August 24, 2017, 11:09 am
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1 Philippine Peso = 0.07186 UAE Dirham
1 Philippine Peso = 2.19135 Albanian Lek
1 Philippine Peso = 0.03488 Neth Antilles Guilder
1 Philippine Peso = 0.33671 Argentine Peso
1 Philippine Peso = 0.02474 Australian Dollar
1 Philippine Peso = 0.03483 Aruba Florin
1 Philippine Peso = 0.03913 Barbados Dollar
1 Philippine Peso = 1.58501 Bangladesh Taka
1 Philippine Peso = 0.03243 Bulgarian Lev
1 Philippine Peso = 0.00737 Bahraini Dinar
1 Philippine Peso = 33.80317 Burundi Franc
1 Philippine Peso = 0.01957 Bermuda Dollar
1 Philippine Peso = 0.02662 Brunei Dollar
1 Philippine Peso = 0.135 Bolivian Boliviano
1 Philippine Peso = 0.06144 Brazilian Real
1 Philippine Peso = 0.01957 Bahamian Dollar
1 Philippine Peso = 1.25465 Bhutan Ngultrum
1 Philippine Peso = 0.19996 Botswana Pula
1 Philippine Peso = 391.70416 Belarus Ruble
1 Philippine Peso = 0.03909 Belize Dollar
1 Philippine Peso = 0.02455 Canadian Dollar
1 Philippine Peso = 0.0189 Swiss Franc
1 Philippine Peso = 12.52006 Chilean Peso
1 Philippine Peso = 0.13024 Chinese Yuan
1 Philippine Peso = 58.28605 Colombian Peso
1 Philippine Peso = 11.17355 Costa Rica Colon
1 Philippine Peso = 0.01957 Cuban Peso
1 Philippine Peso = 1.82684 Cape Verde Escudo
1 Philippine Peso = 0.43209 Czech Koruna
1 Philippine Peso = 3.48268 Djibouti Franc
1 Philippine Peso = 0.12318 Danish Krone
1 Philippine Peso = 0.91822 Dominican Peso
1 Philippine Peso = 2.14647 Algerian Dinar
1 Philippine Peso = 0.25914 Estonian Kroon
1 Philippine Peso = 0.34533 Egyptian Pound
1 Philippine Peso = 0.45392 Ethiopian Birr
1 Philippine Peso = 0.01656 Euro
1 Philippine Peso = 0.03962 Fiji Dollar
1 Philippine Peso = 0.01527 Falkland Islands Pound
1 Philippine Peso = 0.01529 British Pound
1 Philippine Peso = 0.08616 Ghanaian Cedi
1 Philippine Peso = 0.8785 Gambian Dalasi
1 Philippine Peso = 172.92115 Guinea Franc
1 Philippine Peso = 0.14239 Guatemala Quetzal
1 Philippine Peso = 4.00117 Guyana Dollar
1 Philippine Peso = 0.1531 Hong Kong Dollar
1 Philippine Peso = 0.45643 Honduras Lempira
1 Philippine Peso = 0.12198 Croatian Kuna
1 Philippine Peso = 1.198 Haiti Gourde
1 Philippine Peso = 5.009 Hungarian Forint
1 Philippine Peso = 261.0448 Indonesian Rupiah
1 Philippine Peso = 0.07054 Israeli Shekel
1 Philippine Peso = 1.25296 Indian Rupee
1 Philippine Peso = 22.81354 Iraqi Dinar
1 Philippine Peso = 646.44882 Iran Rial
1 Philippine Peso = 2.09352 Iceland Krona
1 Philippine Peso = 2.49247 Jamaican Dollar
1 Philippine Peso = 0.01385 Jordanian Dinar
1 Philippine Peso = 2.1352 Japanese Yen
1 Philippine Peso = 2.01487 Kenyan Shilling
1 Philippine Peso = 1.34164 Kyrgyzstan Som
1 Philippine Peso = 79.92565 Cambodia Riel
1 Philippine Peso = 8.17413 Comoros Franc
1 Philippine Peso = 17.60908 North Korean Won
1 Philippine Peso = 22.06222 Korean Won
1 Philippine Peso = 0.0059 Kuwaiti Dinar
1 Philippine Peso = 0.01604 Cayman Islands Dollar
1 Philippine Peso = 6.52808 Kazakhstan Tenge
1 Philippine Peso = 162.39483 Lao Kip
1 Philippine Peso = 29.45412 Lebanese Pound
1 Philippine Peso = 2.99315 Sri Lanka Rupee
1 Philippine Peso = 2.24027 Liberian Dollar
1 Philippine Peso = 0.25729 Lesotho Loti
1 Philippine Peso = 0.05965 Lithuanian Lita
1 Philippine Peso = 0.01214 Latvian Lat
1 Philippine Peso = 0.02677 Libyan Dinar
1 Philippine Peso = 0.1841 Moroccan Dirham
1 Philippine Peso = 0.34915 Moldovan Leu
1 Philippine Peso = 1.0182 Macedonian Denar
1 Philippine Peso = 26.62884 Myanmar Kyat
1 Philippine Peso = 47.54451 Mongolian Tugrik
1 Philippine Peso = 0.15767 Macau Pataca
1 Philippine Peso = 7.0632 Mauritania Ougulya
1 Philippine Peso = 0.64704 Mauritius Rupee
1 Philippine Peso = 0.30033 Maldives Rufiyaa
1 Philippine Peso = 14.01037 Malawi Kwacha
1 Philippine Peso = 0.34596 Mexican Peso
1 Philippine Peso = 0.08361 Malaysian Ringgit
1 Philippine Peso = 0.25735 Namibian Dollar
1 Philippine Peso = 7.0632 Nigerian Naira
1 Philippine Peso = 0.57816 Nicaragua Cordoba
1 Philippine Peso = 0.1539 Norwegian Krone
1 Philippine Peso = 2.00059 Nepalese Rupee
1 Philippine Peso = 0.02707 New Zealand Dollar
1 Philippine Peso = 0.00752 Omani Rial
1 Philippine Peso = 0.01957 Panama Balboa
1 Philippine Peso = 0.06327 Peruvian Nuevo Sol
1 Philippine Peso = 0.06425 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.05811 Pakistani Rupee
1 Philippine Peso = 0.07095 Polish Zloty
1 Philippine Peso = 109.62629 Paraguayan Guarani
1 Philippine Peso = 0.0718 Qatar Rial
1 Philippine Peso = 0.07593 Romanian New Leu
1 Philippine Peso = 1.15543 Russian Rouble
1 Philippine Peso = 16.15574 Rwanda Franc
1 Philippine Peso = 0.07337 Saudi Arabian Riyal
1 Philippine Peso = 0.15192 Solomon Islands Dollar
1 Philippine Peso = 0.26554 Seychelles Rupee
1 Philippine Peso = 0.13031 Sudanese Pound
1 Philippine Peso = 0.15764 Swedish Krona
1 Philippine Peso = 0.02663 Singapore Dollar
1 Philippine Peso = 0.01528 St Helena Pound
1 Philippine Peso = 0.43447 Slovak Koruna
1 Philippine Peso = 146.74232 Sierra Leone Leone
1 Philippine Peso = 10.89806 Somali Shilling
1 Philippine Peso = 405.92448 Sao Tome Dobra
1 Philippine Peso = 0.1712 El Salvador Colon
1 Philippine Peso = 10.07591 Syrian Pound
1 Philippine Peso = 0.25733 Swaziland Lilageni
1 Philippine Peso = 0.65193 Thai Baht
1 Philippine Peso = 0.04773 Tunisian Dinar
1 Philippine Peso = 0.04379 Tongan paʻanga
1 Philippine Peso = 0.06807 Turkish Lira
1 Philippine Peso = 0.13216 Trinidad Tobago Dollar
1 Philippine Peso = 0.59221 Taiwan Dollar
1 Philippine Peso = 43.65095 Tanzanian Shilling
1 Philippine Peso = 0.49932 Ukraine Hryvnia
1 Philippine Peso = 70.27979 Ugandan Shilling
1 Philippine Peso = 0.01957 United States Dollar
1 Philippine Peso = 0.56075 Uruguayan New Peso
1 Philippine Peso = 81.4909 Uzbekistan Sum
1 Philippine Peso = 0.19517 Venezuelan Bolivar
1 Philippine Peso = 444.51183 Vietnam Dong
1 Philippine Peso = 2.02935 Vanuatu Vatu
1 Philippine Peso = 0.04937 Samoa Tala
1 Philippine Peso = 10.85815 CFA Franc (BEAC)
1 Philippine Peso = 0.05283 East Caribbean Dollar
1 Philippine Peso = 10.74819 CFA Franc (BCEAO)
1 Philippine Peso = 1.96419 Pacific Franc
1 Philippine Peso = 4.89043 Yemen Riyal
1 Philippine Peso = 0.25716 South African Rand
1 Philippine Peso = 101.5359 Zambian Kwacha
1 Philippine Peso = 7.08081 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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