May 27, 2018, 10:14 pm
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1 Philippine Peso = 0.06987 UAE Dirham
1 Philippine Peso = 2.04394 Albanian Lek
1 Philippine Peso = 0.03405 Neth Antilles Guilder
1 Philippine Peso = 0.46707 Argentine Peso
1 Philippine Peso = 0.02507 Australian Dollar
1 Philippine Peso = 0.03386 Aruba Florin
1 Philippine Peso = 0.03804 Barbados Dollar
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1 Philippine Peso = 33.30759 Burundi Franc
1 Philippine Peso = 0.01902 Bermuda Dollar
1 Philippine Peso = 0.02521 Brunei Dollar
1 Philippine Peso = 0.13049 Bolivian Boliviano
1 Philippine Peso = 0.06941 Brazilian Real
1 Philippine Peso = 0.01902 Bahamian Dollar
1 Philippine Peso = 1.2997 Bhutan Ngultrum
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1 Philippine Peso = 0.02456 Canadian Dollar
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1 Philippine Peso = 0.1215 Chinese Yuan
1 Philippine Peso = 54.23245 Colombian Peso
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1 Philippine Peso = 2.20987 Algerian Dinar
1 Philippine Peso = 0.25394 Estonian Kroon
1 Philippine Peso = 0.33993 Egyptian Pound
1 Philippine Peso = 0.51779 Ethiopian Birr
1 Philippine Peso = 0.01623 Euro
1 Philippine Peso = 0.03907 Fiji Dollar
1 Philippine Peso = 0.01422 Falkland Islands Pound
1 Philippine Peso = 0.01425 British Pound
1 Philippine Peso = 0.08823 Ghanaian Cedi
1 Philippine Peso = 0.89024 Gambian Dalasi
1 Philippine Peso = 171.23835 Guinea Franc
1 Philippine Peso = 0.13955 Guatemala Quetzal
1 Philippine Peso = 3.93875 Guyana Dollar
1 Philippine Peso = 0.14924 Hong Kong Dollar
1 Philippine Peso = 0.45305 Honduras Lempira
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1 Philippine Peso = 22.52235 Iraqi Dinar
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1 Philippine Peso = 0.01348 Jordanian Dinar
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1 Philippine Peso = 20.46376 Korean Won
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1 Philippine Peso = 0.31929 Moldovan Leu
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1 Philippine Peso = 0.15404 Norwegian Krone
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1 Philippine Peso = 1 Philippine Peso
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1 Philippine Peso = 0.06975 Polish Zloty
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1 Philippine Peso = 0.0751 Romanian New Leu
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1 Philippine Peso = 0.25547 Seychelles Rupee
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1 Philippine Peso = 0.02546 Singapore Dollar
1 Philippine Peso = 0.01422 St Helena Pound
1 Philippine Peso = 0.42241 Slovak Koruna
1 Philippine Peso = 149.32471 Sierra Leone Leone
1 Philippine Peso = 10.69051 Somali Shilling
1 Philippine Peso = 397.78391 Sao Tome Dobra
1 Philippine Peso = 0.16644 El Salvador Colon
1 Philippine Peso = 9.79608 Syrian Pound
1 Philippine Peso = 0.23678 Swaziland Lilageni
1 Philippine Peso = 0.60662 Thai Baht
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1 Philippine Peso = 0.04363 Tongan paʻanga
1 Philippine Peso = 0.08961 Turkish Lira
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1 Philippine Peso = 0.56886 Taiwan Dollar
1 Philippine Peso = 43.27563 Tanzanian Shilling
1 Philippine Peso = 0.49705 Ukraine Hryvnia
1 Philippine Peso = 71.0291 Ugandan Shilling
1 Philippine Peso = 0.01902 United States Dollar
1 Philippine Peso = 0.5933 Uruguayan New Peso
1 Philippine Peso = 151.83565 Uzbekistan Sum
1 Philippine Peso = 1494.25528 Venezuelan Bolivar
1 Philippine Peso = 433.30797 Vietnam Dong
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1 Philippine Peso = 0.04914 Samoa Tala
1 Philippine Peso = 10.63667 CFA Franc (BEAC)
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1 Philippine Peso = 10.63667 CFA Franc (BCEAO)
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US tax plan could cause sugar high, then economic slump

By Megan Davies and Jennifer Ablan

NEW YORK- Slashing taxes may give the US economy a temporary boost but the “sugar rush” may cause deeper problems ahead, investors at the Reuters Global Investment 2018 Outlook Summit in New York said.

US equities have rallied this year, partly on hopes that promises by President Donald Trump to cut taxes will come to fruition. But while investors at the summit thought a cut would continue to boost equities and help corporations, some questioned whether the timing was right and worried about the impact on the country’s deficit.

“I worry about a sugar rush which you crash harder from,” said Gregory Peters, a managing director and senior investment officer at PGIM Fixed Income. “I don’t know if it’s necessary at this point.”

Republicans in the US House of Representatives and the Senate earlier this month unveiled dueling proposals to slash corporate taxes to 20 percent from 35 percent. The House passed its version on Thursday, and a Senate committee voted to send its version to the full Senate, which will take it up after the Thanksgiving holiday on Nov. 23.

Peters said the United States is at a “point in the cycle where fiscally you’re supposed to get your house in order,” adding that if it deteriorates fiscally “your fiscal impulse when you need it the most isn’t available.”

The US economy has been showing steady but underwhelming annual growth since the last recession in 2007-2009 while the S&P 500 Index has risen around 15 percent.

While investors typically are not forecasting a near-term recession they see a risk from expanded stock market valuations which could cause a correction and have a ripple effect on the economy. While on the campaign trail in 2016, Trump forecast a “very massive recession” in the United States.

Joachim Fels, global economic advisor and a managing director at Pacific Investment Management Co (Pimco), said a recession could be hastened if Congress implemented tax cuts that overstimulate the economy, and used up bullets that lawmakers could use to fight the next
downturn. He said it could “pave the way for a short boom now ... but possibly a recession in 2019 or 2020.”

“I don’t think we need a tax cut at this stage,” said Fels. “A tax cut at this stage is raising the risk of overstimulating the economy.”

Both measures would add $1.5 trillion over 10 years to the annual budget deficit and the $20 trillion national debt, according to congressional tax analysts.

White House spokeswoman Sarah Sanders said on Thursday a new tax code would be “rocket fuel” for the economy.

BlackRock Inc Chief Executive Officer Larry Fink said his worry is the potential for a long-term problem from the foreign funding of US debt.

China was the largest non-US holder of Treasuries while Japan was the second-largest in August, according to the latest data from the Treasury Department.

“These nations (China and Japan) are going to be moving from a saving society to a consuming society as people age,” said Fink. “My fear is the dependency of foreign ownership of our debt should be an alarming issue. Demographics will kick into these other countries.”

A tax cut as planned could also be bad for consumer spending, Avenue Capital Group co-founder Marc Lasry forecast.

“For corporations it is (good), but I actually think it’s negative for the consumer,” Lasry said, because some people would see tax bills rise.

While Republicans insist their goal is to help the middle class, Democrats have pointed to the loss of popular deductions as proof the legislation was an assault on those taxpayers.

The Senate plan would also guarantee permanent tax cuts for corporations but only temporarily lower tax bills for individuals and small businesses.

Still, there remains skepticism that a plan will advance. The efforts have been complicated by the proposals differing on several key fronts, raising the question on how realistic it will be to reconcile the House and Senate versions of tax reform.

An analysis by the White House Council of Economic Advisers concluded lower corporate taxes would motivate companies to invest in new machines and hire more skilled workers. However, a number of US corporations are saying they would use a tax reform windfall to buy back shares, retire debt and other shareholder-friendly moves.

“In general it should be helpful to us,” Joel Greenblatt, a hedge fund and mutual fund manager at Gotham Asset Management in New York. The companies we like ... pay lots of taxes and if they pay less that’s good.”

Avenue Capital Group’s Lasry forecast that the market would likely pull back if tax reform failed to materialize.

The Senate plan produced late on Tuesday would guarantee permanent tax cuts for corporations but only temporarily lower tax bills for individuals and small businesses.

Overall, Mario Gabelli, chief executive officer of GAMCO Investors Inc, said he anticipates a wave of merger and acquisition activity in all industries as details of the US tax plan become clearer.

“You will have global lovemaking at an accelerated rate,” he said. “Companies are ready to grow. ... They just need to have what the rules of engagement are.” – Reuters 
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