May 25, 2017, 1:06 pm
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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

Gov’t spending crucial to sustained growth

The outlook for the country’s economic growth remains strong  despite the slowdown in the first quarter this year, officials said yesterday.

But they noted the importance of government spending in infrastructure as key in sustaining growth.

“Our first quarter performance bodes well for the economy as it is broadly in line with our target of 6.5 to 7.5 percent for this year. It is, however, lower than desiredly expected, and for this we were somewhat downcast because we were expecting something like around the midpoint of growth range 6.5-7.5 percent. But this can be explained by the base effects: that is, growth last year was high due to election spending, as you would already know by now, the impact of which has already dissipated,” said Planning Secretary Ernesto Pernia.

Pernia said it is important to ensure  government spending for both consumption and investment remains within the fiscal program, which is critical to sustain the growth momentum. 

“With the steady unfolding of the Build Build Build program in the coming months, we expect construction activities and public spending to pick up sharply, consistent with the government’s aim to spend 5.3 percent of GDP this year for infrastructure and up to 7.4 percent by 2022,” Pernia said.

Pernia said the administration’s first major infrastructure project, the Clark International Airport upgrade, is expected to start implementation by the latter part of the year. 

 “But we remain on the lookout for external downside risks that may include market volatility from continuing US interest rate normalization, geopolitical tensions in various regions, and the possible rise of protectionist sentiments in Western countries,” said Pernia.

He said government remains  cautious and stands ready to take measures to counter the effects of El Nino phenomenon, which may include continuous production support, timely importation, and the distribution of seeds. 

“We also need to ensure that inflation will remain modest for the next three quarters to keep demand strong. Our inflation in the first quarter at 3.2 percent was pretty high compared with first quarter of last year,” Pernia added.

Amando Tetangco, Bangko Sentral ng Pilipinas (BSP) governor, said d  BSP will continue to provide an operating  environment that would support non-inflationary domestic demand,  adding that monetary officials “will continue to calibrate our policy levers so these provide the appropriate incentive structure for businesses to plan with risk-adjusted returns in mind.”

Diwa Guinigundo, BSP deputy governor, said the challenge is to further strengthen infrastructure spending to help boost jobs and increase income as well as extend urbanization and economic activities in key areas from Luzon to Visayas and Mindanao.  

“Legislative action on the tax reform package is critical so that infra and econ activities are sustained with actual public revenues. Productivity and efficiency enhancements are critical today to ensure our competitiveness and sustain the growth momentum,” Guinigundo said.

Carlos Dominguez III, secretary of the Department of Finance, expressed optimism  the Philippines remains on track to meet its full-year growth target of 6.5 percent to 7.5 percent.

“…growth remains steady and could gain momentum for the rest of the year,” said Dominguez, “partly as a result of this Administration’s ‘Dutertenomics’ strategy to stimulate economic activity and achieve financial inclusion for all Filipinos in the long haul via an aggressive expenditure program on infrastructure, human capital formation and social protection.” 

Dominguez said he hopes legislators could help Malacañang sustain the growth momentum this year and onwards “by acting soon enough on the first package of the CTRP (Comprehensive Tax Reform Program) that is now pending in the Congress, as it will help guarantee a steady revenue stream for the Duterte administration’s high—and inclusive—growth agenda.”

“Solid macroeconomic fundamentals plus strong domestic consumption and investment sentiment have enabled, and will continue to enable, our country to sustain its pace as one of the world’s fastest-growing economies on the Duterte watch despite the ever-changing global market conditions,” Dominguez said.

Jomari Lacson, head of equities research at ATR Trust Corp., said an “acceleration” in the growth should be expected more by next year once the government finally pushes through with its infrastructure spending plan. 

Joey Cuyegkeng, ING Bank senior economist, said economic activity for the full year 2017 could easily achieve the lower end of government’s target.

“We are reviewing our full year forecast of 6.3 percent for a possible upward revision. We expect second quarter growth to also show slower year-on-year growth but would likely accelerate as government spending and infrastructure projects gather momentum,” Cuyegkeng said.

Cuyegkeng noted GDP is likely to be moderately slower in the second quarter “but an acceleration is expected in the second half.”

Presidential spokesman Ernesto Abella shared the observation that the country is on the right track towatds growth.

“There are cycles of development... We are not not growing, we are growing,” Abella said.

Malacanang also welcomed the 11.8 percent hike in personal remittance and 5.28 percent hike in agricultural production in the first quarter ofthe year.

Abella said the remittance hike “underscores the strong demand for the skills and the competence of the great Filipino workers.”

The BSP said the personal remittances from overseas Filipinos grew by 8.1 percent year on year after the total personal remittances for the first quarter of 2017 amounted to $7.7 billion.

Abella, meanwhile, attributed the agricultural production growth to favorable weather conditions, the proper application of fertilizer, the availability of water in irrigated farms and adequate amount of rainfall in the first quart of the year. (R. Castro and J. Calapati) 
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