May 25, 2018, 2:06 am
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1 Philippine Peso = 0.07022 UAE Dirham
1 Philippine Peso = 2.04971 Albanian Lek
1 Philippine Peso = 0.03427 Neth Antilles Guilder
1 Philippine Peso = 0.46553 Argentine Peso
1 Philippine Peso = 0.02521 Australian Dollar
1 Philippine Peso = 0.03403 Aruba Florin
1 Philippine Peso = 0.03824 Barbados Dollar
1 Philippine Peso = 1.6174 Bangladesh Taka
1 Philippine Peso = 0.0318 Bulgarian Lev
1 Philippine Peso = 0.00722 Bahraini Dinar
1 Philippine Peso = 33.47954 Burundi Franc
1 Philippine Peso = 0.01912 Bermuda Dollar
1 Philippine Peso = 0.02536 Brunei Dollar
1 Philippine Peso = 0.13117 Bolivian Boliviano
1 Philippine Peso = 0.07028 Brazilian Real
1 Philippine Peso = 0.01912 Bahamian Dollar
1 Philippine Peso = 1.30067 Bhutan Ngultrum
1 Philippine Peso = 0.19226 Botswana Pula
1 Philippine Peso = 382.79159 Belarus Ruble
1 Philippine Peso = 0.0382 Belize Dollar
1 Philippine Peso = 0.02445 Canadian Dollar
1 Philippine Peso = 0.01907 Swiss Franc
1 Philippine Peso = 12.17151 Chilean Peso
1 Philippine Peso = 0.12202 Chinese Yuan
1 Philippine Peso = 54.9522 Colombian Peso
1 Philippine Peso = 10.70612 Costa Rica Colon
1 Philippine Peso = 0.01912 Cuban Peso
1 Philippine Peso = 1.78834 Cape Verde Escudo
1 Philippine Peso = 0.41644 Czech Koruna
1 Philippine Peso = 3.3891 Djibouti Franc
1 Philippine Peso = 0.12076 Danish Krone
1 Philippine Peso = 0.94646 Dominican Peso
1 Philippine Peso = 2.21398 Algerian Dinar
1 Philippine Peso = 0.25367 Estonian Kroon
1 Philippine Peso = 0.34149 Egyptian Pound
1 Philippine Peso = 0.52008 Ethiopian Birr
1 Philippine Peso = 0.01621 Euro
1 Philippine Peso = 0.03927 Fiji Dollar
1 Philippine Peso = 0.01423 Falkland Islands Pound
1 Philippine Peso = 0.01423 British Pound
1 Philippine Peso = 0.08859 Ghanaian Cedi
1 Philippine Peso = 0.89503 Gambian Dalasi
1 Philippine Peso = 172.06501 Guinea Franc
1 Philippine Peso = 0.14027 Guatemala Quetzal
1 Philippine Peso = 3.93289 Guyana Dollar
1 Philippine Peso = 0.15004 Hong Kong Dollar
1 Philippine Peso = 0.45428 Honduras Lempira
1 Philippine Peso = 0.11999 Croatian Kuna
1 Philippine Peso = 1.19751 Haiti Gourde
1 Philippine Peso = 5.1499 Hungarian Forint
1 Philippine Peso = 271.08987 Indonesian Rupiah
1 Philippine Peso = 0.06827 Israeli Shekel
1 Philippine Peso = 1.30228 Indian Rupee
1 Philippine Peso = 22.63862 Iraqi Dinar
1 Philippine Peso = 804.0153 Iran Rial
1 Philippine Peso = 1.99809 Iceland Krona
1 Philippine Peso = 2.38145 Jamaican Dollar
1 Philippine Peso = 0.0135 Jordanian Dinar
1 Philippine Peso = 2.12293 Japanese Yen
1 Philippine Peso = 1.91587 Kenyan Shilling
1 Philippine Peso = 1.30863 Kyrgyzstan Som
1 Philippine Peso = 77.2065 Cambodia Riel
1 Philippine Peso = 7.91109 Comoros Franc
1 Philippine Peso = 17.20841 North Korean Won
1 Philippine Peso = 20.57725 Korean Won
1 Philippine Peso = 0.00577 Kuwaiti Dinar
1 Philippine Peso = 0.01568 Cayman Islands Dollar
1 Philippine Peso = 6.29369 Kazakhstan Tenge
1 Philippine Peso = 159.08222 Lao Kip
1 Philippine Peso = 28.77629 Lebanese Pound
1 Philippine Peso = 3.0153 Sri Lanka Rupee
1 Philippine Peso = 2.55793 Liberian Dollar
1 Philippine Peso = 0.24207 Lesotho Loti
1 Philippine Peso = 0.05829 Lithuanian Lita
1 Philippine Peso = 0.01187 Latvian Lat
1 Philippine Peso = 0.02595 Libyan Dinar
1 Philippine Peso = 0.18017 Moroccan Dirham
1 Philippine Peso = 0.31807 Moldovan Leu
1 Philippine Peso = 0.99293 Macedonian Denar
1 Philippine Peso = 25.85086 Myanmar Kyat
1 Philippine Peso = 45.83174 Mongolian Tugrik
1 Philippine Peso = 0.15455 Macau Pataca
1 Philippine Peso = 6.76864 Mauritania Ougulya
1 Philippine Peso = 0.65679 Mauritius Rupee
1 Philippine Peso = 0.29771 Maldives Rufiyaa
1 Philippine Peso = 13.64149 Malawi Kwacha
1 Philippine Peso = 0.37878 Mexican Peso
1 Philippine Peso = 0.07606 Malaysian Ringgit
1 Philippine Peso = 0.24208 Namibian Dollar
1 Philippine Peso = 6.88337 Nigerian Naira
1 Philippine Peso = 0.59598 Nicaragua Cordoba
1 Philippine Peso = 0.15388 Norwegian Krone
1 Philippine Peso = 2.08185 Nepalese Rupee
1 Philippine Peso = 0.02752 New Zealand Dollar
1 Philippine Peso = 0.00735 Omani Rial
1 Philippine Peso = 0.01912 Panama Balboa
1 Philippine Peso = 0.0627 Peruvian Nuevo Sol
1 Philippine Peso = 0.06117 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.20841 Pakistani Rupee
1 Philippine Peso = 0.06955 Polish Zloty
1 Philippine Peso = 107.60994 Paraguayan Guarani
1 Philippine Peso = 0.06959 Qatar Rial
1 Philippine Peso = 0.07495 Romanian New Leu
1 Philippine Peso = 1.17737 Russian Rouble
1 Philippine Peso = 16.18375 Rwanda Franc
1 Philippine Peso = 0.0717 Saudi Arabian Riyal
1 Philippine Peso = 0.15039 Solomon Islands Dollar
1 Philippine Peso = 0.26023 Seychelles Rupee
1 Philippine Peso = 0.34331 Sudanese Pound
1 Philippine Peso = 0.16581 Swedish Krona
1 Philippine Peso = 0.02562 Singapore Dollar
1 Philippine Peso = 0.01424 St Helena Pound
1 Philippine Peso = 0.42459 Slovak Koruna
1 Philippine Peso = 149.13958 Sierra Leone Leone
1 Philippine Peso = 10.7457 Somali Shilling
1 Philippine Peso = 397.36138 Sao Tome Dobra
1 Philippine Peso = 0.1673 El Salvador Colon
1 Philippine Peso = 9.84665 Syrian Pound
1 Philippine Peso = 0.24215 Swaziland Lilageni
1 Philippine Peso = 0.61434 Thai Baht
1 Philippine Peso = 0.04906 Tunisian Dinar
1 Philippine Peso = 0.04426 Tongan paʻanga
1 Philippine Peso = 0.08746 Turkish Lira
1 Philippine Peso = 0.12714 Trinidad Tobago Dollar
1 Philippine Peso = 0.57119 Taiwan Dollar
1 Philippine Peso = 43.51816 Tanzanian Shilling
1 Philippine Peso = 0.49847 Ukraine Hryvnia
1 Philippine Peso = 71.12811 Ugandan Shilling
1 Philippine Peso = 0.01912 United States Dollar
1 Philippine Peso = 0.59981 Uruguayan New Peso
1 Philippine Peso = 152.58126 Uzbekistan Sum
1 Philippine Peso = 1501.96941 Venezuelan Bolivar
1 Philippine Peso = 435.35373 Vietnam Dong
1 Philippine Peso = 2.08088 Vanuatu Vatu
1 Philippine Peso = 0.0494 Samoa Tala
1 Philippine Peso = 10.62849 CFA Franc (BEAC)
1 Philippine Peso = 0.05163 East Caribbean Dollar
1 Philippine Peso = 10.62849 CFA Franc (BCEAO)
1 Philippine Peso = 1.92218 Pacific Franc
1 Philippine Peso = 4.7782 Yemen Riyal
1 Philippine Peso = 0.24216 South African Rand
1 Philippine Peso = 99.22562 Zambian Kwacha
1 Philippine Peso = 6.91969 Zimbabwe dollar

Big business bats for econ Cha-Cha

Three big business groups have called on Congress to focus on the economic provisions in its bid to amend the Constitution.

The Makati Business Club, Management Association of the Philippines and the Financial Executives Institute of the Philippines in a joint statement yesterday said in any of its actions, Congress should vote separately “to recognize the autonomy of the Senate body and to avoid
diluting the voice of our senators in this critical process. “

The groups said proposals to shift to a federal form of government should be tackled under a duly-elected constitutional convention  (con-con) rather than a constitutional assembly saying this is the appropriate body to amend the Constitution. 

The groups said they recognize the need to amend certain provisions of the  Constitution “to make it more adaptable and responsive to current social and economic realities.”

“We believe this is a necessary action in helping us realize the aspiration of a more inclusive and sustainable growth,” the groups said. 

In amending the economic provisions of the charter, the groups expressed their support to a resolution of both houses (RBH2) earlier filed and principally authored by House Speaker Feliciano Belmonte Jr.  which seeks to include the phrase “unless otherwise provided by law” in some sections of Articles XII (national economy and patrimony), XIV (education, science and technology, arts, culture and sports), and XVI (general provisions). 

“The proposal is aligned with the Duterte administration’s push to lift the economic restrictions in the Constitution, in order to open more business areas to foreign investors,” the groups added.

The business groups said RBH2 is a serious effort to undertake an often recommended reform in the Constitution,  placing the constitutional restrictions on foreign equity with specific laws. 

“In almost all countries in the world, the economic restrictions on foreign investment are not contained in their Constitutions. Imposing restrictions on foreign trade and investments are done through legislation or administrative orders that can be changed to suit shifting national priorities,” the groups said. 

If approved by Congress and subsequently in a plebiscite, the amendments would allow Congress to pass future laws to change the current constitutional restrictions.

This means the usual legislative procedures would be followed, with hearings and full consideration in both the House and the Senate and possible presidential vetoes. 

Until such laws are amended,  each restriction will remain in place. 

“Constitutional restrictions on foreign ownership on certain industries will remain until Congress and the President enact specific laws to remove or amend them,” the groups said in the statement.

The groups noted how the Philippines and the rest of the world have evolved since 1987 when the restrictions were placed in the  charter:  The Philippines has joined the World Trade Organization, agreed to open trade and investment within Asean  and with Asean Plus partners Australia, India, Japan, Korea and  China. 

The Philippines’ population has more than doubled since 1987. 

The business groups said easing foreign restrictions would enable the Philippines attract the much-needed investments that create massive employment opportunities

“Government should maximize the amount of foreign investment generated as a means to drive down unemployment and underemployment levels,” the groups said.

They lament the fact that while there has been a very significant increase in foreign direct investments (FDIs)  since 2010  amounting to over $8 billion in 2016 and the same level forecasted in 2017, this represents only 8 percent of total FDI in Asean.

The groups said this  is small considering  the Philippines accounts for 16 percent of the population of Asean.

“Increasing the participation of foreigners in our economy would be a welcome development as it would mean a fresh infusion of financial resources for our undercapitalized sectors, the introduction of new technologies to spur greater innovation and efficiency in our industries, and the pro motion of healthy competition that will drive businesses to operate more efficiently, leading to better quality and more competitively priced products and services for the people,” the groups added.

They also said easing the country’s r foreign investment restrictions may also be critical in light of its  commitments to the Asean  Economic Community, and its intent to form closer trade relationships with other economies. 

The groups said this is the best time to begin the process of updating the “outdated economic restrictions in our Constitution as the Philippines has enjoyed enhanced growth prospects and is on the radar screen of the international investment community.”

“These will be further improved by higher foreign investments coupled with improved environment in doing business in the country. It will be unfortunate if the Philippines fails to take advantage of this golden opportunity and realize the potentials that a liberalized trade and investment regime will bring,” they said. 

Amid the differences between the House and the Senate on how the  charter change will be undertaken, the business groups said they “deem it to be more democratic for the two Houses to vote separately so as to recognize the autonomy of the Senate body and to avoid diluting the voice of our Senators in this critical process. “

“We understand this to be the intention of the framers of the 1987 Constitution and this is also consistent with the legislative process. The proposed amendments shall then be presented and discussed with the public before seeking approval via nationwide plebiscite, the groups said. 

The groups said  a con-con will offer a more diverse, independent and prospective approach” in amending the Constitution as this will be purposely elected for the specific task of revising the Constitution and, therefore, individuals who wish to be elected for this role can properly present themselves and their views during the campaign period. “ (I. Isip)
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