March 26, 2017, 7:42 am
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1 Philippine Peso = 0.07295 UAE Dirham
1 Philippine Peso = 2.48788 Albanian Lek
1 Philippine Peso = 0.03556 Neth Antilles Guilder
1 Philippine Peso = 0.3095 Argentine Peso
1 Philippine Peso = 0.02607 Australian Dollar
1 Philippine Peso = 0.03556 Aruba Florin
1 Philippine Peso = 0.03973 Barbados Dollar
1 Philippine Peso = 1.59217 Bangladesh Taka
1 Philippine Peso = 0.03602 Bulgarian Lev
1 Philippine Peso = 0.00747 Bahraini Dinar
1 Philippine Peso = 33.62574 Burundi Franc
1 Philippine Peso = 0.01986 Bermuda Dollar
1 Philippine Peso = 0.02782 Brunei Dollar
1 Philippine Peso = 0.13667 Bolivian Boliviano
1 Philippine Peso = 0.06237 Brazilian Real
1 Philippine Peso = 0.01986 Bahamian Dollar
1 Philippine Peso = 1.30066 Bhutan Ngultrum
1 Philippine Peso = 0.20198 Botswana Pula
1 Philippine Peso = 397.69567 Belarus Ruble
1 Philippine Peso = 0.03968 Belize Dollar
1 Philippine Peso = 0.02656 Canadian Dollar
1 Philippine Peso = 0.01978 Swiss Franc
1 Philippine Peso = 13.15634 Chilean Peso
1 Philippine Peso = 0.13692 Chinese Yuan
1 Philippine Peso = 57.86254 Colombian Peso
1 Philippine Peso = 10.93802 Costa Rica Colon
1 Philippine Peso = 0.01986 Cuban Peso
1 Philippine Peso = 2.03496 Cape Verde Escudo
1 Philippine Peso = 0.49851 Czech Koruna
1 Philippine Peso = 3.5151 Djibouti Franc
1 Philippine Peso = 0.13724 Danish Krone
1 Philippine Peso = 0.93127 Dominican Peso
1 Philippine Peso = 2.1644 Algerian Dinar
1 Philippine Peso = 0.28863 Estonian Kroon
1 Philippine Peso = 0.35856 Egyptian Pound
1 Philippine Peso = 0.45093 Ethiopian Birr
1 Philippine Peso = 0.01845 Euro
1 Philippine Peso = 0.04108 Fiji Dollar
1 Philippine Peso = 0.01589 Falkland Islands Pound
1 Philippine Peso = 0.01592 British Pound
1 Philippine Peso = 0.08837 Ghanaian Cedi
1 Philippine Peso = 0.86869 Gambian Dalasi
1 Philippine Peso = 183.55185 Guinea Franc
1 Philippine Peso = 0.1458 Guatemala Quetzal
1 Philippine Peso = 4.10191 Guyana Dollar
1 Philippine Peso = 0.1543 Hong Kong Dollar
1 Philippine Peso = 0.46583 Honduras Lempira
1 Philippine Peso = 0.13612 Croatian Kuna
1 Philippine Peso = 1.34644 Haiti Gourde
1 Philippine Peso = 5.70143 Hungarian Forint
1 Philippine Peso = 264.73977 Indonesian Rupiah
1 Philippine Peso = 0.07242 Israeli Shekel
1 Philippine Peso = 1.29991 Indian Rupee
1 Philippine Peso = 23.46047 Iraqi Dinar
1 Philippine Peso = 644.02066 Iran Rial
1 Philippine Peso = 2.20501 Iceland Krona
1 Philippine Peso = 2.54927 Jamaican Dollar
1 Philippine Peso = 0.01405 Jordanian Dinar
1 Philippine Peso = 2.21154 Japanese Yen
1 Philippine Peso = 2.04112 Kenyan Shilling
1 Philippine Peso = 1.37288 Kyrgyzstan Som
1 Philippine Peso = 78.68693 Cambodia Riel
1 Philippine Peso = 9.14978 Comoros Franc
1 Philippine Peso = 17.87843 North Korean Won
1 Philippine Peso = 22.29479 Korean Won
1 Philippine Peso = 0.00604 Kuwaiti Dinar
1 Philippine Peso = 0.01629 Cayman Islands Dollar
1 Philippine Peso = 6.28526 Kazakhstan Tenge
1 Philippine Peso = 163.01152 Lao Kip
1 Philippine Peso = 29.90465 Lebanese Pound
1 Philippine Peso = 3.01549 Sri Lanka Rupee
1 Philippine Peso = 1.78784 Liberian Dollar
1 Philippine Peso = 0.24851 Lesotho Loti
1 Philippine Peso = 0.06056 Lithuanian Lita
1 Philippine Peso = 0.01233 Latvian Lat
1 Philippine Peso = 0.02811 Libyan Dinar
1 Philippine Peso = 0.19785 Moroccan Dirham
1 Philippine Peso = 0.38468 Moldovan Leu
1 Philippine Peso = 1.12515 Macedonian Denar
1 Philippine Peso = 27.19507 Myanmar Kyat
1 Philippine Peso = 48.70878 Mongolian Tugrik
1 Philippine Peso = 0.15892 Macau Pataca
1 Philippine Peso = 7.09178 Mauritania Ougulya
1 Philippine Peso = 0.69785 Mauritius Rupee
1 Philippine Peso = 0.30671 Maldives Rufiyaa
1 Philippine Peso = 14.24096 Malawi Kwacha
1 Philippine Peso = 0.3761 Mexican Peso
1 Philippine Peso = 0.08802 Malaysian Ringgit
1 Philippine Peso = 0.24708 Namibian Dollar
1 Philippine Peso = 6.25745 Nigerian Naira
1 Philippine Peso = 0.58244 Nicaragua Cordoba
1 Philippine Peso = 0.16898 Norwegian Krone
1 Philippine Peso = 2.0729 Nepalese Rupee
1 Philippine Peso = 0.02831 New Zealand Dollar
1 Philippine Peso = 0.00765 Omani Rial
1 Philippine Peso = 0.01986 Panama Balboa
1 Philippine Peso = 0.06437 Peruvian Nuevo Sol
1 Philippine Peso = 0.06286 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.08244 Pakistani Rupee
1 Philippine Peso = 0.0787 Polish Zloty
1 Philippine Peso = 111.14024 Paraguayan Guarani
1 Philippine Peso = 0.07233 Qatar Rial
1 Philippine Peso = 0.08402 Romanian New Leu
1 Philippine Peso = 1.13951 Russian Rouble
1 Philippine Peso = 16.2352 Rwanda Franc
1 Philippine Peso = 0.07449 Saudi Arabian Riyal
1 Philippine Peso = 0.15454 Solomon Islands Dollar
1 Philippine Peso = 0.26917 Seychelles Rupee
1 Philippine Peso = 0.13244 Sudanese Pound
1 Philippine Peso = 0.17566 Swedish Krona
1 Philippine Peso = 0.02783 Singapore Dollar
1 Philippine Peso = 0.0159 St Helena Pound
1 Philippine Peso = 0.44112 Slovak Koruna
1 Philippine Peso = 142.70957 Sierra Leone Leone
1 Philippine Peso = 10.90584 Somali Shilling
1 Philippine Peso = 452.14739 Sao Tome Dobra
1 Philippine Peso = 0.17327 El Salvador Colon
1 Philippine Peso = 10.23004 Syrian Pound
1 Philippine Peso = 0.24791 Swaziland Lilageni
1 Philippine Peso = 0.68872 Thai Baht
1 Philippine Peso = 0.04503 Tunisian Dinar
1 Philippine Peso = 0.04577 Tongan paʻanga
1 Philippine Peso = 0.0722 Turkish Lira
1 Philippine Peso = 0.13328 Trinidad Tobago Dollar
1 Philippine Peso = 0.60552 Taiwan Dollar
1 Philippine Peso = 44.25904 Tanzanian Shilling
1 Philippine Peso = 0.53754 Ukraine Hryvnia
1 Philippine Peso = 71.25546 Ugandan Shilling
1 Philippine Peso = 0.01986 United States Dollar
1 Philippine Peso = 0.55781 Uruguayan New Peso
1 Philippine Peso = 70.42114 Uzbekistan Sum
1 Philippine Peso = 0.19815 Venezuelan Bolivar
1 Philippine Peso = 451.90703 Vietnam Dong
1 Philippine Peso = 2.11462 Vanuatu Vatu
1 Philippine Peso = 0.05075 Samoa Tala
1 Philippine Peso = 12.09416 CFA Franc (BEAC)
1 Philippine Peso = 0.05364 East Caribbean Dollar
1 Philippine Peso = 12.176 CFA Franc (BCEAO)
1 Philippine Peso = 2.18852 Pacific Franc
1 Philippine Peso = 4.96524 Yemen Riyal
1 Philippine Peso = 0.24804 South African Rand
1 Philippine Peso = 103.08899 Zambian Kwacha
1 Philippine Peso = 7.18911 Zimbabwe dollar

Jobs, poverty biggest problems

The Philippine economy was able to post growth rates of seven percent for the past five consecutive quarters despite the weak global environment outperforming more advanced economies in Asia.
 
This strong economic expansion of the Philippines however has yet to make a significant impact on the country’s poverty and employment picture. Critics have dubbed this as a “jobless growth.”
 
“The strong macroeconomic fundamentals did not remain unnoticed. As a result, the country has managed to increase its competitiveness rankings and receive investment grade status from credit-rating agencies,” National Economic and Development Authority director general Arsenio Balisacan said during his year-end briefing for 2013.
 
“However, our experience of rapid growth is still short. The challenge is to sustain it and improve the economy’s capacity to generate remunerative jobs,” he admitted.
 
The full-year gross domestic product (GDP) growth rate for 2013 has yet to be announced. But as of the first three quarters of the previous year, the Philippine economy already expanded by 7.4 percent, faster than the 6.7 percent increase in the same period in 2012.
 
“Taking into consideration developments in the Philippine economy, including those on the external, monetary, and fiscal fronts, we expect GDP growth to hit the upper limit of our growth target (of 6 percent to 7 percent) for 2013,” Balisacan said.
 
“Without all these crises, we could have achieved 7.3 percent to 7.5 percent growth (in 2013),” he added, referring to calamities that hit the country in the previous year such as super typhoon Yolanda.
 
JOBS AND POVERTY CHALLENGE
 
According to the latest report of the National Statistics Office, the number of jobless Filipinos actually declined in October despite the occurrence of several natural calamities in the second half of 2013.
 
The October round of the Labor Force Survey showed, the country’s unemployment rate improved to 6.5 percent from the 6.8 percent registered a year ago.
 
In absolute terms, the number of unemployed persons fell to 2.602 million from the 2.763 million jobless Filipinos in October last year.
 
The employment picture improved even as typhoon Santi hit Central Luzon and several areas in the island and as a magnitude 7.2 earthquake hit parts of Central Visayas.
 
“The latest round of Labor Force Survey shows that although employment figures improved a bit in October, there is still a need to sustain efforts that facilitate the substantial creation of decent and quality employment,” Balisacan said.
 
“Also, the recent disasters experienced in Visayas confirm that we need to have a strong disaster risk-management program to mitigate the impact of weather disturbances on employment, particularly in agriculture where almost a third of our workers are,” he added.
 
The NEDA chief said the problem of quality employment is closely linked with the country’s longstanding problem of high poverty incidence.
 
The National Statistical Coordination Board announced late last year that a quarter of the country’s population still suffered from poverty in 2012 despite the 6.8 percent economic growth registered during the said year.
 
According to the 2012 Full Year Official Poverty Statistics, the country’s poverty incidence in 2012 was 25.2 percent, slightly lower than the 26.3 percent poverty rate in 2009.
 
However, due to the increase in the country’s population, the magnitude of the poor increased in 2012 and is estimated at 23.75 million, up from the 23.3 million in 2009.
 
“These twin problems of poverty and unemployment require more than just five quarters of impressive economic growth,” Balisacan said.
 
“Structural transformation is necessary, that is, to maneuver  the economy from one that is household consumption-driven, fuelled by remittances, to one that is increasingly investment-led and employment-oriented,” he added.
 
The NEDA chief said the revival of manufacturing and the creation of new drivers of growth must be coupled with investment in human capital and innovations and the development of logistics and infrastructure.
 
“These will not only drive us to a higher growth trajectory but will also create high-quality employment opportunities and substantially reduce poverty,” he said.
 
2014 OUTLOOK
 
Public construction is expected to significantly contribute to the country’s economic growth this year as the government works on the immediate- and short-term needs in areas affected by super typhoon Yolanda.
 
The Aquino administration expects the economy to expand by 6.5 to 7.5 percent for 2014, higher than the growth target of 6 to 7 percent last year.
 
“Although losses in agriculture resulting from Yolanda devastation is expected to reduce growth in the first quarter, reconstruction efforts are presumed to contribute to growth, particularly the rebuilding of shelter and other public and private infrastructure in the affected areas,” Balisacan said.
 
Cid Terosa, economist at the University of Asia and the Pacific, said that for 2014, he expects that the Philippine economy will expand between 6.8 percent to 7.3 percent.
 
His forecast is well within the government’s full-year target range.
 
“The main drivers will be domestic consumption demand, investment spending particularly by government spending on infrastructure and rehabilitation of areas hit by calamities, and exports due to the weakening of the peso,” Terosa said.
 
Terosa said the downside risks include higher inflation rates, interest rates, and budget deficit.
 
“Developments abroad will figure prominently, particularly the economic recovery of the USA, China, and Euro zone countries,” Terosa said.
 
Meanwhile, UP economist Benjamin Diokno said he expects the expansion of the Philippine economy to slow down this year from his forecast of 6.9 percent growth for the full-year of 2013.
 
“Even before the recent natural calamities, the Philippine economy has shown signs of slowing down,” Diokno said.
 
“For this year, GDP growth will be in the neighborhood of six percent, with public construction as the major source of growth,” he added.
 
The former budget secretary said the mining sector has great potential, if all existing uncertainties are removed.
 
“The world economy will remain weak, though the US will register stronger recovery,” Diokno said.
 
“A weak peso (and) a strong US dollar will be good for the domestic economy. It will result in higher household consumption, due to higher peso value of OFW remittances,” he added.
 
As for the country’s jobs picture, Diokno said the unemployment rate in the country will remain above seven percent this year.
 
“With slower growth, rapid population expansion, and the continuing impact of the 2013 calamities, poverty will deepen,” Diokno said.
 
In its 2013 Year-end Update, the United Nations Economic and Social Commission for Asia and the Pacific (UN ESCAP) said it expects the Philippine economy to expand by 6.7 percent in 2014.
 
The regional development arm of the UN said the prospects in the Philippines are positive in 2014, despite the losses as result of super typhoon Yolanda.
 
However, the agency said the Philippines’ economic growth rate could be cut by as much as 1.3 percentage points this year due to the effects of the tapering of the quantitative easing program of the US Fed.
 
“Due to the importance of the United States economy for the region, there will be significant implications of the major policy developments there in 2014 of ‘tapering’ and budget cuts,” the ESCAP report said.
 
“ESCAP analysis suggests that under a worst-case scenario, the effects of capital volatility due to “tapering” could cut GDP growth in the most affected countries in the region — Malaysia, the Philippines, the Russian Federation, and Thailand — by up to 1.2 to 1.3 percentage points in 2014,” it added.
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