December 13, 2017, 3:03 pm
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1 Philippine Peso = 0.07286 UAE Dirham
1 Philippine Peso = 2.2371 Albanian Lek
1 Philippine Peso = 0.03532 Neth Antilles Guilder
1 Philippine Peso = 0.34185 Argentine Peso
1 Philippine Peso = 0.02619 Australian Dollar
1 Philippine Peso = 0.03532 Aruba Florin
1 Philippine Peso = 0.03968 Barbados Dollar
1 Philippine Peso = 1.64127 Bangladesh Taka
1 Philippine Peso = 0.0329 Bulgarian Lev
1 Philippine Peso = 0.00748 Bahraini Dinar
1 Philippine Peso = 34.73174 Burundi Franc
1 Philippine Peso = 0.01984 Bermuda Dollar
1 Philippine Peso = 0.0268 Brunei Dollar
1 Philippine Peso = 0.13611 Bolivian Boliviano
1 Philippine Peso = 0.06556 Brazilian Real
1 Philippine Peso = 0.01984 Bahamian Dollar
1 Philippine Peso = 1.27679 Bhutan Ngultrum
1 Philippine Peso = 0.20509 Botswana Pula
1 Philippine Peso = 397.22221 Belarus Ruble
1 Philippine Peso = 0.03964 Belize Dollar
1 Philippine Peso = 0.02545 Canadian Dollar
1 Philippine Peso = 0.01965 Swiss Franc
1 Philippine Peso = 13.01091 Chilean Peso
1 Philippine Peso = 0.13129 Chinese Yuan
1 Philippine Peso = 59.76786 Colombian Peso
1 Philippine Peso = 11.15079 Costa Rica Colon
1 Philippine Peso = 0.01984 Cuban Peso
1 Philippine Peso = 1.85774 Cape Verde Escudo
1 Philippine Peso = 0.43159 Czech Koruna
1 Philippine Peso = 3.50853 Djibouti Franc
1 Philippine Peso = 0.12539 Danish Krone
1 Philippine Peso = 0.95833 Dominican Peso
1 Philippine Peso = 2.2829 Algerian Dinar
1 Philippine Peso = 0.26354 Estonian Kroon
1 Philippine Peso = 0.35337 Egyptian Pound
1 Philippine Peso = 0.53936 Ethiopian Birr
1 Philippine Peso = 0.01684 Euro
1 Philippine Peso = 0.04169 Fiji Dollar
1 Philippine Peso = 0.01486 Falkland Islands Pound
1 Philippine Peso = 0.01487 British Pound
1 Philippine Peso = 0.08926 Ghanaian Cedi
1 Philippine Peso = 0.93552 Gambian Dalasi
1 Philippine Peso = 178.63095 Guinea Franc
1 Philippine Peso = 0.14558 Guatemala Quetzal
1 Philippine Peso = 4.02202 Guyana Dollar
1 Philippine Peso = 0.1549 Hong Kong Dollar
1 Philippine Peso = 0.46552 Honduras Lempira
1 Philippine Peso = 0.12694 Croatian Kuna
1 Philippine Peso = 1.24167 Haiti Gourde
1 Philippine Peso = 5.29563 Hungarian Forint
1 Philippine Peso = 269.1865 Indonesian Rupiah
1 Philippine Peso = 0.07009 Israeli Shekel
1 Philippine Peso = 1.27806 Indian Rupee
1 Philippine Peso = 23.49306 Iraqi Dinar
1 Philippine Peso = 705.13886 Iran Rial
1 Philippine Peso = 2.06944 Iceland Krona
1 Philippine Peso = 2.47282 Jamaican Dollar
1 Philippine Peso = 0.01405 Jordanian Dinar
1 Philippine Peso = 2.25091 Japanese Yen
1 Philippine Peso = 2.04067 Kenyan Shilling
1 Philippine Peso = 1.38333 Kyrgyzstan Som
1 Philippine Peso = 79.98016 Cambodia Riel
1 Philippine Peso = 8.15476 Comoros Franc
1 Philippine Peso = 17.85714 North Korean Won
1 Philippine Peso = 21.5879 Korean Won
1 Philippine Peso = 0.00599 Kuwaiti Dinar
1 Philippine Peso = 0.01627 Cayman Islands Dollar
1 Philippine Peso = 6.64028 Kazakhstan Tenge
1 Philippine Peso = 164.68253 Lao Kip
1 Philippine Peso = 29.98016 Lebanese Pound
1 Philippine Peso = 3.0371 Sri Lanka Rupee
1 Philippine Peso = 2.48373 Liberian Dollar
1 Philippine Peso = 0.26984 Lesotho Loti
1 Philippine Peso = 0.06049 Lithuanian Lita
1 Philippine Peso = 0.01231 Latvian Lat
1 Philippine Peso = 0.02708 Libyan Dinar
1 Philippine Peso = 0.18758 Moroccan Dirham
1 Philippine Peso = 0.34038 Moldovan Leu
1 Philippine Peso = 1.03175 Macedonian Denar
1 Philippine Peso = 27.00397 Myanmar Kyat
1 Philippine Peso = 48.25754 Mongolian Tugrik
1 Philippine Peso = 0.15954 Macau Pataca
1 Philippine Peso = 6.97619 Mauritania Ougulya
1 Philippine Peso = 0.67083 Mauritius Rupee
1 Philippine Peso = 0.30893 Maldives Rufiyaa
1 Philippine Peso = 14.20853 Malawi Kwacha
1 Philippine Peso = 0.37825 Mexican Peso
1 Philippine Peso = 0.08082 Malaysian Ringgit
1 Philippine Peso = 0.26978 Namibian Dollar
1 Philippine Peso = 7.06349 Nigerian Naira
1 Philippine Peso = 0.60937 Nicaragua Cordoba
1 Philippine Peso = 0.16524 Norwegian Krone
1 Philippine Peso = 2.0454 Nepalese Rupee
1 Philippine Peso = 0.02854 New Zealand Dollar
1 Philippine Peso = 0.00763 Omani Rial
1 Philippine Peso = 0.01984 Panama Balboa
1 Philippine Peso = 0.06416 Peruvian Nuevo Sol
1 Philippine Peso = 0.06375 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.16171 Pakistani Rupee
1 Philippine Peso = 0.07086 Polish Zloty
1 Philippine Peso = 111.49603 Paraguayan Guarani
1 Philippine Peso = 0.07223 Qatar Rial
1 Philippine Peso = 0.07805 Romanian New Leu
1 Philippine Peso = 1.16704 Russian Rouble
1 Philippine Peso = 16.57698 Rwanda Franc
1 Philippine Peso = 0.0744 Saudi Arabian Riyal
1 Philippine Peso = 0.15376 Solomon Islands Dollar
1 Philippine Peso = 0.26488 Seychelles Rupee
1 Philippine Peso = 0.13228 Sudanese Pound
1 Philippine Peso = 0.16689 Swedish Krona
1 Philippine Peso = 0.02681 Singapore Dollar
1 Philippine Peso = 0.01487 St Helena Pound
1 Philippine Peso = 0.4406 Slovak Koruna
1 Philippine Peso = 151.38888 Sierra Leone Leone
1 Philippine Peso = 11.05159 Somali Shilling
1 Philippine Peso = 412.7976 Sao Tome Dobra
1 Philippine Peso = 0.17361 El Salvador Colon
1 Philippine Peso = 10.21786 Syrian Pound
1 Philippine Peso = 0.26978 Swaziland Lilageni
1 Philippine Peso = 0.64663 Thai Baht
1 Philippine Peso = 0.0499 Tunisian Dinar
1 Philippine Peso = 0.04555 Tongan paʻanga
1 Philippine Peso = 0.07593 Turkish Lira
1 Philippine Peso = 0.13154 Trinidad Tobago Dollar
1 Philippine Peso = 0.59567 Taiwan Dollar
1 Philippine Peso = 44.30555 Tanzanian Shilling
1 Philippine Peso = 0.53914 Ukraine Hryvnia
1 Philippine Peso = 71.66666 Ugandan Shilling
1 Philippine Peso = 0.01984 United States Dollar
1 Philippine Peso = 0.57401 Uruguayan New Peso
1 Philippine Peso = 160.53571 Uzbekistan Sum
1 Philippine Peso = 0.19792 Venezuelan Bolivar
1 Philippine Peso = 450.57538 Vietnam Dong
1 Philippine Peso = 2.11786 Vanuatu Vatu
1 Philippine Peso = 0.05142 Samoa Tala
1 Philippine Peso = 11.04186 CFA Franc (BEAC)
1 Philippine Peso = 0.05357 East Caribbean Dollar
1 Philippine Peso = 11.51528 CFA Franc (BCEAO)
1 Philippine Peso = 1.99881 Pacific Franc
1 Philippine Peso = 4.95933 Yemen Riyal
1 Philippine Peso = 0.26986 South African Rand
1 Philippine Peso = 102.96627 Zambian Kwacha
1 Philippine Peso = 7.18056 Zimbabwe dollar

Moody’s upgrades PNB, RCBC ratings

Moody’s Investors Service has upgraded the foreign currency deposit ratings of Philippine National Bank (PNB) and Rizal Commercial Banking Corporation (RCBC) to Baa2/P-2 from Baa3/P-3.

Moody’s has also upgraded PNB’s local currency deposit rating to Baa2/P-2 from Baa3/P-3.

In the case of RCBC, Moody’s has upgraded the bank’s senior unsecured debt and senior unsecured MTN program rating to Baa2 and (P)Baa2 from Baa3 and (P)Baa3, as well as the bank’s other short term rating to (P)P-2 from (P)P-3.

Furthermore, for these two banks, Moody’s has upgraded their baseline credit assessments (BCAs) and adjusted BCAs to baa3 from ba1.

Moody’s has also affirmed the Counterparty Risk Assessment (CR Assessment) of PNB and RCBC at Baa2(cr)/P-2(cr).

The ratings outlook for these two banks is maintained at stable.

The upgrade of PNB and RCBC’s deposit ratings to Baa2, Moody’s said, takes into account the one-notch upgrade of their BCAs to baa3, and a one-notch uplift to reflect Moody’s assumption that the banks will receive support from the Government of the Philippines (Baa2 stable) in times of need.

The upgrade of PNB and RCBC’s BCAs also takes into account the stable operating environment for banks in the Philippines, supported by a strong economy, and the private sector’s benign leverage and stable debt servicing metrics. Philippine banks exhibit strong funding profiles
that are dominated by deposits, and demonstrate little reliance on short-term wholesale funding. These factors are incorporated in Moody’s assessment of the macro profile of the Philippines of Moderate(+).

The upgrade of PNB’s BCA to baa3 from ba1 reflects the bank’s improved financial profile since its merger with Allied Banking Corporation (ABC) in 2013. In particular, the bank’s asset quality and capital buffers have become comparable with those of its peers in the Philippines.

The bank’s high levels of capitalization and loan-loss coverage provide sufficient loss-absorption capacity at its current rating level to withstand moderate asset quality deterioration over the next 12-18 months.

PNB’s BCA of baa3 is also supported by its relatively stable funding profile with limited depositor concentration as compared to other peers in the country. PNB was the fifth-largest bank in the system, with 689 branches and 1,176 ATMs as of the end of September 2017. The bank’s franchise was enhanced after the merger with ABC in 2013, particularly in the significant markets of Metro Manila and Luzon. Furthermore, the bank’s liquid assets -- which represented 36 percent of the total tangible assets as of the end of December 2016 -- provide support against downside risks.

Nevertheless, these strengths are balanced by the bank’s low profitability metrics, when compared with other peers in the country, given its low cost efficiency. Although, Moody’s expects PNB’s interest income to improve as the bank expands loans to the higher-yielding small and medium enterprises and the retail segments, nevertheless, the bank’s high cost to income ratio of 67 percent over the last three years will limit improvements to its profitability profile.

The upgrade of RCBC’s BCA to baa3 from ba1 reflects Moody’s assessment that the bank’s standalone profile has become comparable with its peers in the Philippines, as reflected by its solvency and funding metrics. In addition, Moody’s expects the bank to maintain its capital buffers in line with the other similarly rated peers in the Philippines, by periodically accessing the equity markets, as it has done in the past.

RCBC’s BCA of baa3 incorporates the modest deterioration in its asset quality metrics as reflected by its net non-performing loan ratio of 1.41 percent as of September 2017 as compared to 0.97 percent in the year before. 

Over the next 12-18 months, Moody’s said RCBC’s new NPL formation rate is likely to rise gradually as loans begin to season, but will remain manageable, given the robust operating environment in the Philippines.

RCBC’s BCA also reflects the bank’s smaller branch network which limits its ability to garner low-cost deposits compared with that of its larger peers in the country. Nevertheless, liquid assets — which represented 32 percent of the bank’s tangible assets at end-2016 — provide support against downside risks.

The outlook on PNB’s and RCBC’s ratings is stable, in line with the stable outlook on the Government of the Philippines’ long-term rating.

PNB’s deposit rating of Baa2 is at the same level as the Philippines’ sovereign rating. It is unlikely that PNB will be rated above the sovereign, because of the high correlation of risk between the bank and the sovereign. Moreover, the stable outlook on the sovereign’s rating suggests that the upside and downside risks are balanced.

RCBC’s deposit and debt ratings of Baa2 are at the same level as the Philippines’ sovereign rating. It is unlikely that RCBC will be rated above the sovereign, because of the high correlation of risk between the bank and the sovereign. And, the stable outlook on the sovereign’s rating suggests that the upside and downside risks are balanced.

Philippine National Bank, headquartered in Manila, reported total assets of P799 billion as of end-September, 2017.

Rizal Commercial Banking Corporation, headquartered in Manila, meanwhile reported total assets of P504 billion during the same period.
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