June 26, 2018, 12:51 am
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1 Philippine Peso = 0.06901 UAE Dirham
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1 Philippine Peso = 0.01612 Euro
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1 Philippine Peso = 0.01417 British Pound
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1 Philippine Peso = 0.87956 Gambian Dalasi
1 Philippine Peso = 169.07178 Guinea Franc
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1 Philippine Peso = 3.87599 Guyana Dollar
1 Philippine Peso = 0.14741 Hong Kong Dollar
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1 Philippine Peso = 22.24728 Iraqi Dinar
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1 Philippine Peso = 20.86622 Korean Won
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1 Philippine Peso = 0.3177 Moldovan Leu
1 Philippine Peso = 0.98891 Macedonian Denar
1 Philippine Peso = 25.98647 Myanmar Kyat
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1 Philippine Peso = 2.03401 Nepalese Rupee
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1 Philippine Peso = 1 Philippine Peso
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1 Philippine Peso = 106.55769 Paraguayan Guarani
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1 Philippine Peso = 0.02551 Singapore Dollar
1 Philippine Peso = 0.01417 St Helena Pound
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1 Philippine Peso = 149.94363 Sierra Leone Leone
1 Philippine Peso = 10.72905 Somali Shilling
1 Philippine Peso = 394.98309 Sao Tome Dobra
1 Philippine Peso = 0.16441 El Salvador Colon
1 Philippine Peso = 9.67644 Syrian Pound
1 Philippine Peso = 0.25202 Swaziland Lilageni
1 Philippine Peso = 0.61856 Thai Baht
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1 Philippine Peso = 0.56924 Taiwan Dollar
1 Philippine Peso = 42.63435 Tanzanian Shilling
1 Philippine Peso = 0.49267 Ukraine Hryvnia
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1 Philippine Peso = 0.01879 United States Dollar
1 Philippine Peso = 0.59451 Uruguayan New Peso
1 Philippine Peso = 147.50094 Uzbekistan Sum
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1 Philippine Peso = 430.10147 Vietnam Dong
1 Philippine Peso = 2.07159 Vanuatu Vatu
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1 Philippine Peso = 10.56614 CFA Franc (BEAC)
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1 Philippine Peso = 10.56614 CFA Franc (BCEAO)
1 Philippine Peso = 1.92165 Pacific Franc
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Italian economy one of EU’s most at risk

BRUSSELS- The Italian economy is one of the most at risk in the European Union because of its large debt and weak banking sector, the European Commission said on Wednesday in a recurrent warning that may resonate strongly after Italy’s inconclusive elections.

As part of its regular monitoring process of European economies, the EU executive said Cyprus and Croatia were the other member states which, alongside Italy, were facing “excessive” economic imbalances.

Eight other states, including France and Germany, had less acute shortcomings.

Italy’s woes, although not new, may become more serious as it embarks on likely lengthy negotiations to form a new government after elections on Sunday delivered a hung parliament and boosted anti-austerity forces.

While the European economy is growing at a sound pace, some countries remain exposed to risks if they do not carry out structural reforms, the Commission said.

Bulgaria, France, Germany, Ireland, the Netherlands, Portugal, Spain and Sweden need to address economic shortcomings.

The commission noted that France under the presidency of Emmanuel Macron had made progress on several fronts “including labor markets and taxation,” which warranted Brussels’ decision to de-escalate its warning to Paris. Last year France was listed among the countries with excessive imbalances.

Bulgaria and Portugal, whose finance minister Mario Centeno leads the Eurogroup of eurozone finance ministers, also received a softer warning compared to last year.

Slovenia has been removed from the list of countries experiencing imbalances.

Germany, the bloc’s largest economy, was reminded that its “persistently high current account surplus has cross-border relevance and reflects a subdued level of investment,” the commission said reiterating a warning that has become a leitmotif over the past years.

In the case of Italy, “high government debt and protracted weak productivity dynamics imply risks with cross-border relevance,” the EU executive said.

Italy’s giant public debt, one of the largest in the world, is set to stabilize but is not expected to decrease, as required under EU rules.

The Commission welcomed recent reform efforts, especially in the banking sector, by Italy’s outgoing government which set aside funds to recapitalise weak lenders.

But the high amount of bad loans on the balance sheets of Italian banks remain a major vulnerability, as well as high unemployment.

The Commission’s report also noted that “the reform momentum has somehow slowed,” although it avoided direct comments on any possible impact of the vote.

EU states are required to submit to Brussels their annual budgetary plans by the end of April, but Italy is unlikely to have a new government by then.

“We will need to see what is the state of play in the formation of the government because we recognize that interim governments may not have full budgetary authority to come forward with proposals that will affect the incoming governments,” the commission’s vice-president Valdis Dombrovskis told a news conference.

“In this case we are accepting documents under the so-called no policy-change scenario,” Dombrovskis added.

Meanwhile, the German government has set the threshold at which it can intervene in response to foreign investments in German companies too high and may have to think about lowering it, a senior official in the economy ministry said on Wednesday.

Berlin tightened controls on foreign investments last year after a series of high-profile takeovers in Germany by Chinese firms, by extending a 25 percent shareholding threshold at which Berlin can intervene to additional business sectors.

“In my opinion the 25 percent threshold has not really worked,” Matthias Machnig, state secretary in the ministry, said in a debate on foreign investments hosted by members of the Greens party in parliament. – Reuters
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