July 18, 2018, 10:49 am
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1 Philippine Peso = 0.06864 UAE Dirham
1 Philippine Peso = 2.00897 Albanian Lek
1 Philippine Peso = 0.03439 Neth Antilles Guilder
1 Philippine Peso = 0.50824 Argentine Peso
1 Philippine Peso = 0.02516 Australian Dollar
1 Philippine Peso = 0.03326 Aruba Florin
1 Philippine Peso = 0.03738 Barbados Dollar
1 Philippine Peso = 1.56345 Bangladesh Taka
1 Philippine Peso = 0.03139 Bulgarian Lev
1 Philippine Peso = 0.00707 Bahraini Dinar
1 Philippine Peso = 32.72248 Burundi Franc
1 Philippine Peso = 0.01869 Bermuda Dollar
1 Philippine Peso = 0.02526 Brunei Dollar
1 Philippine Peso = 0.1282 Bolivian Boliviano
1 Philippine Peso = 0.07195 Brazilian Real
1 Philippine Peso = 0.01869 Bahamian Dollar
1 Philippine Peso = 1.282 Bhutan Ngultrum
1 Philippine Peso = 0.19138 Botswana Pula
1 Philippine Peso = 374.13568 Belarus Ruble
1 Philippine Peso = 0.03734 Belize Dollar
1 Philippine Peso = 0.02459 Canadian Dollar
1 Philippine Peso = 0.01871 Swiss Franc
1 Philippine Peso = 12.14969 Chilean Peso
1 Philippine Peso = 0.12502 Chinese Yuan
1 Philippine Peso = 53.37133 Colombian Peso
1 Philippine Peso = 10.54401 Costa Rica Colon
1 Philippine Peso = 0.01869 Cuban Peso
1 Philippine Peso = 1.76603 Cape Verde Escudo
1 Philippine Peso = 0.4139 Czech Koruna
1 Philippine Peso = 3.31714 Djibouti Franc
1 Philippine Peso = 0.11919 Danish Krone
1 Philippine Peso = 0.92375 Dominican Peso
1 Philippine Peso = 2.19884 Algerian Dinar
1 Philippine Peso = 0.25015 Estonian Kroon
1 Philippine Peso = 0.3334 Egyptian Pound
1 Philippine Peso = 0.51037 Ethiopian Birr
1 Philippine Peso = 0.01599 Euro
1 Philippine Peso = 0.03902 Fiji Dollar
1 Philippine Peso = 0.01411 Falkland Islands Pound
1 Philippine Peso = 0.01412 British Pound
1 Philippine Peso = 0.08949 Ghanaian Cedi
1 Philippine Peso = 0.88526 Gambian Dalasi
1 Philippine Peso = 168.36105 Guinea Franc
1 Philippine Peso = 0.13998 Guatemala Quetzal
1 Philippine Peso = 3.87012 Guyana Dollar
1 Philippine Peso = 0.14665 Hong Kong Dollar
1 Philippine Peso = 0.44715 Honduras Lempira
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1 Philippine Peso = 1.25939 Haiti Gourde
1 Philippine Peso = 5.1596 Hungarian Forint
1 Philippine Peso = 268.604 Indonesian Rupiah
1 Philippine Peso = 0.06791 Israeli Shekel
1 Philippine Peso = 1.27993 Indian Rupee
1 Philippine Peso = 22.12671 Iraqi Dinar
1 Philippine Peso = 807.13885 Iran Rial
1 Philippine Peso = 2.0015 Iceland Krona
1 Philippine Peso = 2.42478 Jamaican Dollar
1 Philippine Peso = 0.01324 Jordanian Dinar
1 Philippine Peso = 2.09923 Japanese Yen
1 Philippine Peso = 1.87722 Kenyan Shilling
1 Philippine Peso = 1.27646 Kyrgyzstan Som
1 Philippine Peso = 75.63072 Cambodia Riel
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1 Philippine Peso = 16.81929 North Korean Won
1 Philippine Peso = 21.08952 Korean Won
1 Philippine Peso = 0.00566 Kuwaiti Dinar
1 Philippine Peso = 0.01532 Cayman Islands Dollar
1 Philippine Peso = 6.39993 Kazakhstan Tenge
1 Philippine Peso = 157.01738 Lao Kip
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1 Philippine Peso = 0.0116 Latvian Lat
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1 Philippine Peso = 0.31088 Moldovan Leu
1 Philippine Peso = 0.98075 Macedonian Denar
1 Philippine Peso = 26.55578 Myanmar Kyat
1 Philippine Peso = 45.74846 Mongolian Tugrik
1 Philippine Peso = 0.15104 Macau Pataca
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1 Philippine Peso = 0.29097 Maldives Rufiyaa
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1 Philippine Peso = 2.04691 Nepalese Rupee
1 Philippine Peso = 0.02764 New Zealand Dollar
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1 Philippine Peso = 0.01869 Panama Balboa
1 Philippine Peso = 0.06103 Peruvian Nuevo Sol
1 Philippine Peso = 0.06077 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.27135 Pakistani Rupee
1 Philippine Peso = 0.06898 Polish Zloty
1 Philippine Peso = 106.5969 Paraguayan Guarani
1 Philippine Peso = 0.06802 Qatar Rial
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1 Philippine Peso = 1.1686 Russian Rouble
1 Philippine Peso = 15.92992 Rwanda Franc
1 Philippine Peso = 0.07008 Saudi Arabian Riyal
1 Philippine Peso = 0.14699 Solomon Islands Dollar
1 Philippine Peso = 0.25089 Seychelles Rupee
1 Philippine Peso = 0.33555 Sudanese Pound
1 Philippine Peso = 0.16567 Swedish Krona
1 Philippine Peso = 0.02551 Singapore Dollar
1 Philippine Peso = 0.01412 St Helena Pound
1 Philippine Peso = 0.41499 Slovak Koruna
1 Philippine Peso = 153.24238 Sierra Leone Leone
1 Philippine Peso = 10.65221 Somali Shilling
1 Philippine Peso = 391.8333 Sao Tome Dobra
1 Philippine Peso = 0.16352 El Salvador Colon
1 Philippine Peso = 9.624 Syrian Pound
1 Philippine Peso = 0.24803 Swaziland Lilageni
1 Philippine Peso = 0.62213 Thai Baht
1 Philippine Peso = 0.04953 Tunisian Dinar
1 Philippine Peso = 0.04334 Tongan paʻanga
1 Philippine Peso = 0.09042 Turkish Lira
1 Philippine Peso = 0.12621 Trinidad Tobago Dollar
1 Philippine Peso = 0.57118 Taiwan Dollar
1 Philippine Peso = 42.3846 Tanzanian Shilling
1 Philippine Peso = 0.48981 Ukraine Hryvnia
1 Philippine Peso = 69.93085 Ugandan Shilling
1 Philippine Peso = 0.01869 United States Dollar
1 Philippine Peso = 0.58568 Uruguayan New Peso
1 Philippine Peso = 145.44945 Uzbekistan Sum
1 Philippine Peso = 2236.96505 Venezuelan Bolivar
1 Philippine Peso = 430.74192 Vietnam Dong
1 Philippine Peso = 2.06036 Vanuatu Vatu
1 Philippine Peso = 0.04858 Samoa Tala
1 Philippine Peso = 10.48103 CFA Franc (BEAC)
1 Philippine Peso = 0.05046 East Caribbean Dollar
1 Philippine Peso = 10.48103 CFA Franc (BCEAO)
1 Philippine Peso = 1.90563 Pacific Franc
1 Philippine Peso = 4.66922 Yemen Riyal
1 Philippine Peso = 0.24782 South African Rand
1 Philippine Peso = 96.98187 Zambian Kwacha
1 Philippine Peso = 6.76322 Zimbabwe dollar

The case for Trump’s de-globalization

By Martin Hutchinson

POUGHKEEPSIE, - You wouldn’t know it from the chorus of critics of President Donald Trump’s tariffs on steel and aluminum imports, but there is a case for de-globalization. Trump’s levies are not unprecedented – Ronald Reagan and George W. Bush took similar actions. The naysayers fear the globalization project that began with the dismantling of the Soviet Union in 1991 is falling apart, and that this is by definition damaging. It’s not that simple.

The theoretical case for free trade, which is simple and clear-cut, was first expounded by Adam Smith and David Ricardo. By reducing barriers to the movement of goods and people, every product is produced in the location with the greatest comparative advantage, while workers move to where they are most valuable. Thereby, global output is optimized.

Like all economic models, it rests on assumptions not wholly valid in reality. It ignores the revenue generated by tariffs, so all else being equal a free-trade policy imposes additional costs on a country’s citizens from higher income taxes and other levies. It assumes a world in which the global production structure is stable, yet in the real world of fluctuating fiat currencies, comparative advantage is forever shifting so any one structure is only fleetingly optimal. And in life, people don’t move around so easily.

Most important, it assumes no government interference in trade. Countries are free to impose regulations and restrictions but harm their competitiveness and economic well-being by doing so. Just as tariffs are economically damaging in this system, so too are regulations limiting imports. After all, a prohibition against an import makes its price infinite, a far bigger distortion than the largest import duty.

The period of globalization from 1991 to 2016 turned out dramatically different from the appealing blueprint of Smith and Ricardo. For one thing, after the Uruguay Round of trade talks was signed in 1994, no further global free-trade deals were completed. Instead, the world indulged in an orgy of bilateral and regional treaties. Even in theory, a planet traversed by a cat’s cradle of arrangements each including only a subset of countries is not a free-trade world. Flows of goods and services are diverted in numerous ways and are nowhere near optimized.

Moreover, these bilateral and regional deals included strictures on labor standards, environmental activities and intellectual property. Such requirements tend to eliminate comparative advantage, not reap the benefits of it. Take patents and copyrights. Together with the proliferation of patented pharmaceutical products, there’s now a dense tangle of intellectual-property requirements. Via recent trade treaties in which the United States has been involved, the country’s arguably excessive IP protections have been extended to its trading partners.

For example, in the Trans-Pacific Partnership negotiations, abandoned last year by Trump, the benefits to the United States came in the form of $79 billion of patent and copyright fees, while US manufacturing suffered a loss of $44 billion, according to Congressional Budget Office figures. Intellectual property deserves reasonable protection, but enforcing US rules adds to trade friction rather than easing it.

Another way in which the recent globalization wave differed from the classical free-trade model was the proliferation of global regulations. Red tape in a single country hurts mostly that country’s economy; competition forces the removal of many of the most damaging impositions. Global regulation is a different matter. The benefits of free trade can be swamped by the heavy costs of global rules, applied without proper accountability. Trade that requires a World Trade Organization to enforce it is not really free, and the existence of the World Bank, the International Monetary Fund, the Organisation for Economic Co-operation and Development and other international quangos counts against the economic rationale for globalization.

Globalization also raises new questions in the internet era. The economies of scale in collecting information have led to an aggregation of market power among a very few huge, mostly American, technology companies, which between them control personal data on a large percentage of the world’s inhabitants. National regulations may serve to break up this cartel. If the European Union, China, Japan and other countries impose balkanized rules, producing a so-called “splinternet,” the behemoths will operate at a disadvantage outside their home markets.

If the mainstream consensus on climate change – to take another case where Trump is the outlier – is to promote a global regulatory regime, for data privacy the mood may now be shifting the other way. If nothing else, these conflicting trends show the debate between globalists and protectionists is far more complex than such black-and-white designations suggest.

A world in which global institutions hold less sway and in which moderate tariff barriers return has several advantages. It will make global trade flows more stable, removing artificial short-term surges caused by currency volatility. It will prevent trade treaties that impose spurious intellectual-property and related costs on consumers. It will reduce costs of the global institutions themselves. Perhaps some goods will become more expensive – it’s hard to know, given the web of bilateral and multilateral deals at present – but offsetting that, tariffs will produce income for governments, narrowing budget deficits or allowing tax cuts elsewhere.

The economic recovery from the financial crisis a decade ago has surprised economists with its sluggishness. One factor may be that globalization has produced less benefit than its supporters claimed, and at a higher cost. While not ignoring the genuine gains available from careful application of the Smith-Ricardo model, the partial reversal of bureaucratic and politically driven globalization offers benefits, too. – Reuters 
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Column of the Day

Tearing down the house (Second of a series)

Jego Ragragio's picture
By Jego Ragragio | July 18,2018
‘The draft Federal Constitution is a clear example of tearing a house down in order to install a new door—where the new door goes into an existing door jamb. There’s barely anything new here, and the few things that are new, don’t actually need a constitutional amendment.’

Opinion of the Day

Heed this constitutional expert’s warning

Ellen Tordesillas's picture
By ELLEN TORDESILLAS | July 18, 2018
‘The critique of Gene Lacza Pilapil, assistant professor of Political Science at the University of the Philippines-Diliman, one of the resource persons, should warn us about the draft Federal Constitution produced by the Duterte-created Consultative Committee.’