August 21, 2017, 3:09 am
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.07147 UAE Dirham
1 Philippine Peso = 2.19187 Albanian Lek
1 Philippine Peso = 0.03469 Neth Antilles Guilder
1 Philippine Peso = 0.33668 Argentine Peso
1 Philippine Peso = 0.02451 Australian Dollar
1 Philippine Peso = 0.03464 Aruba Florin
1 Philippine Peso = 0.03892 Barbados Dollar
1 Philippine Peso = 1.5756 Bangladesh Taka
1 Philippine Peso = 0.03242 Bulgarian Lev
1 Philippine Peso = 0.00733 Bahraini Dinar
1 Philippine Peso = 33.60051 Burundi Franc
1 Philippine Peso = 0.01946 Bermuda Dollar
1 Philippine Peso = 0.02651 Brunei Dollar
1 Philippine Peso = 0.13349 Bolivian Boliviano
1 Philippine Peso = 0.06121 Brazilian Real
1 Philippine Peso = 0.01946 Bahamian Dollar
1 Philippine Peso = 1.2483 Bhutan Ngultrum
1 Philippine Peso = 0.19907 Botswana Pula
1 Philippine Peso = 389.56996 Belarus Ruble
1 Philippine Peso = 0.03888 Belize Dollar
1 Philippine Peso = 0.02447 Canadian Dollar
1 Philippine Peso = 0.01877 Swiss Franc
1 Philippine Peso = 12.5721 Chilean Peso
1 Philippine Peso = 0.12979 Chinese Yuan
1 Philippine Peso = 58.11442 Colombian Peso
1 Philippine Peso = 11.13232 Costa Rica Colon
1 Philippine Peso = 0.01946 Cuban Peso
1 Philippine Peso = 1.82448 Cape Verde Escudo
1 Philippine Peso = 0.43076 Czech Koruna
1 Philippine Peso = 3.44814 Djibouti Franc
1 Philippine Peso = 0.1229 Danish Krone
1 Philippine Peso = 0.91224 Dominican Peso
1 Philippine Peso = 2.13275 Algerian Dinar
1 Philippine Peso = 0.25874 Estonian Kroon
1 Philippine Peso = 0.34501 Egyptian Pound
1 Philippine Peso = 0.45257 Ethiopian Birr
1 Philippine Peso = 0.01654 Euro
1 Philippine Peso = 0.03921 Fiji Dollar
1 Philippine Peso = 0.0151 Falkland Islands Pound
1 Philippine Peso = 0.01511 British Pound
1 Philippine Peso = 0.08543 Ghanaian Cedi
1 Philippine Peso = 0.87566 Gambian Dalasi
1 Philippine Peso = 172.07628 Guinea Franc
1 Philippine Peso = 0.14152 Guatemala Quetzal
1 Philippine Peso = 3.97957 Guyana Dollar
1 Philippine Peso = 0.15221 Hong Kong Dollar
1 Philippine Peso = 0.45349 Honduras Lempira
1 Philippine Peso = 0.12172 Croatian Kuna
1 Philippine Peso = 1.20354 Haiti Gourde
1 Philippine Peso = 5.01888 Hungarian Forint
1 Philippine Peso = 259.9533 Indonesian Rupiah
1 Philippine Peso = 0.07033 Israeli Shekel
1 Philippine Peso = 1.2483 Indian Rupee
1 Philippine Peso = 22.7087 Iraqi Dinar
1 Philippine Peso = 640.80562 Iran Rial
1 Philippine Peso = 2.08893 Iceland Krona
1 Philippine Peso = 2.47247 Jamaican Dollar
1 Philippine Peso = 0.01374 Jordanian Dinar
1 Philippine Peso = 2.12376 Japanese Yen
1 Philippine Peso = 2.00234 Kenyan Shilling
1 Philippine Peso = 1.33721 Kyrgyzstan Som
1 Philippine Peso = 79.92995 Cambodia Riel
1 Philippine Peso = 8.16852 Comoros Franc
1 Philippine Peso = 17.51314 North Korean Won
1 Philippine Peso = 22.14964 Korean Won
1 Philippine Peso = 0.00587 Kuwaiti Dinar
1 Philippine Peso = 0.01596 Cayman Islands Dollar
1 Philippine Peso = 6.48297 Kazakhstan Tenge
1 Philippine Peso = 161.09555 Lao Kip
1 Philippine Peso = 29.29364 Lebanese Pound
1 Philippine Peso = 2.98307 Sri Lanka Rupee
1 Philippine Peso = 2.22611 Liberian Dollar
1 Philippine Peso = 0.26095 Lesotho Loti
1 Philippine Peso = 0.05932 Lithuanian Lita
1 Philippine Peso = 0.01208 Latvian Lat
1 Philippine Peso = 0.02661 Libyan Dinar
1 Philippine Peso = 0.1842 Moroccan Dirham
1 Philippine Peso = 0.34588 Moldovan Leu
1 Philippine Peso = 1.01323 Macedonian Denar
1 Philippine Peso = 26.52267 Myanmar Kyat
1 Philippine Peso = 47.3633 Mongolian Tugrik
1 Philippine Peso = 0.15677 Macau Pataca
1 Philippine Peso = 7.02471 Mauritania Ougulya
1 Philippine Peso = 0.64623 Mauritius Rupee
1 Philippine Peso = 0.30142 Maldives Rufiyaa
1 Philippine Peso = 13.93073 Malawi Kwacha
1 Philippine Peso = 0.34414 Mexican Peso
1 Philippine Peso = 0.08344 Malaysian Ringgit
1 Philippine Peso = 0.25604 Namibian Dollar
1 Philippine Peso = 7.1006 Nigerian Naira
1 Philippine Peso = 0.58844 Nicaragua Cordoba
1 Philippine Peso = 0.1538 Norwegian Krone
1 Philippine Peso = 1.99066 Nepalese Rupee
1 Philippine Peso = 0.02661 New Zealand Dollar
1 Philippine Peso = 0.00749 Omani Rial
1 Philippine Peso = 0.01946 Panama Balboa
1 Philippine Peso = 0.06301 Peruvian Nuevo Sol
1 Philippine Peso = 0.06168 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.0504 Pakistani Rupee
1 Philippine Peso = 0.07069 Polish Zloty
1 Philippine Peso = 108.34793 Paraguayan Guarani
1 Philippine Peso = 0.07086 Qatar Rial
1 Philippine Peso = 0.07605 Romanian New Leu
1 Philippine Peso = 1.14343 Russian Rouble
1 Philippine Peso = 16.06149 Rwanda Franc
1 Philippine Peso = 0.07297 Saudi Arabian Riyal
1 Philippine Peso = 0.1508 Solomon Islands Dollar
1 Philippine Peso = 0.26075 Seychelles Rupee
1 Philippine Peso = 0.1296 Sudanese Pound
1 Philippine Peso = 0.15772 Swedish Krona
1 Philippine Peso = 0.02651 Singapore Dollar
1 Philippine Peso = 0.01511 St Helena Pound
1 Philippine Peso = 0.43211 Slovak Koruna
1 Philippine Peso = 145.94279 Sierra Leone Leone
1 Philippine Peso = 10.8776 Somali Shilling
1 Philippine Peso = 405.39601 Sao Tome Dobra
1 Philippine Peso = 0.17027 El Salvador Colon
1 Philippine Peso = 10.02102 Syrian Pound
1 Philippine Peso = 0.25583 Swaziland Lilageni
1 Philippine Peso = 0.64604 Thai Baht
1 Philippine Peso = 0.04749 Tunisian Dinar
1 Philippine Peso = 0.04262 Tongan paʻanga
1 Philippine Peso = 0.06846 Turkish Lira
1 Philippine Peso = 0.13124 Trinidad Tobago Dollar
1 Philippine Peso = 0.58973 Taiwan Dollar
1 Philippine Peso = 43.43258 Tanzanian Shilling
1 Philippine Peso = 0.49523 Ukraine Hryvnia
1 Philippine Peso = 69.99416 Ugandan Shilling
1 Philippine Peso = 0.01946 United States Dollar
1 Philippine Peso = 0.55517 Uruguayan New Peso
1 Philippine Peso = 80.17124 Uzbekistan Sum
1 Philippine Peso = 0.19409 Venezuelan Bolivar
1 Philippine Peso = 442.24558 Vietnam Dong
1 Philippine Peso = 2.01985 Vanuatu Vatu
1 Philippine Peso = 0.04832 Samoa Tala
1 Philippine Peso = 10.84141 CFA Franc (BEAC)
1 Philippine Peso = 0.05254 East Caribbean Dollar
1 Philippine Peso = 10.76455 CFA Franc (BCEAO)
1 Philippine Peso = 1.95213 Pacific Franc
1 Philippine Peso = 4.86379 Yemen Riyal
1 Philippine Peso = 0.25581 South African Rand
1 Philippine Peso = 100.98268 Zambian Kwacha
1 Philippine Peso = 7.04223 Zimbabwe dollar

Current account remains in surplus

For the 14th consecutive year, the country’s current account recorded a surplus, bringing the balance of payments position for full year 2016 to a deficit of $420 million, a reversal of the $2.6 billion surplus registered in 2015.

The $601 million current account surplus in 2016, representing 0.2 percent of GDP, however, was 91.7 percent lower than the $7.3 billion or 2.5 percent of GDP surplus in 2015. 

The decline in the current account surplus was due primarily to the widening deficit in the trade-in-goods account.

The trade-in-goods deficit for full year 2016 widened to $34.1 billion. 

This was 46.2 percent higher than the $23.3 billion deficit in 2015. 

Imports recorded double-digit growth at 16.6 percent while exports grew marginally by 0.6 percent. 

Exports of goods totaled $43.4 billion, a modest increase from the $43.2 billion recorded in 2015. 

This developed as the decline in shipments of manufactured goods and mineral products negated the growth in exports of sugar products, fruits and vegetables and coconut products. 

Imports of goods increased to $77.5 billion in 2016 from the year-ago level of $66.5 billion. 

The expansion in total imports was driven mainly by increases in purchases of capital goods by 41.6 percent and raw materials and intermediate goods by 16.8 percent. 

These accounted for 15.5 percentage points of the 16.6 percent aggregate growth in imports, pointing to the continued expansion in the domestic economy’s capital formation and production.

Net receipts in the trade-in-services account grew by 30.6 percent to $7.1 billion in 2016, compared to the $5.5 billion net receipts recorded in 2015. 

Higher net receipts were posted in computer, and technical, trade-related and other business services, which more than offset the higher net payments for insurance and pension, transport, financial, and government goods and services. 

Export earnings in business process outsourcing services amounted to $20.2 billion in 2016, higher by 12.8 percent than the $17.9 billion recorded in 2015.

The primary income account registered net receipts of $2.6 billion, higher than the $1.9 billion net receipts posted in 2015. 

The 39.7 percent increment stemmed from reduced net payments of investment income by 17.8 percent, notably dividend payments to foreign direct and portfolio investors on their equity and investment fund shares in resident enterprises by 15.6 percent and 12.6 percent, respectively.

Residents’ interest payments on foreign portfolio investments also declined, particularly on bonds held by non-residents which were issued by the local corporates by 23.2 percent and the NG by 7.7 percent. 

Interest receipts on reserve assets which rose by 21.5 percent, also contributed to the upturn in primary income net receipts.

Net receipts in the secondary income account rose by 7.3 percent to $25 billion, boosted mainly by the 7.6 percent increase in remittances by non-resident OF workers amounting to $23.2 billion.

The country’s balance of payments position registered a deficit of $2.1 billion in the fourth quarter of 2016, a reversal of the $809 million surplus posted in the same period the previous year.

This developed as the current account reversed to a deficit during the quarter even as the financial account registered lower net outflows or net lending by residents to the rest of the world. 

The deficit in the current account was due mainly to the higher deficit in trade-in-goods, combined with lower net receipts of services and primary income. 

Meanwhile, the reduced net outflows in the financial account was a result of the substantial increase in net inflows of direct investments as well as the reversal of portfolio investments to net inflows from net outflows, which more than compensated for the higher net outflows in the other investment account. 

Economic recovery in China remained subdued and growth prospects for Asean countries weakened due to slower manufacturing activity across the region. 

Economic activity in the US and euro area remained steady and favorable business sentiment supported the continued improvement of the Japanese economy. 

Lingering uncertainties arising from the uneven pace of economic growth continued to factor into the country’s external transactions, particularly the trade-in-goods account.

With the deficit recorded in the Philippine balance of payments, the country’s gross international reserves (GIR) reached $80.7 billion as of end-December 2016, significantly lower than the $86.1 billion level as of end-September 2016, but slightly higher than the end-December 2015 level. 

At this level, reserves can sufficiently cover 8.9 months’ worth of imports of goods and payments of services and primary income. It is also equivalent to 5.6 times the country’s short-term external debt based on original maturity and 4 times based on residual maturity.

Cumulative net receipts in the capital account reached $102 million in 2016. This was 21.4 percent higher than the $84 million posted in 2015 due to the increase in capital transfers to financial and nonfinancial corporations, households, non-profit institutions serving households  and the NG.

The financial account registered net outflows of $949 million in 2016, a decline of 58.8 percent from the $2.3 billion net outflows in 2015.  

This was on account of lower net outflows of portfolio investments and higher net inflows of direct investments during the year. These more than compensated for the reversal of other investments account to net outflows from net inflows in the previous year.

Net inflows of direct investments increased markedly to $4.2 billion in 2016 from $100 million in 2015. 

The higher FDI, coupled with lower net acquisition of financial assets by residents, contributed to higher net inflows during the period. 

In particular, net FDI posted a 40.7 percent growth to reach $7.9 billion, buoyed by the 68.6 percent rise in non-residents’ placements in debt instruments issued by local subsidiaries/affiliates which amounted to $5.2 billion. 

Similarly, net investments in equity capital grew by 12.1 percent to $2 billion, with gross placements coming mostly from Japan, Singapore, US, and Taiwan. 

These capital placements were channeled to the following sectors: financial and insurance; arts, entertainment and recreation; manufacturing; and construction.

The portfolio investment account yielded net outflows of $1.4 billion in 2016, significantly lower than $5.5 billion in the previous year. 

This was brought about by the 66.5 percent decline in residents’ net acquisition of financial assets to $1.1 billion combined with the 87.6 percent decline in their net repayment of liabilities to $264 million. 
Rating: 
No votes yet

Column of the Day

Not just another statistic

By JOSE BAYANI BAYLON | August 21,2017
‘Not one among the cops  involved could have figured how different the   death of Kian delos Santos would be.

Opinion of the Day

Juvenile justice and welfare (1)

By DAHLI ASPILLERA | August 21, 2017
‘PNP stats show that less than 2% of offenses or crimes under our criminal laws are committed by minors; 98%-plus are committed by adults.’