May 21, 2018, 1:03 pm
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1 Philippine Peso = 0.07026 UAE Dirham
1 Philippine Peso = 2.05873 Albanian Lek
1 Philippine Peso = 0.03425 Neth Antilles Guilder
1 Philippine Peso = 0.46453 Argentine Peso
1 Philippine Peso = 0.02544 Australian Dollar
1 Philippine Peso = 0.03405 Aruba Florin
1 Philippine Peso = 0.03826 Barbados Dollar
1 Philippine Peso = 1.60723 Bangladesh Taka
1 Philippine Peso = 0.0317 Bulgarian Lev
1 Philippine Peso = 0.00722 Bahraini Dinar
1 Philippine Peso = 33.49876 Burundi Franc
1 Philippine Peso = 0.01913 Bermuda Dollar
1 Philippine Peso = 0.02542 Brunei Dollar
1 Philippine Peso = 0.13124 Bolivian Boliviano
1 Philippine Peso = 0.07071 Brazilian Real
1 Philippine Peso = 0.01913 Bahamian Dollar
1 Philippine Peso = 1.2952 Bhutan Ngultrum
1 Philippine Peso = 0.18932 Botswana Pula
1 Philippine Peso = 383.01129 Belarus Ruble
1 Philippine Peso = 0.03822 Belize Dollar
1 Philippine Peso = 0.02451 Canadian Dollar
1 Philippine Peso = 0.01912 Swiss Franc
1 Philippine Peso = 12.10044 Chilean Peso
1 Philippine Peso = 0.12185 Chinese Yuan
1 Philippine Peso = 55.53664 Colombian Peso
1 Philippine Peso = 10.74517 Costa Rica Colon
1 Philippine Peso = 0.01913 Cuban Peso
1 Philippine Peso = 1.78535 Cape Verde Escudo
1 Philippine Peso = 0.41378 Czech Koruna
1 Philippine Peso = 3.39105 Djibouti Franc
1 Philippine Peso = 0.12057 Danish Krone
1 Philippine Peso = 0.94701 Dominican Peso
1 Philippine Peso = 2.21703 Algerian Dinar
1 Philippine Peso = 0.25324 Estonian Kroon
1 Philippine Peso = 0.33977 Egyptian Pound
1 Philippine Peso = 0.52037 Ethiopian Birr
1 Philippine Peso = 0.01619 Euro
1 Philippine Peso = 0.03941 Fiji Dollar
1 Philippine Peso = 0.01415 Falkland Islands Pound
1 Philippine Peso = 0.01416 British Pound
1 Philippine Peso = 0.08822 Ghanaian Cedi
1 Philippine Peso = 0.89669 Gambian Dalasi
1 Philippine Peso = 172.1829 Guinea Franc
1 Philippine Peso = 0.14035 Guatemala Quetzal
1 Philippine Peso = 3.96537 Guyana Dollar
1 Philippine Peso = 0.15017 Hong Kong Dollar
1 Philippine Peso = 0.45456 Honduras Lempira
1 Philippine Peso = 0.11944 Croatian Kuna
1 Philippine Peso = 1.20911 Haiti Gourde
1 Philippine Peso = 5.13067 Hungarian Forint
1 Philippine Peso = 270.32715 Indonesian Rupiah
1 Philippine Peso = 0.06863 Israeli Shekel
1 Philippine Peso = 1.30065 Indian Rupee
1 Philippine Peso = 22.65162 Iraqi Dinar
1 Philippine Peso = 803.52018 Iran Rial
1 Philippine Peso = 1.99541 Iceland Krona
1 Philippine Peso = 2.38971 Jamaican Dollar
1 Philippine Peso = 0.01355 Jordanian Dinar
1 Philippine Peso = 2.12078 Japanese Yen
1 Philippine Peso = 1.9141 Kenyan Shilling
1 Philippine Peso = 1.31014 Kyrgyzstan Som
1 Philippine Peso = 77.4823 Cambodia Riel
1 Philippine Peso = 7.95542 Comoros Franc
1 Philippine Peso = 17.21829 North Korean Won
1 Philippine Peso = 20.58408 Korean Won
1 Philippine Peso = 0.00578 Kuwaiti Dinar
1 Philippine Peso = 0.01569 Cayman Islands Dollar
1 Philippine Peso = 6.27415 Kazakhstan Tenge
1 Philippine Peso = 159.05873 Lao Kip
1 Philippine Peso = 28.79281 Lebanese Pound
1 Philippine Peso = 3.0199 Sri Lanka Rupee
1 Philippine Peso = 2.55519 Liberian Dollar
1 Philippine Peso = 0.24106 Lesotho Loti
1 Philippine Peso = 0.05833 Lithuanian Lita
1 Philippine Peso = 0.01187 Latvian Lat
1 Philippine Peso = 0.02592 Libyan Dinar
1 Philippine Peso = 0.18009 Moroccan Dirham
1 Philippine Peso = 0.31752 Moldovan Leu
1 Philippine Peso = 0.9912 Macedonian Denar
1 Philippine Peso = 25.82743 Myanmar Kyat
1 Philippine Peso = 45.91544 Mongolian Tugrik
1 Philippine Peso = 0.15467 Macau Pataca
1 Philippine Peso = 6.77253 Mauritania Ougulya
1 Philippine Peso = 0.65812 Mauritius Rupee
1 Philippine Peso = 0.29788 Maldives Rufiyaa
1 Philippine Peso = 13.65028 Malawi Kwacha
1 Philippine Peso = 0.37609 Mexican Peso
1 Philippine Peso = 0.07594 Malaysian Ringgit
1 Philippine Peso = 0.2393 Namibian Dollar
1 Philippine Peso = 6.84905 Nigerian Naira
1 Philippine Peso = 0.60003 Nicaragua Cordoba
1 Philippine Peso = 0.15524 Norwegian Krone
1 Philippine Peso = 2.07193 Nepalese Rupee
1 Philippine Peso = 0.02769 New Zealand Dollar
1 Philippine Peso = 0.00736 Omani Rial
1 Philippine Peso = 0.01913 Panama Balboa
1 Philippine Peso = 0.06261 Peruvian Nuevo Sol
1 Philippine Peso = 0.06237 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.21159 Pakistani Rupee
1 Philippine Peso = 0.06942 Polish Zloty
1 Philippine Peso = 107.26994 Paraguayan Guarani
1 Philippine Peso = 0.06963 Qatar Rial
1 Philippine Peso = 0.07496 Romanian New Leu
1 Philippine Peso = 1.18388 Russian Rouble
1 Philippine Peso = 16.19304 Rwanda Franc
1 Philippine Peso = 0.07174 Saudi Arabian Riyal
1 Philippine Peso = 0.14965 Solomon Islands Dollar
1 Philippine Peso = 0.25694 Seychelles Rupee
1 Philippine Peso = 0.34351 Sudanese Pound
1 Philippine Peso = 0.16686 Swedish Krona
1 Philippine Peso = 0.02567 Singapore Dollar
1 Philippine Peso = 0.01416 St Helena Pound
1 Philippine Peso = 0.42483 Slovak Koruna
1 Philippine Peso = 149.22518 Sierra Leone Leone
1 Philippine Peso = 10.771 Somali Shilling
1 Philippine Peso = 396.71513 Sao Tome Dobra
1 Philippine Peso = 0.1674 El Salvador Colon
1 Philippine Peso = 9.85231 Syrian Pound
1 Philippine Peso = 0.23938 Swaziland Lilageni
1 Philippine Peso = 0.61427 Thai Baht
1 Philippine Peso = 0.04806 Tunisian Dinar
1 Philippine Peso = 0.04443 Tongan paʻanga
1 Philippine Peso = 0.0851 Turkish Lira
1 Philippine Peso = 0.12721 Trinidad Tobago Dollar
1 Philippine Peso = 0.57216 Taiwan Dollar
1 Philippine Peso = 43.52401 Tanzanian Shilling
1 Philippine Peso = 0.5001 Ukraine Hryvnia
1 Philippine Peso = 71.05414 Ugandan Shilling
1 Philippine Peso = 0.01913 United States Dollar
1 Philippine Peso = 0.58772 Uruguayan New Peso
1 Philippine Peso = 153.05146 Uzbekistan Sum
1 Philippine Peso = 1335.85231 Venezuelan Bolivar
1 Philippine Peso = 435.89057 Vietnam Dong
1 Philippine Peso = 2.09853 Vanuatu Vatu
1 Philippine Peso = 0.04966 Samoa Tala
1 Philippine Peso = 10.60895 CFA Franc (BEAC)
1 Philippine Peso = 0.05165 East Caribbean Dollar
1 Philippine Peso = 10.60895 CFA Franc (BCEAO)
1 Philippine Peso = 1.92175 Pacific Franc
1 Philippine Peso = 4.78095 Yemen Riyal
1 Philippine Peso = 0.23941 South African Rand
1 Philippine Peso = 99.28257 Zambian Kwacha
1 Philippine Peso = 6.92367 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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