June 23, 2018, 3:31 pm
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1 Philippine Peso = 0.06901 UAE Dirham
1 Philippine Peso = 2.02912 Albanian Lek
1 Philippine Peso = 0.03401 Neth Antilles Guilder
1 Philippine Peso = 0.5072 Argentine Peso
1 Philippine Peso = 0.02524 Australian Dollar
1 Philippine Peso = 0.03345 Aruba Florin
1 Philippine Peso = 0.03758 Barbados Dollar
1 Philippine Peso = 1.57159 Bangladesh Taka
1 Philippine Peso = 0.03155 Bulgarian Lev
1 Philippine Peso = 0.00712 Bahraini Dinar
1 Philippine Peso = 32.90079 Burundi Franc
1 Philippine Peso = 0.01879 Bermuda Dollar
1 Philippine Peso = 0.02526 Brunei Dollar
1 Philippine Peso = 0.1289 Bolivian Boliviano
1 Philippine Peso = 0.07111 Brazilian Real
1 Philippine Peso = 0.01879 Bahamian Dollar
1 Philippine Peso = 1.28053 Bhutan Ngultrum
1 Philippine Peso = 0.19402 Botswana Pula
1 Philippine Peso = 376.17437 Belarus Ruble
1 Philippine Peso = 0.03754 Belize Dollar
1 Philippine Peso = 0.02493 Canadian Dollar
1 Philippine Peso = 0.01856 Swiss Franc
1 Philippine Peso = 11.99061 Chilean Peso
1 Philippine Peso = 0.12218 Chinese Yuan
1 Philippine Peso = 54.75385 Colombian Peso
1 Philippine Peso = 10.57591 Costa Rica Colon
1 Philippine Peso = 0.01879 Cuban Peso
1 Philippine Peso = 1.77772 Cape Verde Escudo
1 Philippine Peso = 0.41526 Czech Koruna
1 Philippine Peso = 3.33615 Djibouti Franc
1 Philippine Peso = 0.12016 Danish Krone
1 Philippine Peso = 0.92728 Dominican Peso
1 Philippine Peso = 2.1963 Algerian Dinar
1 Philippine Peso = 0.25225 Estonian Kroon
1 Philippine Peso = 0.33484 Egyptian Pound
1 Philippine Peso = 0.51146 Ethiopian Birr
1 Philippine Peso = 0.01612 Euro
1 Philippine Peso = 0.03918 Fiji Dollar
1 Philippine Peso = 0.01416 Falkland Islands Pound
1 Philippine Peso = 0.01417 British Pound
1 Philippine Peso = 0.08979 Ghanaian Cedi
1 Philippine Peso = 0.87956 Gambian Dalasi
1 Philippine Peso = 169.07178 Guinea Franc
1 Philippine Peso = 0.14072 Guatemala Quetzal
1 Philippine Peso = 3.87599 Guyana Dollar
1 Philippine Peso = 0.14741 Hong Kong Dollar
1 Philippine Peso = 0.44878 Honduras Lempira
1 Philippine Peso = 0.11882 Croatian Kuna
1 Philippine Peso = 1.24803 Haiti Gourde
1 Philippine Peso = 5.23224 Hungarian Forint
1 Philippine Peso = 264.43067 Indonesian Rupiah
1 Philippine Peso = 0.06764 Israeli Shekel
1 Philippine Peso = 1.27568 Indian Rupee
1 Philippine Peso = 22.24728 Iraqi Dinar
1 Philippine Peso = 798.38407 Iran Rial
1 Philippine Peso = 2.03119 Iceland Krona
1 Philippine Peso = 2.45509 Jamaican Dollar
1 Philippine Peso = 0.01333 Jordanian Dinar
1 Philippine Peso = 2.06417 Japanese Yen
1 Philippine Peso = 1.89121 Kenyan Shilling
1 Philippine Peso = 1.28183 Kyrgyzstan Som
1 Philippine Peso = 76.00526 Cambodia Riel
1 Philippine Peso = 7.92522 Comoros Franc
1 Philippine Peso = 16.91094 North Korean Won
1 Philippine Peso = 20.86622 Korean Won
1 Philippine Peso = 0.00568 Kuwaiti Dinar
1 Philippine Peso = 0.01541 Cayman Islands Dollar
1 Philippine Peso = 6.38595 Kazakhstan Tenge
1 Philippine Peso = 158.00451 Lao Kip
1 Philippine Peso = 28.292 Lebanese Pound
1 Philippine Peso = 2.98572 Sri Lanka Rupee
1 Philippine Peso = 2.74709 Liberian Dollar
1 Philippine Peso = 0.25254 Lesotho Loti
1 Philippine Peso = 0.05728 Lithuanian Lita
1 Philippine Peso = 0.01166 Latvian Lat
1 Philippine Peso = 0.02548 Libyan Dinar
1 Philippine Peso = 0.1786 Moroccan Dirham
1 Philippine Peso = 0.3177 Moldovan Leu
1 Philippine Peso = 0.98891 Macedonian Denar
1 Philippine Peso = 25.98647 Myanmar Kyat
1 Philippine Peso = 45.97896 Mongolian Tugrik
1 Philippine Peso = 0.15183 Macau Pataca
1 Philippine Peso = 6.67042 Mauritania Ougulya
1 Philippine Peso = 0.65295 Mauritius Rupee
1 Philippine Peso = 0.29256 Maldives Rufiyaa
1 Philippine Peso = 13.4053 Malawi Kwacha
1 Philippine Peso = 0.37584 Mexican Peso
1 Philippine Peso = 0.07518 Malaysian Ringgit
1 Philippine Peso = 0.25239 Namibian Dollar
1 Philippine Peso = 6.72679 Nigerian Naira
1 Philippine Peso = 0.59207 Nicaragua Cordoba
1 Philippine Peso = 0.15205 Norwegian Krone
1 Philippine Peso = 2.03401 Nepalese Rupee
1 Philippine Peso = 0.02719 New Zealand Dollar
1 Philippine Peso = 0.00723 Omani Rial
1 Philippine Peso = 0.01879 Panama Balboa
1 Philippine Peso = 0.06134 Peruvian Nuevo Sol
1 Philippine Peso = 0.0609 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.28222 Pakistani Rupee
1 Philippine Peso = 0.06966 Polish Zloty
1 Philippine Peso = 106.55769 Paraguayan Guarani
1 Philippine Peso = 0.06839 Qatar Rial
1 Philippine Peso = 0.07509 Romanian New Leu
1 Philippine Peso = 1.18236 Russian Rouble
1 Philippine Peso = 15.96073 Rwanda Franc
1 Philippine Peso = 0.07046 Saudi Arabian Riyal
1 Philippine Peso = 0.1479 Solomon Islands Dollar
1 Philippine Peso = 0.25235 Seychelles Rupee
1 Philippine Peso = 0.33738 Sudanese Pound
1 Philippine Peso = 0.16635 Swedish Krona
1 Philippine Peso = 0.02551 Singapore Dollar
1 Philippine Peso = 0.01417 St Helena Pound
1 Philippine Peso = 0.41725 Slovak Koruna
1 Philippine Peso = 149.94363 Sierra Leone Leone
1 Philippine Peso = 10.72905 Somali Shilling
1 Philippine Peso = 394.98309 Sao Tome Dobra
1 Philippine Peso = 0.16441 El Salvador Colon
1 Philippine Peso = 9.67644 Syrian Pound
1 Philippine Peso = 0.25202 Swaziland Lilageni
1 Philippine Peso = 0.61856 Thai Baht
1 Philippine Peso = 0.04882 Tunisian Dinar
1 Philippine Peso = 0.04333 Tongan paʻanga
1 Philippine Peso = 0.08786 Turkish Lira
1 Philippine Peso = 0.12682 Trinidad Tobago Dollar
1 Philippine Peso = 0.56924 Taiwan Dollar
1 Philippine Peso = 42.63435 Tanzanian Shilling
1 Philippine Peso = 0.49267 Ukraine Hryvnia
1 Philippine Peso = 72.51597 Ugandan Shilling
1 Philippine Peso = 0.01879 United States Dollar
1 Philippine Peso = 0.59451 Uruguayan New Peso
1 Philippine Peso = 147.50094 Uzbekistan Sum
1 Philippine Peso = 1499.4363 Venezuelan Bolivar
1 Philippine Peso = 430.10147 Vietnam Dong
1 Philippine Peso = 2.07159 Vanuatu Vatu
1 Philippine Peso = 0.0488 Samoa Tala
1 Philippine Peso = 10.56614 CFA Franc (BEAC)
1 Philippine Peso = 0.05073 East Caribbean Dollar
1 Philippine Peso = 10.56614 CFA Franc (BCEAO)
1 Philippine Peso = 1.92165 Pacific Franc
1 Philippine Peso = 4.69466 Yemen Riyal
1 Philippine Peso = 0.25241 South African Rand
1 Philippine Peso = 97.51033 Zambian Kwacha
1 Philippine Peso = 6.80008 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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