January 21, 2018, 9:18 am
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1 Philippine Peso = 0.07248 UAE Dirham
1 Philippine Peso = 2.15117 Albanian Lek
1 Philippine Peso = 0.03513 Neth Antilles Guilder
1 Philippine Peso = 0.37432 Argentine Peso
1 Philippine Peso = 0.02466 Australian Dollar
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1 Philippine Peso = 0.01614 Euro
1 Philippine Peso = 0.03952 Fiji Dollar
1 Philippine Peso = 0.01423 Falkland Islands Pound
1 Philippine Peso = 0.01424 British Pound
1 Philippine Peso = 0.08955 Ghanaian Cedi
1 Philippine Peso = 0.95481 Gambian Dalasi
1 Philippine Peso = 177.50149 Guinea Franc
1 Philippine Peso = 0.14478 Guatemala Quetzal
1 Philippine Peso = 4.06335 Guyana Dollar
1 Philippine Peso = 0.15424 Hong Kong Dollar
1 Philippine Peso = 0.4645 Honduras Lempira
1 Philippine Peso = 0.11993 Croatian Kuna
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1 Philippine Peso = 262.6801 Indonesian Rupiah
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1 Philippine Peso = 1.2595 Indian Rupee
1 Philippine Peso = 23.36688 Iraqi Dinar
1 Philippine Peso = 722.49855 Iran Rial
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1 Philippine Peso = 17.76199 North Korean Won
1 Philippine Peso = 21.05013 Korean Won
1 Philippine Peso = 0.00592 Kuwaiti Dinar
1 Philippine Peso = 0.01618 Cayman Islands Dollar
1 Philippine Peso = 6.40616 Kazakhstan Tenge
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1 Philippine Peso = 0.01225 Latvian Lat
1 Philippine Peso = 0.02645 Libyan Dinar
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1 Philippine Peso = 0.33221 Moldovan Leu
1 Philippine Peso = 0.99072 Macedonian Denar
1 Philippine Peso = 26.54431 Myanmar Kyat
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1 Philippine Peso = 0.15887 Macau Pataca
1 Philippine Peso = 6.94691 Mauritania Ougulya
1 Philippine Peso = 0.64535 Mauritius Rupee
1 Philippine Peso = 0.3059 Maldives Rufiyaa
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1 Philippine Peso = 0.36718 Mexican Peso
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1 Philippine Peso = 0.24178 Namibian Dollar
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1 Philippine Peso = 0.6045 Nicaragua Cordoba
1 Philippine Peso = 0.15516 Norwegian Krone
1 Philippine Peso = 2.01397 Nepalese Rupee
1 Philippine Peso = 0.02711 New Zealand Dollar
1 Philippine Peso = 0.00759 Omani Rial
1 Philippine Peso = 0.01974 Panama Balboa
1 Philippine Peso = 0.06337 Peruvian Nuevo Sol
1 Philippine Peso = 0.06241 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.17782 Pakistani Rupee
1 Philippine Peso = 0.06737 Polish Zloty
1 Philippine Peso = 110.75588 Paraguayan Guarani
1 Philippine Peso = 0.07183 Qatar Rial
1 Philippine Peso = 0.07523 Romanian New Leu
1 Philippine Peso = 1.11021 Russian Rouble
1 Philippine Peso = 16.49398 Rwanda Franc
1 Philippine Peso = 0.07401 Saudi Arabian Riyal
1 Philippine Peso = 0.15294 Solomon Islands Dollar
1 Philippine Peso = 0.26317 Seychelles Rupee
1 Philippine Peso = 0.13811 Sudanese Pound
1 Philippine Peso = 0.15903 Swedish Krona
1 Philippine Peso = 0.02605 Singapore Dollar
1 Philippine Peso = 0.01423 St Helena Pound
1 Philippine Peso = 0.43825 Slovak Koruna
1 Philippine Peso = 150.5822 Sierra Leone Leone
1 Philippine Peso = 11.09138 Somali Shilling
1 Philippine Peso = 395.67793 Sao Tome Dobra
1 Philippine Peso = 0.17269 El Salvador Colon
1 Philippine Peso = 10.16341 Syrian Pound
1 Philippine Peso = 0.24082 Swaziland Lilageni
1 Philippine Peso = 0.62838 Thai Baht
1 Philippine Peso = 0.04813 Tunisian Dinar
1 Philippine Peso = 0.04392 Tongan paʻanga
1 Philippine Peso = 0.07512 Turkish Lira
1 Philippine Peso = 0.1331 Trinidad Tobago Dollar
1 Philippine Peso = 0.57902 Taiwan Dollar
1 Philippine Peso = 44.22736 Tanzanian Shilling
1 Philippine Peso = 0.56937 Ukraine Hryvnia
1 Philippine Peso = 71.46241 Ugandan Shilling
1 Philippine Peso = 0.01974 United States Dollar
1 Philippine Peso = 0.56325 Uruguayan New Peso
1 Philippine Peso = 160.3513 Uzbekistan Sum
1 Philippine Peso = 0.19686 Venezuelan Bolivar
1 Philippine Peso = 447.97712 Vietnam Dong
1 Philippine Peso = 2.03691 Vanuatu Vatu
1 Philippine Peso = 0.0496 Samoa Tala
1 Philippine Peso = 10.5818 CFA Franc (BEAC)
1 Philippine Peso = 0.05329 East Caribbean Dollar
1 Philippine Peso = 10.49813 CFA Franc (BCEAO)
1 Philippine Peso = 1.92441 Pacific Franc
1 Philippine Peso = 4.9329 Yemen Riyal
1 Philippine Peso = 0.24034 South African Rand
1 Philippine Peso = 102.41761 Zambian Kwacha
1 Philippine Peso = 7.14229 Zimbabwe dollar

DOF, DOTr tackle MRT stake sale

The Departments of Finance and of Transportation are discussing their common position on the possible sale of the government’s stake in the Metro Rail Transit Line 3 (MRT-3).

“Essentially we are discussing our common position with the DOTr, it’s really under them, we are only involved because we own shares and they owe us money through the bonds,” said Carlos Dominguez III, finance secretary.

“Whatever DOTr decides to do operationally will have effects on our position, our financial position, so we are discussing with them what they really want,” Dominguez added.

DBP and the Land Bank of the Philippines own around 80 percent economic interest in MRT Corp., the private owner of the train system.

“We had several meetings already with DOTr, and we are moving towards coming to a common position,” Dominguez said.

“The financial situation is very important to us because we own shares and basically we own something like 83 percent of the economic interest for which they pay us quite a good return on that investment,” he added.

Dominguez said that while the government is trying to get in a situation where it will come out with a good financial position, the more important thing is the service to the public.

This developed as the Commission on Audit (COA) is conducting a review of the contract  between the DOTr and a joint venture led by  Busan Transportation Corp.  for the maintenance, and replacement of signalling system of MRT-3.

COA asked DOTr to submit the joint venture agreement (JVA) it signed with Busan Universal Rail Inc. (BURI), the joint venture of Busan with Edison Development and Construction, Tramat Mercantile Inc , TMI Corp. Inc and Castan Corp. The COA documents said the JV , is not registered nor was there any application for registration with the Securities and Exchange Commission (SEC) . 

COA said it also did not find proof of the JVA in the files submitted to the body.

COA said it found out  BURI was undercapitalized . 

“ Per verification from the SEC the authorized capital stock of BURI was only P500 million while the contract it entered  into is  worth P3.8 billion,” the document said. 

COA also asked DOTr’s position and the legal opinion on the termination of the contract for the MRT-3 maintenance . 

 Cesar Chavez, DOTr undersecretary for rail,  has filed a recommendation for the termination of BURI’s contract due to the latter’s failure to deliver satisfactory service.

A DOTr report said MRT-3’s constant breakdown due to the poor maintenance works of BURI led to losses of about  P80.3 million of which P76.8 million were incurred from  train removal, P3.2 million for service interruption and P321,000 for derailment. 

The penalties imposed on BURI amounting to P27.6 million are not enough to offset the said revenue losses of P80.3 million, Chavez said.

“It is therefore imperative to immediately terminate the service of said maintenance provider in order to prevent further losses and inconvenience to the government and the riding public and more importantly exposing the riding public to danger and safety hazards,” he added. 

DOTr can legally terminate the maintenance service contract. Termination for default may be resorted to under the following circumstances outside of force majeure:  the supplier fails to deliver or perform any or all of the goods within the period  specified in the contract or within any extension thereof granted by the procuring entity pursuant to a request made by the supplier prior to the delay and such failure amounts to at least 10 percent of the contact price. 

“ It is my considered view that BURI , as maintenance service provider, failed to perform its essential obligations under the contract, particularly to maintain a safe, reliable, high quality and efficient rail system,” Chavez said.

As of Sept. 13, 2017 , MRT 3 had 20 trains but only 15 are running with  headway 5.5 minutes . 
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