May 25, 2017, 10:45 am
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1 Philippine Peso = 0.07381 UAE Dirham
1 Philippine Peso = 2.39851 Albanian Lek
1 Philippine Peso = 0.03597 Neth Antilles Guilder
1 Philippine Peso = 0.32504 Argentine Peso
1 Philippine Peso = 0.02683 Australian Dollar
1 Philippine Peso = 0.03597 Aruba Florin
1 Philippine Peso = 0.04019 Barbados Dollar
1 Philippine Peso = 1.61957 Bangladesh Taka
1 Philippine Peso = 0.03496 Bulgarian Lev
1 Philippine Peso = 0.00756 Bahraini Dinar
1 Philippine Peso = 34.20217 Burundi Franc
1 Philippine Peso = 0.0201 Bermuda Dollar
1 Philippine Peso = 0.02784 Brunei Dollar
1 Philippine Peso = 0.13867 Bolivian Boliviano
1 Philippine Peso = 0.06563 Brazilian Real
1 Philippine Peso = 0.0201 Bahamian Dollar
1 Philippine Peso = 1.30125 Bhutan Ngultrum
1 Philippine Peso = 0.20751 Botswana Pula
1 Philippine Peso = 402.33121 Belarus Ruble
1 Philippine Peso = 0.04015 Belize Dollar
1 Philippine Peso = 0.0271 Canadian Dollar
1 Philippine Peso = 0.01953 Swiss Franc
1 Philippine Peso = 13.47267 Chilean Peso
1 Philippine Peso = 0.13847 Chinese Yuan
1 Philippine Peso = 58.35812 Colombian Peso
1 Philippine Peso = 11.51125 Costa Rica Colon
1 Philippine Peso = 0.0201 Cuban Peso
1 Philippine Peso = 1.96925 Cape Verde Escudo
1 Philippine Peso = 0.47339 Czech Koruna
1 Philippine Peso = 3.57074 Djibouti Franc
1 Philippine Peso = 0.13296 Danish Krone
1 Philippine Peso = 0.94574 Dominican Peso
1 Philippine Peso = 2.17205 Algerian Dinar
1 Philippine Peso = 0.27938 Estonian Kroon
1 Philippine Peso = 0.36314 Egyptian Pound
1 Philippine Peso = 0.46021 Ethiopian Birr
1 Philippine Peso = 0.01786 Euro
1 Philippine Peso = 0.0421 Fiji Dollar
1 Philippine Peso = 0.01545 Falkland Islands Pound
1 Philippine Peso = 0.01546 British Pound
1 Philippine Peso = 0.08669 Ghanaian Cedi
1 Philippine Peso = 0.90334 Gambian Dalasi
1 Philippine Peso = 181.20981 Guinea Franc
1 Philippine Peso = 0.14748 Guatemala Quetzal
1 Philippine Peso = 4.11013 Guyana Dollar
1 Philippine Peso = 0.15644 Hong Kong Dollar
1 Philippine Peso = 0.47082 Honduras Lempira
1 Philippine Peso = 0.13208 Croatian Kuna
1 Philippine Peso = 1.33903 Haiti Gourde
1 Philippine Peso = 5.50744 Hungarian Forint
1 Philippine Peso = 267.16239 Indonesian Rupiah
1 Philippine Peso = 0.0719 Israeli Shekel
1 Philippine Peso = 1.29803 Indian Rupee
1 Philippine Peso = 23.73392 Iraqi Dinar
1 Philippine Peso = 651.98958 Iran Rial
1 Philippine Peso = 2.0008 Iceland Krona
1 Philippine Peso = 2.60008 Jamaican Dollar
1 Philippine Peso = 0.01424 Jordanian Dinar
1 Philippine Peso = 2.23286 Japanese Yen
1 Philippine Peso = 2.07094 Kenyan Shilling
1 Philippine Peso = 1.36441 Kyrgyzstan Som
1 Philippine Peso = 81.2902 Cambodia Riel
1 Philippine Peso = 9.04341 Comoros Franc
1 Philippine Peso = 18.08682 North Korean Won
1 Philippine Peso = 22.44775 Korean Won
1 Philippine Peso = 0.00609 Kuwaiti Dinar
1 Philippine Peso = 0.01648 Cayman Islands Dollar
1 Philippine Peso = 6.24598 Kazakhstan Tenge
1 Philippine Peso = 164.32878 Lao Kip
1 Philippine Peso = 30.27532 Lebanese Pound
1 Philippine Peso = 3.06873 Sri Lanka Rupee
1 Philippine Peso = 1.84887 Liberian Dollar
1 Philippine Peso = 0.26588 Lesotho Loti
1 Philippine Peso = 0.06127 Lithuanian Lita
1 Philippine Peso = 0.01247 Latvian Lat
1 Philippine Peso = 0.02803 Libyan Dinar
1 Philippine Peso = 0.19542 Moroccan Dirham
1 Philippine Peso = 0.36586 Moldovan Leu
1 Philippine Peso = 1.09586 Macedonian Denar
1 Philippine Peso = 27.49196 Myanmar Kyat
1 Philippine Peso = 48.43248 Mongolian Tugrik
1 Philippine Peso = 0.16115 Macau Pataca
1 Philippine Peso = 7.19453 Mauritania Ougulya
1 Philippine Peso = 0.69695 Mauritius Rupee
1 Philippine Peso = 0.3115 Maldives Rufiyaa
1 Philippine Peso = 14.4168 Malawi Kwacha
1 Philippine Peso = 0.37541 Mexican Peso
1 Philippine Peso = 0.08626 Malaysian Ringgit
1 Philippine Peso = 0.26598 Namibian Dollar
1 Philippine Peso = 6.33039 Nigerian Naira
1 Philippine Peso = 0.59385 Nicaragua Cordoba
1 Philippine Peso = 0.16751 Norwegian Krone
1 Philippine Peso = 2.07195 Nepalese Rupee
1 Philippine Peso = 0.02866 New Zealand Dollar
1 Philippine Peso = 0.00773 Omani Rial
1 Philippine Peso = 0.0201 Panama Balboa
1 Philippine Peso = 0.06572 Peruvian Nuevo Sol
1 Philippine Peso = 0.06587 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.10309 Pakistani Rupee
1 Philippine Peso = 0.07495 Polish Zloty
1 Philippine Peso = 111.9996 Paraguayan Guarani
1 Philippine Peso = 0.07317 Qatar Rial
1 Philippine Peso = 0.0813 Romanian New Leu
1 Philippine Peso = 1.13651 Russian Rouble
1 Philippine Peso = 16.46403 Rwanda Franc
1 Philippine Peso = 0.07535 Saudi Arabian Riyal
1 Philippine Peso = 0.15881 Solomon Islands Dollar
1 Philippine Peso = 0.26967 Seychelles Rupee
1 Philippine Peso = 0.13384 Sudanese Pound
1 Philippine Peso = 0.17452 Swedish Krona
1 Philippine Peso = 0.02785 Singapore Dollar
1 Philippine Peso = 0.01546 St Helena Pound
1 Philippine Peso = 0.44626 Slovak Koruna
1 Philippine Peso = 149.31673 Sierra Leone Leone
1 Philippine Peso = 11.03296 Somali Shilling
1 Philippine Peso = 437.5784 Sao Tome Dobra
1 Philippine Peso = 0.17528 El Salvador Colon
1 Philippine Peso = 10.34928 Syrian Pound
1 Philippine Peso = 0.26605 Swaziland Lilageni
1 Philippine Peso = 0.69031 Thai Baht
1 Philippine Peso = 0.04822 Tunisian Dinar
1 Philippine Peso = 0.04643 Tongan paʻanga
1 Philippine Peso = 0.0716 Turkish Lira
1 Philippine Peso = 0.13463 Trinidad Tobago Dollar
1 Philippine Peso = 0.60344 Taiwan Dollar
1 Philippine Peso = 44.81511 Tanzanian Shilling
1 Philippine Peso = 0.52904 Ukraine Hryvnia
1 Philippine Peso = 72.62862 Ugandan Shilling
1 Philippine Peso = 0.0201 United States Dollar
1 Philippine Peso = 0.56692 Uruguayan New Peso
1 Philippine Peso = 76.36656 Uzbekistan Sum
1 Philippine Peso = 0.20045 Venezuelan Bolivar
1 Philippine Peso = 454.6624 Vietnam Dong
1 Philippine Peso = 2.15394 Vanuatu Vatu
1 Philippine Peso = 0.05199 Samoa Tala
1 Philippine Peso = 11.70539 CFA Franc (BEAC)
1 Philippine Peso = 0.05426 East Caribbean Dollar
1 Philippine Peso = 11.75181 CFA Franc (BCEAO)
1 Philippine Peso = 2.11917 Pacific Franc
1 Philippine Peso = 5.02271 Yemen Riyal
1 Philippine Peso = 0.2661 South African Rand
1 Philippine Peso = 104.2906 Zambian Kwacha
1 Philippine Peso = 7.27291 Zimbabwe dollar

EU-PH eco ties shielded from aid cut

Government officials yesterday assured the Philippines’  decision to stop development assistance from the European Union (EU) –  a display of the country’s independent foreign policy --  would not impact on the economic relations of the country and the trade bloc.  

The Philippines is foregoing about $250 million euros ($278.88 million or over P13 billion) worth of grants to prevent EU from meddling in its internal affairs, Executive Secretary Salvador Medialdea said.

“We’re supposed to be an independent nation,” Medialdea  said in a message to reporters after the president had resented criticism made by European countries on his war on drugs policy, which has killed thousands of poor slum dwellers.

Almost 9,000 people, many small-time users and dealers, have been killed in the Philippines since Duterte took office on June 30. Police say about a third of the victims were shot by officers in self-defense during legitimate operations.

Presidential spokesman Ernesto Abella said the move not to accept aid from EU was recommended by the Department of Finance  which President Duterte approved.

Abella expressed confidence  the issue of grants would not impact on the businesses in the country especially those from EU, confident that investors would continue to go where they know they will profit the most.

He said businessmen are also aware that Philippines is in a “sweet spot” of growth.

“You have to understand that the European community is different from the European Parliament and the business people really are part of the European community --- the European Union. And so... these people... business people, they understand the dynamics of politics and at the end of the day, they will go where they can grow and I believe that they understand that the Philippines right now is in a sweet spot of growth,” Abella  said.

Finance Secretary Carlos Dominguez III clarified that no existing grants from EU had been cancelled.

Dominguez, in a text message to Peace Adviser Jesus Dureza passed on to reporters, said a “specific grant that is considered interference in our internal affairs” is involved.

No details about the grant were available.

“We did not cancel any existing EU grants. PRRD (President Duterte) approved the recommendation not to accept the EU’s offer of a grant about $280 (million) which would involve review of our adherence to the rule of law,” he added.

Ramon Lopez, secretary of the Department of Trade and Industry for his part said the Philippines would not want the current Generalized System of Preferences, a unilateral privilege granted to the country by the EU, to be affected by the decision to stop aid.  

Lopez said GSP, which sets preferential tariffs on Philippine exports to the EU, is not a grant and is therefore a commercial transaction where both the EU and the Philippines  can mutually benefit from. 

“ EU should continue to engage the country.  GSP provides market access to our exporters but it allows cheaper Philippine products for  EU consumers or cheaper inputs for their manufacturers.  EU investors in the country that export back to EU also benefit from the GSP.  It is a mutually beneficial arrangement,” he added.

The Philippines is also negotiating  for a possible free trade agreement with the EU, a pact which would have far-reaching  liberalization scope in goods, services and investments on both sides.

Socio-economic planning secretary Ernesto Pernia downplayed the impact of Duterte’s decision saying that in general declining grants is not a government policy.

Pernia, however, said this move could carry an investment “shock” that “dissipates over time.”  

He also said the President;s decision to cut aid from Europe may still change.

“I will not take that as a policy,” he told reporters. “It is more of a reaction to criticism. I don’t think it’s going to remain as such.”

Abella said the Philippines has the right to accept loans and grants that it feels will help the country attain its objectives of promoting economic development inclusiveness and reducing poverty, attaining peace within its borders and with its neighbors, and fostering a law-abiding society.

He said the country also reserves the right to “respectfully decline offers that do not achieve these goals and offers that allow foreigners to interfere with the conduct of its internal affairs.”

Asked which specific projects are covered by the grant that the country declined, Abella said he does not have the specifics.

“(But) this is not necessarily humanitarian aid from the EU that may allow it to interfere with the internal policies of the Philippines. These grants pertain to particular projects or programs that have the potential of affecting the autonomy of the country,” he said.

Dureza said he has yet to find out the specifics of the grant and if it would affect any programs or projects in the Bangsamoro region.

Dureza, however, is confident that the decision it would not affect the strong alliance off the Philippines and EU.

“Our country has its own internal issues to address, that need not be looked into by other nations due to our own internal standards that other sovereign nations... must respect...I am also confident that in spite of this, on matters that relate to peace and stability, and other concerns not affected by this proffered but declined grant, both EU and the Philippines will continue their strong alliance and cooperation,” he said.

Europe ranks fifth or sixth largest donor of official development assistance.

Franz Jessen, EU ambassador to the Philippines, said he was informed this week of Manila’s decision to stop receiving aid from Europe, which was funding about 100 community projects across the country.

The EU has been providing support to Manila’s efforts to end nearly 50 years of Muslim rebellion in a conflict that has killed more than 120,000 people, displaced 1 million and stunted growth in one of the country’s resource-rich regions.

Europe granted the Philippines 130 million euros in development assistance between 2007-2013. In 2015, it pledged 325 million euros over four years to finance projects in Muslim Mindanao after Manila signed a peace deal with rebels in March 2014.

The Department of Health (DOH)  said it does not see any adverse impact that will stem from the decision as far as the Philippine Health Agenda is concerned.

 DOH spokesman  Eric Tayag said the P2 billion EU aid for the health sector set to be provided until next year will not be affected by the recent pronouncements of Malacanang.

The  budget is being used by the DOH as technical assistance and training funds for their personnel.

“For so many years, we depended on foreign donations. But we have to be self-reliant. We have to stand on our own feet and not just rely on grants forever,” Tayag said. 

Senators  asked the Duterte administration to look for sources to finance ongoing projects being funded by the EU.

Sen. Francis Pangilinan said it is the prerogative of any state to refuse to accept help from the international community.

“What government needs to do is to act swiftly and ensure that all existing and ongoing European Union aid programs benefitting our people in the local communities do not suffer when the aid is pulled out. The administration must then provide these ongoing projects with sufficient government funding,” Pangilinan said.

“Nevertheless, the EU’s expression of concern over the war on drugs, including the incarceration of Sen.  Leila De Lima, should not cause the Philippines to step back in our relationship with EU,” he added.

Sen. Sherwin Gatchalian, chairman of the committee on economic affairs, said the loss of billions of pesos in foreign aid from EU “is a price the Philippines can afford to pay in pursuit of truly independent foreign and economic policies.”

“However, this decision does not mean that we are forsaking the economic ties we have built over the years with the EU. The Philippines will always be willing to build meaningful trade relations with any State or regional organization that is willing to deal with us in good faith, as peers and equals,” Gatchalian said.

Sen. Paolo Benigno Aquino IV, for his part, called on Duterte administration “to be transparent and clear on its independent foreign policy direction, especially in dealings with other countries in terms of aids and loans.”

Aquino said Filipinos deserve to know the government’s foreign policy and economic directions because they would be directly affected by these policies.

“The administration’s refusal to receive aid seems like a contradictory move to its proposal to raise taxes. If we are refusing aid because we are self-sufficient, why are we then planning to burden our countrymen with more taxes that might raise prices of goods even higher,” he said.

Duterte critic Sen. Antonio Trillanes IV said Duterte’s rejection of EU aid “is another reckless and whimsical decision by the Duterte administration.”

“Instead of being arrogant and hateful, as president of a developing country, Duterte ought to be grateful that there are donor countries that are concerned about the plight of our countrymen and are willing to help us,” he said.

Sen. Risa Hontiveros said Duterte’s move exposes the government’s lack of a clear foreign policy framework on how to deal with foreign aid.

“I strongly suggest that the government think this over carefully. The fact that it is at a loss for a coherent explanation for this unprecedented foreign policy decision should serve as basis for it to pause for deep reflection and reconsideration,” she said. (J. Montemayor, R. Castro, I. Isip, J. Lopez and G. Naval)
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