August 21, 2017, 3:03 am
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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

Fed rate hikes sould spell end to global easing

SINGAPORE/WASHINGTON- The Federal Reserve’s return to higher interest rates could lend a hand to beleaguered counterparts in Japan and Europe and signal the end of a long cycle of monetary stimulus across Asia, as central banks from Beijing to Ankara to London reacted on Thursday to the U.S. policy change.

The Fed’s widely anticipated and modest rate hike on Wednesday was only its third since the global financial crisis. But it came earlier than investors had expected only weeks ago and it sets the stage for roughly two more hikes this year as the U.S. economy strengthens.

China, the world’s second-largest economy, responded Thursday by raising its key policy rates to head off a weakening of its currency. That same reason prompted central banks in Saudi Arabia, the United Arab Emirates, Kuwait and Bahrain to tighten policies within 90 minutes of the Fed’s announcement.

Among major economies, the Bank of Japan and the European Central Bank remain locked in an aggressive battle against low inflation and growth. And while the pair are nowhere near raising rates or tapering stimulative bond buying - as Governor Haruhiko Kuroda made clear when the BOJ held policy steady on Thursday - the pair has recently begun sounding more optimistic that their time will soon come.

The dollar shot up by about 25 percent in 2014 and 2015 as the U.S. central bank prepared to raise rates from near zero, and it has stayed elevated even while the Fed got off to a slow and halting start to tightening.

While a stronger dollar cuts costs for exporters in Japan and Europe, boosting such economies, it prompts a flight of capital from fragile emerging economies that still need monetary accommodation.

“At the very least, the Fed’s desire to step up the pace of policy normalization has changed the conversation at many central banks globally,” said Sean Callow, an economist with Westpac in Sydney. Further monetary easing among Asian emerging economies, he said, “is now largely seen as only if needed to ‘break the glass’, not a plausible baseline.”

For the BOJ and ECB, however, “the Fed raising rates gives more leeway ... to do the same without it adversely impacting their currency,” said Shehriyar Antia, former senior analyst at the New York Fed and founder of Macro Insight Group in New York.

In a surprise, the Bank of England said one of its policymakers voted this week to raise borrowing costs and some others felt it would not take much for them to follow suit, signaling growing pressure to tighten even while rates were kept low at 0.25 percent.

The Fed’s shadow was also present in Turkey, where a policy rate was tightened on Thursday, and in Finland, where the central bank forecast the Nordic euro zone economy was picking up pace following a decade-long stagnation.

ECB President Mario Draghi, who signaled last week less urgency for more stimulus, would welcome U.S. rate hikes that depress the euro. The central bank is paving the way to a gradual phasing out of accommodation and resisting isolated calls from some members calling for more radical action.

Deutsche Bank economists wrote in a note that the ECB “is slowly shifting toward a less dovish stance, with an announcement of a tapering of (asset purchases) towards zero likely by year end.”

The Fed’s new policy path is a sea change for global markets used to a decade of easy money. And while emerging markets are showing some signs of strength, with a recovery in commodity prices and growth in exports, they are struggling to fire up domestic demand.

But their freedom to fit domestic rates to local demand conditions is constrained by the need to keep hold of the foreign capital that flooded in seeking higher yields when developed world rates were at rock bottom. And they also need to prevent their currencies from tumbling against a rallying dollar.

“Even if domestic conditions warrant a cut, fears about exacerbating financial market volatility will keep central banks cautious,” said Tim Condon, ING’s chief Asia economist. “It definitely complicates life for those central banks that either needed to or wanted to cut rates.”

Bank Indonesia, which had cut rates several times last year to boost economic growth, said on Thursday it was closely monitoring U.S. policy tightening and its effect on the dollar, and that it would keep policy steady for now.

Emerging markets had something of a dress rehearsal for this in 2013 when then Chairman Ben Bernanke hinted that Fed bond-buying would soon slow, comments that triggered a “taper tantrum” of volatility and prompted policymakers in India, Indonesia and elsewhere to defend their currencies with higher rates.

South Korea’s central bank may no longer be able to ease further, even as it wants to avoid unsettling a highly indebted housing sector. Its policy rates are now barely above that of the Fed and if that yield premium narrows too much, a huge amount of foreign money in its bond market could flee.

The Fed’s hike was not the only piece of news that could encourage the world’s central banks to a firmer stance.

Elections in the Netherlands, where the anti-EU party of Geert Wilders won fewer seats than expected, came as a relief to markets, though next month’s presidential election in France is still hanging over the continent, with the far-right Front National candidate Marine Le Pen showing strongly.

Nodding to this risk over the border, the Swiss National Bank kept its ultra-loose policy in place. Its negative rate policy, in place since 2015, is aimed at curbing demand for the currency in a period of destabilizing elections across Europe that could boost anti-establishment parties.

Norway’s central bank also kept its key rate unchanged and maintained an easing bias as inflation pressures there remain subdued. – Reuters 
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