February 26, 2018, 11:13 am
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1 Philippine Peso = 0.0709 UAE Dirham
1 Philippine Peso = 2.0666 Albanian Lek
1 Philippine Peso = 0.03436 Neth Antilles Guilder
1 Philippine Peso = 0.38512 Argentine Peso
1 Philippine Peso = 0.0246 Australian Dollar
1 Philippine Peso = 0.03436 Aruba Florin
1 Philippine Peso = 0.03861 Barbados Dollar
1 Philippine Peso = 1.59981 Bangladesh Taka
1 Philippine Peso = 0.0307 Bulgarian Lev
1 Philippine Peso = 0.00727 Bahraini Dinar
1 Philippine Peso = 33.8027 Burundi Franc
1 Philippine Peso = 0.01931 Bermuda Dollar
1 Philippine Peso = 0.02544 Brunei Dollar
1 Philippine Peso = 0.13243 Bolivian Boliviano
1 Philippine Peso = 0.06249 Brazilian Real
1 Philippine Peso = 0.01931 Bahamian Dollar
1 Philippine Peso = 1.24035 Bhutan Ngultrum
1 Philippine Peso = 0.18341 Botswana Pula
1 Philippine Peso = 386.48649 Belarus Ruble
1 Philippine Peso = 0.03857 Belize Dollar
1 Philippine Peso = 0.02437 Canadian Dollar
1 Philippine Peso = 0.01807 Swiss Franc
1 Philippine Peso = 11.38996 Chilean Peso
1 Philippine Peso = 0.12225 Chinese Yuan
1 Philippine Peso = 54.88417 Colombian Peso
1 Philippine Peso = 10.92317 Costa Rica Colon
1 Philippine Peso = 0.01931 Cuban Peso
1 Philippine Peso = 1.73147 Cape Verde Escudo
1 Philippine Peso = 0.39788 Czech Koruna
1 Philippine Peso = 3.41371 Djibouti Franc
1 Philippine Peso = 0.11689 Danish Krone
1 Philippine Peso = 0.94363 Dominican Peso
1 Philippine Peso = 2.19764 Algerian Dinar
1 Philippine Peso = 0.24563 Estonian Kroon
1 Philippine Peso = 0.34054 Egyptian Pound
1 Philippine Peso = 0.5251 Ethiopian Birr
1 Philippine Peso = 0.0157 Euro
1 Philippine Peso = 0.03853 Fiji Dollar
1 Philippine Peso = 0.01381 Falkland Islands Pound
1 Philippine Peso = 0.01382 British Pound
1 Philippine Peso = 0.08607 Ghanaian Cedi
1 Philippine Peso = 0.90347 Gambian Dalasi
1 Philippine Peso = 173.55213 Guinea Franc
1 Philippine Peso = 0.14162 Guatemala Quetzal
1 Philippine Peso = 3.93494 Guyana Dollar
1 Philippine Peso = 0.15101 Hong Kong Dollar
1 Philippine Peso = 0.45448 Honduras Lempira
1 Philippine Peso = 0.11653 Croatian Kuna
1 Philippine Peso = 1.23243 Haiti Gourde
1 Philippine Peso = 4.90965 Hungarian Forint
1 Philippine Peso = 263.76448 Indonesian Rupiah
1 Philippine Peso = 0.06723 Israeli Shekel
1 Philippine Peso = 1.25268 Indian Rupee
1 Philippine Peso = 22.85714 Iraqi Dinar
1 Philippine Peso = 718.33978 Iran Rial
1 Philippine Peso = 1.93822 Iceland Krona
1 Philippine Peso = 2.4222 Jamaican Dollar
1 Philippine Peso = 0.01364 Jordanian Dinar
1 Philippine Peso = 2.0617 Japanese Yen
1 Philippine Peso = 1.96236 Kenyan Shilling
1 Philippine Peso = 1.311 Kyrgyzstan Som
1 Philippine Peso = 76.94981 Cambodia Riel
1 Philippine Peso = 7.70077 Comoros Franc
1 Philippine Peso = 17.37452 North Korean Won
1 Philippine Peso = 20.76255 Korean Won
1 Philippine Peso = 0.00578 Kuwaiti Dinar
1 Philippine Peso = 0.01583 Cayman Islands Dollar
1 Philippine Peso = 6.1749 Kazakhstan Tenge
1 Philippine Peso = 159.87839 Lao Kip
1 Philippine Peso = 29.06178 Lebanese Pound
1 Philippine Peso = 2.99421 Sri Lanka Rupee
1 Philippine Peso = 2.50386 Liberian Dollar
1 Philippine Peso = 0.22268 Lesotho Loti
1 Philippine Peso = 0.05886 Lithuanian Lita
1 Philippine Peso = 0.01198 Latvian Lat
1 Philippine Peso = 0.0257 Libyan Dinar
1 Philippine Peso = 0.1777 Moroccan Dirham
1 Philippine Peso = 0.32037 Moldovan Leu
1 Philippine Peso = 0.96332 Macedonian Denar
1 Philippine Peso = 25.79151 Myanmar Kyat
1 Philippine Peso = 46.1583 Mongolian Tugrik
1 Philippine Peso = 0.15547 Macau Pataca
1 Philippine Peso = 6.75676 Mauritania Ougulya
1 Philippine Peso = 0.63514 Mauritius Rupee
1 Philippine Peso = 0.29614 Maldives Rufiyaa
1 Philippine Peso = 13.77317 Malawi Kwacha
1 Philippine Peso = 0.35764 Mexican Peso
1 Philippine Peso = 0.07562 Malaysian Ringgit
1 Philippine Peso = 0.22261 Namibian Dollar
1 Philippine Peso = 6.9112 Nigerian Naira
1 Philippine Peso = 0.59556 Nicaragua Cordoba
1 Philippine Peso = 0.15133 Norwegian Krone
1 Philippine Peso = 1.99853 Nepalese Rupee
1 Philippine Peso = 0.02647 New Zealand Dollar
1 Philippine Peso = 0.00743 Omani Rial
1 Philippine Peso = 0.01931 Panama Balboa
1 Philippine Peso = 0.06266 Peruvian Nuevo Sol
1 Philippine Peso = 0.06071 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.13127 Pakistani Rupee
1 Philippine Peso = 0.06552 Polish Zloty
1 Philippine Peso = 107.39382 Paraguayan Guarani
1 Philippine Peso = 0.07027 Qatar Rial
1 Philippine Peso = 0.07302 Romanian New Leu
1 Philippine Peso = 1.08832 Russian Rouble
1 Philippine Peso = 16.23803 Rwanda Franc
1 Philippine Peso = 0.07239 Saudi Arabian Riyal
1 Philippine Peso = 0.14989 Solomon Islands Dollar
1 Philippine Peso = 0.25792 Seychelles Rupee
1 Philippine Peso = 0.34575 Sudanese Pound
1 Philippine Peso = 0.15762 Swedish Krona
1 Philippine Peso = 0.02545 Singapore Dollar
1 Philippine Peso = 0.01382 St Helena Pound
1 Philippine Peso = 0.42869 Slovak Koruna
1 Philippine Peso = 147.2973 Sierra Leone Leone
1 Philippine Peso = 10.84942 Somali Shilling
1 Philippine Peso = 384.74904 Sao Tome Dobra
1 Philippine Peso = 0.16892 El Salvador Colon
1 Philippine Peso = 9.9417 Syrian Pound
1 Philippine Peso = 0.22262 Swaziland Lilageni
1 Philippine Peso = 0.60579 Thai Baht
1 Philippine Peso = 0.04633 Tunisian Dinar
1 Philippine Peso = 0.04271 Tongan paʻanga
1 Philippine Peso = 0.07317 Turkish Lira
1 Philippine Peso = 0.12974 Trinidad Tobago Dollar
1 Philippine Peso = 0.56444 Taiwan Dollar
1 Philippine Peso = 43.35907 Tanzanian Shilling
1 Philippine Peso = 0.52008 Ukraine Hryvnia
1 Philippine Peso = 70.40541 Ugandan Shilling
1 Philippine Peso = 0.01931 United States Dollar
1 Philippine Peso = 0.54923 Uruguayan New Peso
1 Philippine Peso = 157.72201 Uzbekistan Sum
1 Philippine Peso = 558.39769 Venezuelan Bolivar
1 Philippine Peso = 438.97684 Vietnam Dong
1 Philippine Peso = 2.05502 Vanuatu Vatu
1 Philippine Peso = 0.04818 Samoa Tala
1 Philippine Peso = 10.28822 CFA Franc (BEAC)
1 Philippine Peso = 0.05212 East Caribbean Dollar
1 Philippine Peso = 10.28822 CFA Franc (BCEAO)
1 Philippine Peso = 1.87297 Pacific Franc
1 Philippine Peso = 4.82336 Yemen Riyal
1 Philippine Peso = 0.22278 South African Rand
1 Philippine Peso = 100.1834 Zambian Kwacha
1 Philippine Peso = 6.98649 Zimbabwe dollar

Growth slows to 6.7% in 2017

The economy expanded 6.7 percent in 2017, well within the government’s full-year target but  slower than the 6.9 percent expansion in 2016.

In the fourth quarter alone, the economy grew 6.6 percent, same as the growth recorded in the same period a year ago.

Ernesto Pernia, socioeconomic planning secretary, said in a press conference  described the full-year GDP growth as a strong finish that keeps the Philippines’  position as one of the fastest-growing economies in Asia after China’s 6.9 and Vietnam’s 6.8 percent.

The set the growth target in 2017 to  6.5 to 7.5 percent.

Pernia also presented comparisons on the performance of the country’s economy post election years in the recent past.

“Look at the performance in 2005, which was a post-election year. After an election year, a deep dive, and even deeper was the case in 2011, which was a post-election year after the 2010 election year,” Pernia said 

But he said in comparison, the decline in 2017, another post-election year is  very moderate at 0.2 percent of one percentage point. 

“To me, this is a good performance, given the fact that it is already normal for post-election years to witness a decline in economic growth,” Pernia said.

Pernia said fourth quarter growth in the fourth quarter was backed by the 14.3 percent growth in public spending, which was an increase from 4.5 percent in the previous year. 

“This is very much in line with the government’s commitment to timely delivery of public services and social protection programs, including assistance to victims of typhoons as well as in the Marawi conflict, public scholarship programs, and health expenditure programs,” Pernia said.

Also on the expenditure side, external demand improved with growth in exports of goods bouncing back to 20.2 percent in the fourth quarter from the 12.8 percent growth recorded a year ago.

Pernia said this offsets the services exports sector’s slowdown of 12.6 percent from 15.7 percent in the fourth quarter of 2016.

“We must note that a major contributing factor to this decline was miscellaneous services, which includes the business process outsourcing (BPO) industry,” Pernia said.

“We can take this as an indication that the current market profile of the BPO sector is ripe to move into higher value added services,” he added.

Public construction posted a strong growth of 25.1 percent, faster than the 19.2 percent increase in the last quarter of 2016.

This offsets the 2.9 percent contraction in private construction in the fourth quarter of 2017.

“This keeps the overall construction growth in positive territory, which is a boost in line with our Build, Build, Build program,” Pernia said.

On the supply side, services grew at a slower pace of 6.8 percent in the fourth quarter, compared to the 7.2 percent expansion in the same period in 2016.

The industry sector also posted a slower growth of 7.3 percent, versus the 7.9 percent increase in the fourth quarter of the previous year.

Meanwhile, agriculture recorded 2.4 percent growth in fourth quarter, having recovered from the decline of 1.3 percent in the same period in 2016.

“While we remain optimistic about the growth of the agriculture sector, based on generally positive outlook of rice and corn production in the first quarter of 2018, we should be aggressive in pursuing reforms in the sector,” Pernia said.

The NEDA chief said that high up on the list is the lifting of the quantitative restrictions on rice imports.  

“This will improve the investment climate in the sector by eliminating policy uncertainty, thereby enabling farmers and farm operators to decide based on market and geophysical conditions,” Pernia said.

“The resulting tariff revenues can be channeled back to the sector by way of better extension services to improve productivity,” he added.

The NEDA chief added that there should be greater public investments to build the resilience of the sector.  

The expected outcome he said is a substantial reduction in the retail price of rice, and the higher and more stable income of farmers.  

“With these developments, we move forward in 2018 with even stronger determination to accelerate growth to hit our target range of 7 to 8 percent,” Pernia said. 

“For 2016 and 2017, economic growth has been strong and steady. Our hope for 2018 and in the medium-term is to shift the trajectory upwards some more,” he added.

For this quarter, Pernia sees domestic demand picking up as household consumption will likely improve, following the recently approved tax reform package, which he said will result in higher take home pay for 99 percent of Filipino taxpayers. 

Household consumption is also seen to benefit from expanded employment opportunities from the Build, Build, Build program, he said.

“Meanwhile, government consumption is seen to remain afloat, buoyed by the programmed increase in social spending, consistent with the implementation of the tax reform program,” Pernia said. 

“Government consumption is also set to expand, following higher salaries of government personnel in line with the third tranche of the Salary Standardization Law,” he added.

Even with a favorable growth outlook, Pernia said that the government remains mindful that growth should be felt by every Filipino. 

“We need to ensure that the benefits of the increase in take-home pay resulting from the tax reform, the Salary Standardization Law (SSL), and that economic growth will not be negated by inflationary pressures,” he said.

“We hope to accelerate the cash assistance to the bottom 50 percent of families in order to stem the possible, though short-term, inflationary impact of the TRAIN,” he added.
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