December 14, 2017, 4:45 am
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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

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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