November 19, 2017, 11:10 am
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.07227 UAE Dirham
1 Philippine Peso = 2.22452 Albanian Lek
1 Philippine Peso = 0.03503 Neth Antilles Guilder
1 Philippine Peso = 0.34355 Argentine Peso
1 Philippine Peso = 0.02607 Australian Dollar
1 Philippine Peso = 0.03503 Aruba Florin
1 Philippine Peso = 0.03935 Barbados Dollar
1 Philippine Peso = 1.64187 Bangladesh Taka
1 Philippine Peso = 0.0327 Bulgarian Lev
1 Philippine Peso = 0.00742 Bahraini Dinar
1 Philippine Peso = 34.29713 Burundi Franc
1 Philippine Peso = 0.01968 Bermuda Dollar
1 Philippine Peso = 0.02667 Brunei Dollar
1 Philippine Peso = 0.13499 Bolivian Boliviano
1 Philippine Peso = 0.0645 Brazilian Real
1 Philippine Peso = 0.01968 Bahamian Dollar
1 Philippine Peso = 1.28247 Bhutan Ngultrum
1 Philippine Peso = 0.20681 Botswana Pula
1 Philippine Peso = 393.93939 Belarus Ruble
1 Philippine Peso = 0.03931 Belize Dollar
1 Philippine Peso = 0.02511 Canadian Dollar
1 Philippine Peso = 0.01951 Swiss Franc
1 Philippine Peso = 12.40988 Chilean Peso
1 Philippine Peso = 0.13051 Chinese Yuan
1 Philippine Peso = 59.13813 Colombian Peso
1 Philippine Peso = 11.08422 Costa Rica Colon
1 Philippine Peso = 0.01968 Cuban Peso
1 Philippine Peso = 1.83943 Cape Verde Escudo
1 Philippine Peso = 0.42677 Czech Koruna
1 Philippine Peso = 3.47954 Djibouti Franc
1 Philippine Peso = 0.12411 Danish Krone
1 Philippine Peso = 0.94451 Dominican Peso
1 Philippine Peso = 2.25075 Algerian Dinar
1 Philippine Peso = 0.2609 Estonian Kroon
1 Philippine Peso = 0.34652 Egyptian Pound
1 Philippine Peso = 0.53227 Ethiopian Birr
1 Philippine Peso = 0.01667 Euro
1 Philippine Peso = 0.04117 Fiji Dollar
1 Philippine Peso = 0.0149 Falkland Islands Pound
1 Philippine Peso = 0.01491 British Pound
1 Philippine Peso = 0.0895 Ghanaian Cedi
1 Philippine Peso = 0.92483 Gambian Dalasi
1 Philippine Peso = 177.2137 Guinea Franc
1 Philippine Peso = 0.14447 Guatemala Quetzal
1 Philippine Peso = 4.05313 Guyana Dollar
1 Philippine Peso = 0.15372 Hong Kong Dollar
1 Philippine Peso = 0.46232 Honduras Lempira
1 Philippine Peso = 0.12613 Croatian Kuna
1 Philippine Peso = 1.21291 Haiti Gourde
1 Philippine Peso = 5.19481 Hungarian Forint
1 Philippine Peso = 266.09603 Indonesian Rupiah
1 Philippine Peso = 0.06915 Israeli Shekel
1 Philippine Peso = 1.27847 Indian Rupee
1 Philippine Peso = 22.9634 Iraqi Dinar
1 Philippine Peso = 693.36875 Iran Rial
1 Philippine Peso = 2.02755 Iceland Krona
1 Philippine Peso = 2.47068 Jamaican Dollar
1 Philippine Peso = 0.01392 Jordanian Dinar
1 Philippine Peso = 2.21558 Japanese Yen
1 Philippine Peso = 2.03994 Kenyan Shilling
1 Philippine Peso = 1.37194 Kyrgyzstan Som
1 Philippine Peso = 79.10272 Cambodia Riel
1 Philippine Peso = 8.33333 Comoros Franc
1 Philippine Peso = 17.70956 North Korean Won
1 Philippine Peso = 21.5429 Korean Won
1 Philippine Peso = 0.00594 Kuwaiti Dinar
1 Philippine Peso = 0.01614 Cayman Islands Dollar
1 Philippine Peso = 6.52952 Kazakhstan Tenge
1 Philippine Peso = 163.2625 Lao Kip
1 Philippine Peso = 29.73239 Lebanese Pound
1 Philippine Peso = 3.02145 Sri Lanka Rupee
1 Philippine Peso = 2.44392 Liberian Dollar
1 Philippine Peso = 0.27873 Lesotho Loti
1 Philippine Peso = 0.05999 Lithuanian Lita
1 Philippine Peso = 0.01221 Latvian Lat
1 Philippine Peso = 0.02676 Libyan Dinar
1 Philippine Peso = 0.18535 Moroccan Dirham
1 Philippine Peso = 0.34406 Moldovan Leu
1 Philippine Peso = 1.02145 Macedonian Denar
1 Philippine Peso = 26.82015 Myanmar Kyat
1 Philippine Peso = 48.01181 Mongolian Tugrik
1 Philippine Peso = 0.15831 Macau Pataca
1 Philippine Peso = 6.91558 Mauritania Ougulya
1 Philippine Peso = 0.66706 Mauritius Rupee
1 Philippine Peso = 0.30638 Maldives Rufiyaa
1 Philippine Peso = 14.09681 Malawi Kwacha
1 Philippine Peso = 0.37473 Mexican Peso
1 Philippine Peso = 0.08186 Malaysian Ringgit
1 Philippine Peso = 0.27564 Namibian Dollar
1 Philippine Peso = 7.02479 Nigerian Naira
1 Philippine Peso = 0.60232 Nicaragua Cordoba
1 Philippine Peso = 0.16201 Norwegian Krone
1 Philippine Peso = 2.03758 Nepalese Rupee
1 Philippine Peso = 0.02897 New Zealand Dollar
1 Philippine Peso = 0.00757 Omani Rial
1 Philippine Peso = 0.01968 Panama Balboa
1 Philippine Peso = 0.06374 Peruvian Nuevo Sol
1 Philippine Peso = 0.06312 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.07261 Pakistani Rupee
1 Philippine Peso = 0.07062 Polish Zloty
1 Philippine Peso = 111.06651 Paraguayan Guarani
1 Philippine Peso = 0.07477 Qatar Rial
1 Philippine Peso = 0.07746 Romanian New Leu
1 Philippine Peso = 1.16854 Russian Rouble
1 Philippine Peso = 16.37721 Rwanda Franc
1 Philippine Peso = 0.07379 Saudi Arabian Riyal
1 Philippine Peso = 0.15368 Solomon Islands Dollar
1 Philippine Peso = 0.26269 Seychelles Rupee
1 Philippine Peso = 0.13104 Sudanese Pound
1 Philippine Peso = 0.16586 Swedish Krona
1 Philippine Peso = 0.02669 Singapore Dollar
1 Philippine Peso = 0.01491 St Helena Pound
1 Philippine Peso = 0.43695 Slovak Koruna
1 Philippine Peso = 149.94097 Sierra Leone Leone
1 Philippine Peso = 10.99961 Somali Shilling
1 Philippine Peso = 408.72688 Sao Tome Dobra
1 Philippine Peso = 0.17218 El Salvador Colon
1 Philippine Peso = 10.13341 Syrian Pound
1 Philippine Peso = 0.2756 Swaziland Lilageni
1 Philippine Peso = 0.64542 Thai Baht
1 Philippine Peso = 0.04872 Tunisian Dinar
1 Philippine Peso = 0.04538 Tongan paʻanga
1 Philippine Peso = 0.07647 Turkish Lira
1 Philippine Peso = 0.13045 Trinidad Tobago Dollar
1 Philippine Peso = 0.59144 Taiwan Dollar
1 Philippine Peso = 43.97875 Tanzanian Shilling
1 Philippine Peso = 0.52076 Ukraine Hryvnia
1 Philippine Peso = 71.36954 Ugandan Shilling
1 Philippine Peso = 0.01968 United States Dollar
1 Philippine Peso = 0.57989 Uruguayan New Peso
1 Philippine Peso = 158.20543 Uzbekistan Sum
1 Philippine Peso = 0.19628 Venezuelan Bolivar
1 Philippine Peso = 446.89099 Vietnam Dong
1 Philippine Peso = 2.12515 Vanuatu Vatu
1 Philippine Peso = 0.05043 Samoa Tala
1 Philippine Peso = 10.9329 CFA Franc (BEAC)
1 Philippine Peso = 0.05313 East Caribbean Dollar
1 Philippine Peso = 10.93861 CFA Franc (BCEAO)
1 Philippine Peso = 1.9754 Pacific Franc
1 Philippine Peso = 4.91834 Yemen Riyal
1 Philippine Peso = 0.27568 South African Rand
1 Philippine Peso = 102.11531 Zambian Kwacha
1 Philippine Peso = 7.12121 Zimbabwe dollar

BSP READY TO INTERVENE: Espenilla: Peso weakness a healthy price correction

The Philippine central bank on Monday warned traders that it would intervene in the currency market to curb any speculative activity, and said it expects the peso to stabilize following its sharp slide to 11-year lows.

Nestor Espenilla, Bangko Sentral ng Pilipinas Governor, described the peso’s weakness as a “healthy price correction,” and emphasized that the central bank believes a bounce against the US dollar is on the cards.

“The BSP will not tolerate...speculative behavior and stands ready to use its very ample international reserves and deploy its full policy and regulatory arsenal if necessary,” Espenilla told reporters.

“In any case, we think that the peso has now sufficiently adjusted and can be expected to regain relative stability going forward,” Espenilla added.

The Philippine peso hit a fresh 11-year low against the dollar on Friday, a day after the country reported that it clocked a forecast-topping 6.5 percent growth in the second quarter to make it Asia’s second fastest growing economy after China.

Financial markets were closed yesterday because of a public holiday.

“Some commentators of late would have us judge negatively the state of the Philippine economy merely on the basis of the depreciating trend of the peso against the US dollar. In particular, the peso is compared in unfavorable light against stronger regional currencies. That’s a rather simplistic way to look at it,” Espenilla said.

He said the better way to gauge the economy is to “evaluate its progress toward delivering on things that ultimately matter to the people - low inflation, growth, and jobs.”

“The Philippines is doing the correct thing in prioritizing a more investment-led economic growth. Allowing the peso to depreciate gradually to a more appropriate level is fully consistent with that strategy,” Espenilla said.

“This soft landing is reinforced by effective discipline in fiscal management and a well-designed and well-executed public investment program,” Espenilla added.

A surge in the imports of capital goods - mostly infrastructure related - has pressured the peso as President Rodrigo Duterte’s administration prepares for a six year, $180 billion spending spree to modernize and build new airports, roads, railways and ports.

Strong imports have widened the country’s trade deficit, prompting policymakers to pencil in a first full-year current account deficit for the Philippines in 15 years this year.

He explained that pursuing a flexible and adaptive exchange rate policy “enables the BSP to keep its interest rate policy settings squarely focused on achieving the inflation target while dampening consumption and supporting a more investment- and export-led growth that the economy needs to sustain its strong momentum over the long haul.”

The central bank has kept policy settings steady since a 25-basis-point hike in September 2014. It set the overnight borrowing rate to 3.0 percent in June last year when it moved to an interest rate corridor framework to make policy transmission faster.

Espenilla reiterated the central bank would continue to pursue a “flexible” and “adaptive” exchange rate policy so it can focus its monetary policy on managing inflation and boosting economic growth. 

Espenilla last week said monetary officials do not see the local currency doing a free fall “because our economic fundamentals now, unlike before, are solid and very strong.”

“This is reflected in our investment grade credit rating,” Espenilla said.

Monetary officials have said it does not meddle with the foreign exchange rate due to its market-determined policy.

But the BSP may join the daily trading only to address extreme volatility.  The BSP uses the foreign currency reserve it holds for this.  

This foreign exchange operation is among the reasons for the decline in the gross international reserves (GIR), which as of end-July reached $80.79 billion from $81.32 billion the previous month.

“We’re doing well and the economy is not overheated. Nonetheless, the BSP stands vigilant. Let’s calm down. We’re on the right track,” Espenilla said.

Espenilla explained that it’s natural for the peso to show volatility “as it adjusts to market conditions and all the short-term uncertainties.”

He stressed the Philippines is an emerging market economy that wants to grow.

“To be sustainable, it needs to catch up on high quality investments especially infrastructure. It’s natural for it to run moderate current account deficits. In fact, it’s sub-optimal for it to be persistently running current account surpluses. That’s like the equivalent of deploying our own savings to the world instead of using those internally to finance our own investment needs,”  Espenilla said.

Data from the BSP showed the country’s current account (CA)  position is now in deficit “because of higher importation to meet rising domestic demand.”

In the first quarter of 2017, the CA component of the balance of payment (BOP) registered a deficit of $318 million.

Economists say this is acceptable as the higher importation is due to domestic expansion.  —Reuters
Category: 
Rating: 
No votes yet

Column of the Day

Thumbs up and down at Asean

By JOSE BAYANI BAYLON | November 17,2017
‘This is the issue of the general public’s grasp of what it means for our country to be part of a greater, regional association of nations.’

Opinion of the Day

Onward: Planned Parenthood; Human Rights summit

By DAHLI ASPILLERA | November 17, 2017
‘Congratulations to the country’s PNP, AFP and all law enforcers, for a productive, uninterrupted, impressive Asean Summit. Great talents had put together a successful show.’