May 1, 2017, 12:44 am
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1 Philippine Peso = 0.07338 UAE Dirham
1 Philippine Peso = 2.47153 Albanian Lek
1 Philippine Peso = 0.03551 Neth Antilles Guilder
1 Philippine Peso = 0.30767 Argentine Peso
1 Philippine Peso = 0.0267 Australian Dollar
1 Philippine Peso = 0.03576 Aruba Florin
1 Philippine Peso = 0.03996 Barbados Dollar
1 Philippine Peso = 1.62058 Bangladesh Taka
1 Philippine Peso = 0.03591 Bulgarian Lev
1 Philippine Peso = 0.00753 Bahraini Dinar
1 Philippine Peso = 33.97123 Burundi Franc
1 Philippine Peso = 0.01998 Bermuda Dollar
1 Philippine Peso = 0.02787 Brunei Dollar
1 Philippine Peso = 0.13766 Bolivian Boliviano
1 Philippine Peso = 0.06313 Brazilian Real
1 Philippine Peso = 0.01998 Bahamian Dollar
1 Philippine Peso = 1.28122 Bhutan Ngultrum
1 Philippine Peso = 0.20824 Botswana Pula
1 Philippine Peso = 400.00001 Belarus Ruble
1 Philippine Peso = 0.03992 Belize Dollar
1 Philippine Peso = 0.02724 Canadian Dollar
1 Philippine Peso = 0.01979 Swiss Franc
1 Philippine Peso = 13.24575 Chilean Peso
1 Philippine Peso = 0.13775 Chinese Yuan
1 Philippine Peso = 58.71728 Colombian Peso
1 Philippine Peso = 11.01139 Costa Rica Colon
1 Philippine Peso = 0.01998 Cuban Peso
1 Philippine Peso = 2.01439 Cape Verde Escudo
1 Philippine Peso = 0.49203 Czech Koruna
1 Philippine Peso = 3.51329 Djibouti Franc
1 Philippine Peso = 0.13587 Danish Krone
1 Philippine Peso = 0.94126 Dominican Peso
1 Philippine Peso = 2.18054 Algerian Dinar
1 Philippine Peso = 0.28573 Estonian Kroon
1 Philippine Peso = 0.36064 Egyptian Pound
1 Philippine Peso = 0.45667 Ethiopian Birr
1 Philippine Peso = 0.01826 Euro
1 Philippine Peso = 0.04187 Fiji Dollar
1 Philippine Peso = 0.01546 Falkland Islands Pound
1 Philippine Peso = 0.01544 British Pound
1 Philippine Peso = 0.08339 Ghanaian Cedi
1 Philippine Peso = 0.88012 Gambian Dalasi
1 Philippine Peso = 183.86813 Guinea Franc
1 Philippine Peso = 0.14668 Guatemala Quetzal
1 Philippine Peso = 4.08292 Guyana Dollar
1 Philippine Peso = 0.1554 Hong Kong Dollar
1 Philippine Peso = 0.46693 Honduras Lempira
1 Philippine Peso = 0.13577 Croatian Kuna
1 Philippine Peso = 1.35684 Haiti Gourde
1 Philippine Peso = 5.7015 Hungarian Forint
1 Philippine Peso = 266.45355 Indonesian Rupiah
1 Philippine Peso = 0.07222 Israeli Shekel
1 Philippine Peso = 1.28482 Indian Rupee
1 Philippine Peso = 23.5964 Iraqi Dinar
1 Philippine Peso = 648.13188 Iran Rial
1 Philippine Peso = 2.12587 Iceland Krona
1 Philippine Peso = 2.56723 Jamaican Dollar
1 Philippine Peso = 0.01416 Jordanian Dinar
1 Philippine Peso = 2.22689 Japanese Yen
1 Philippine Peso = 2.05694 Kenyan Shilling
1 Philippine Peso = 1.34302 Kyrgyzstan Som
1 Philippine Peso = 80.01199 Cambodia Riel
1 Philippine Peso = 9.22717 Comoros Franc
1 Philippine Peso = 17.98202 North Korean Won
1 Philippine Peso = 22.74046 Korean Won
1 Philippine Peso = 0.00607 Kuwaiti Dinar
1 Philippine Peso = 0.01638 Cayman Islands Dollar
1 Philippine Peso = 6.28332 Kazakhstan Tenge
1 Philippine Peso = 163.51649 Lao Kip
1 Philippine Peso = 30.09391 Lebanese Pound
1 Philippine Peso = 3.03696 Sri Lanka Rupee
1 Philippine Peso = 1.81818 Liberian Dollar
1 Philippine Peso = 0.26693 Lesotho Loti
1 Philippine Peso = 0.06091 Lithuanian Lita
1 Philippine Peso = 0.0124 Latvian Lat
1 Philippine Peso = 0.02813 Libyan Dinar
1 Philippine Peso = 0.1977 Moroccan Dirham
1 Philippine Peso = 0.38132 Moldovan Leu
1 Philippine Peso = 1.11848 Macedonian Denar
1 Philippine Peso = 27.13287 Myanmar Kyat
1 Philippine Peso = 48.19181 Mongolian Tugrik
1 Philippine Peso = 0.16005 Macau Pataca
1 Philippine Peso = 7.13467 Mauritania Ougulya
1 Philippine Peso = 0.69331 Mauritius Rupee
1 Philippine Peso = 0.30689 Maldives Rufiyaa
1 Philippine Peso = 14.34486 Malawi Kwacha
1 Philippine Peso = 0.38017 Mexican Peso
1 Philippine Peso = 0.08672 Malaysian Ringgit
1 Philippine Peso = 0.26573 Namibian Dollar
1 Philippine Peso = 6.28372 Nigerian Naira
1 Philippine Peso = 0.59521 Nicaragua Cordoba
1 Philippine Peso = 0.17029 Norwegian Krone
1 Philippine Peso = 2.03996 Nepalese Rupee
1 Philippine Peso = 0.02907 New Zealand Dollar
1 Philippine Peso = 0.00769 Omani Rial
1 Philippine Peso = 0.01998 Panama Balboa
1 Philippine Peso = 0.06481 Peruvian Nuevo Sol
1 Philippine Peso = 0.06333 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.09251 Pakistani Rupee
1 Philippine Peso = 0.07709 Polish Zloty
1 Philippine Peso = 111.06893 Paraguayan Guarani
1 Philippine Peso = 0.07275 Qatar Rial
1 Philippine Peso = 0.08271 Romanian New Leu
1 Philippine Peso = 1.1388 Russian Rouble
1 Philippine Peso = 16.36144 Rwanda Franc
1 Philippine Peso = 0.07493 Saudi Arabian Riyal
1 Philippine Peso = 0.15666 Solomon Islands Dollar
1 Philippine Peso = 0.27063 Seychelles Rupee
1 Philippine Peso = 0.13306 Sudanese Pound
1 Philippine Peso = 0.17603 Swedish Krona
1 Philippine Peso = 0.02788 Singapore Dollar
1 Philippine Peso = 0.01547 St Helena Pound
1 Philippine Peso = 0.44368 Slovak Koruna
1 Philippine Peso = 148.85115 Sierra Leone Leone
1 Philippine Peso = 10.96903 Somali Shilling
1 Philippine Peso = 447.57244 Sao Tome Dobra
1 Philippine Peso = 0.17427 El Salvador Colon
1 Philippine Peso = 10.28931 Syrian Pound
1 Philippine Peso = 0.26494 Swaziland Lilageni
1 Philippine Peso = 0.69131 Thai Baht
1 Philippine Peso = 0.04823 Tunisian Dinar
1 Philippine Peso = 0.04623 Tongan paʻanga
1 Philippine Peso = 0.07099 Turkish Lira
1 Philippine Peso = 0.13406 Trinidad Tobago Dollar
1 Philippine Peso = 0.60376 Taiwan Dollar
1 Philippine Peso = 44.53547 Tanzanian Shilling
1 Philippine Peso = 0.52997 Ukraine Hryvnia
1 Philippine Peso = 72.76723 Ugandan Shilling
1 Philippine Peso = 0.01998 United States Dollar
1 Philippine Peso = 0.56084 Uruguayan New Peso
1 Philippine Peso = 73.94606 Uzbekistan Sum
1 Philippine Peso = 0.19929 Venezuelan Bolivar
1 Philippine Peso = 454.32568 Vietnam Dong
1 Philippine Peso = 2.15265 Vanuatu Vatu
1 Philippine Peso = 0.05182 Samoa Tala
1 Philippine Peso = 11.97263 CFA Franc (BEAC)
1 Philippine Peso = 0.05395 East Caribbean Dollar
1 Philippine Peso = 12 CFA Franc (BCEAO)
1 Philippine Peso = 2.17123 Pacific Franc
1 Philippine Peso = 4.99201 Yemen Riyal
1 Philippine Peso = 0.26515 South African Rand
1 Philippine Peso = 103.68632 Zambian Kwacha
1 Philippine Peso = 7.23077 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. 
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