tanzanian Shilling
1 Philippine Peso = 0.50153 Ukraine Hryvnia
1 Philippine Peso = 70.73264 Ugandan Shilling
1 Philippine Peso = 0.01918 United States Dollar
1 Philippine Peso = 0.54066 Uruguayan New Peso
1 Philippine Peso = 154.48792 Uzbekistan Sum
1 Philippine Peso = 1138.30075 Venezuelan Bolivar
1 Philippine Peso = 436.67051 Vietnam Dong
1 Philippine Peso = 2.02071 Vanuatu Vatu
1 Philippine Peso = 0.04846 Samoa Tala
1 Philippine Peso = 10.24242 CFA Franc (BEAC)
1 Philippine Peso = 0.05178 East Caribbean Dollar
1 Philippine Peso = 10.24242 CFA Franc (BCEAO)
1 Philippine Peso = 1.85386 Pacific Franc
1 Philippine Peso = 4.79287 Yemen Riyal
1 Philippine Peso = 0.23169 South African Rand
1 Philippine Peso = 99.53011 Zambian Kwacha
1 Philippine Peso = 6.94093 Zimbabwe dollar

BSP sees first current account deficit in 15 years

The Philippine central bank has revised its current account balance forecast for this year, predicting a deficit for the first time since 2002, on expectations of surging imports.

The current account is expected to be in deficit by $600 million instead of a surplus of $800 million as the central bank earlier estimated, Zeno Abenoja, a director of the bank, told a news briefing on Friday.

It would be the country’s first current account deficit since 2002, central bank data show.

Imports are having a bigger impact on trade because of the need to sustain economic growth, central bank deputy governor Diwa Guinigundo told the same briefing.

Guinigundo said it is possible for the current account to be continually in deficit going forward, as the Philippine economy, one of Asia’s fastest growing, maintains upward momentum.

Philippine imports had been rising, mostly at double-digit pace, for 13 months through March, driven by shipments of transport equipment, industrial machinery and iron and steel, as the government boosts infrastructure spending.

The forecast for the 2017 balance of payments position was also changed to a deficit of $500 million from the previous forecast of a surplus of $1.0 billion.

The country’s foreign exchange reserves at year end are expected to be $80.5 billion, below the earlier estimate of $84.7 billion. 

The country’s balance of payments (BOP) position posted a deficit of $994 million in first quarter 2017, higher than the $210 million deficit recorded in first quarter 2016. 

The current account reversed to a deficit of $318 million in first quarter 2017 from a $730 million surplus in first quarter 2016, as the trade-in-goods deficit widened on the back of the faster growth in imports. 

Meanwhile, the financial account improved, yielding lower net outflows of $579 million due to net inflows in the other investment, direct investment, and financial derivatives accounts. 

However, this was partly offset by the higher net outflows in the portfolio investment account. Global economic growth remained uneven with slower expansion in the euro area, India and the ASEAN region even as economic activity continued to pick up pace in the United States (US), Japan and China. 

The lingering volatility in the external environment continued to affect the country’s external trade and capital flows. 

The country’s gross international reserves (GIR) leveled at $80.9 billion as of end-March 2017, slightly higher than the $80.7 billion level in December 2016, but lower than the $83 billion in March 2016. 

At this level, reserves could sufficiently cover 8.6 months’ worth of imports of goods and payments of services and income. It is equivalent to 5.4 times the country’s short-term external debt based on original maturity and 4 times based on residual maturity. 

The quarter-on-quarter increase in reserves was due mainly to the inflows arising from the net foreign currency deposits by the National Government and BSP’s investment income, as well as revaluation adjustments on its gold holdings and foreign currency-denominated reserves. 

These were offset by net outflows from foreign exchange operations of the BSP and payments made by the National Government (NG) for its maturing foreign exchange obligations.

The current account registered a deficit of $318 million which is equivalent to 0.4 percent of GDP in first quarter 2017, a reversal from the $730 million surplus posted in first quarter 2016. 

This development emanated from the widening of the trade-in-goods deficit as the growth in imports of goods outpaced that of exports of goods. Higher net receipts in the secondary income, services, and primary income accounts helped offset the increase in the trade-in-goods deficit.

The trade-in-goods deficit increased to $9.8 billion in first quarter 2017 from $7.8 billion in first quarter 2016 due to the faster expansion in imports of goods at 19.2 percent relative to the 14.1 percent growth in exports. 

Exports of goods rose to $11.6 billion in first quarter 2017, higher than the $10.2 billion in first quarter 2016, indicating improved external demand from major trading partners, notably the US, Asia and in the European Union during the quarter. 

Stronger export performance was attributed mainly to increased shipments of manufactures (by 9.2 percent), particularly machinery and transport equipment and garments. 

Shipment of other major commodity groups, notably coconut and mineral products, likewise increased markedly by 132.3 percent and 55.4 percent, respectively, during the quarter fueled by the upturn in global prices of coconut oil and copper metal. 

Imports of goods amounted to $21.5 billion in first quarter 2017, posting a 19.2 percent increment relative to the $18 billion imports in first quarter 2016. 

This developed on account of increased importation across all major commodity groups. 

Growth in total imports was boosted primarily by raw materials and intermediate goods which grew by 25.7 percent to $8.3 billion. 

Imports of consumer goods went up by 15.9 percent, buoyed by growth in durables and non-durables. Capital goods imports rose by 6.9 percent to $5.1 billion, following increased purchases of power generating and specialized machines and land transport equipment, excluding passenger cars and motorized cycle. 

Imports of petroleum crude oil increased by 56.4 percent to $1.1 billion, buoyed by the recent hike in global oil prices.

Net receipts in trade-in-services rose to $2.4 billion in first quarter 2017, exceeding the $2 billion net receipts registered during the same quarter a year ago. 

Export revenues in business process outsourcing (BPO) services totaled $5.5 billion in first quarter 2017, or a growth of 9.9 percent from the $5 billion earnings in the same quarter last year.

The primary income account recorded net receipts of $678 million in first quarter 2017, 5.7 percent higher than the $642 million net receipts in first quarter 2016. 

The improvement was due mainly to the decline in net payments of investment income by 6.3 percent brought about by: a) lower dividends paid to foreign direct investors on their equity and investment fund shares in resident enterprises by 33.1 percent; b) lower net payments of interest on short-term and long-term investments in debt securities by 17.6 percent; and c) lower net payments of interest on other investments by local corporations. 

Increased interest receipts on reserve assets by 20.1 percent also contributed to the growth in the primary income account. However, these gains were partially offset by the 1.9 percent decline in compensation inflows from resident overseas Filipino (OF) workers.

Net receipts in the secondary income account reached $6.5 billion in first quarter 2017, higher by 9.5 percent than the $5.9 billion net receipts in first quarter 2016. 

Growth was driven mainly by receipts of personal transfers, which increased by 10.9 percent to reach $6.2 billion during the quarter. The bulk of these personal transfers about 98 percent were non-resident OF workers’ remittances.

Net receipts in the capital account declined substantially to $9 million in first quarter 2017 from $24 million in first quarter 2016. 

This developed following the reversal to $10 million net payment of the other capital transfers of financial corporations, non-financial corporations, households, and non-profit institutions serving households (NPISHs) in first quarter 2017 from $1 million net receipts in first quarter 2016.  –with Reuters 
Rating: 
No votes yet

Column of the Day

Facebook + Vera Files + Rappler = Truth?

By DAHLI ASPILLERA | April 25,2018
‘Vera Files and Rappler’s claim to glory--their membership in The Poynter, an alcohol industry-funded journalism institute. Some conflict of mores and ethos!’

Opinion of the Day

A lawyer-blogger’s view on the quo warranto petition vs Sereno (2)

By ELLEN TORDESILLAS | April 25, 2018
‘This shortcut will yield greater mischief than the good that irregular removal seeks to achieve.’