September 23, 2017, 6:40 am
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1 Philippine Peso = 0.07205 UAE Dirham
1 Philippine Peso = 2.19737 Albanian Lek
1 Philippine Peso = 0.03473 Neth Antilles Guilder
1 Philippine Peso = 0.33883 Argentine Peso
1 Philippine Peso = 0.02472 Australian Dollar
1 Philippine Peso = 0.03508 Aruba Florin
1 Philippine Peso = 0.03924 Barbados Dollar
1 Philippine Peso = 1.60624 Bangladesh Taka
1 Philippine Peso = 0.03223 Bulgarian Lev
1 Philippine Peso = 0.0074 Bahraini Dinar
1 Philippine Peso = 34.03414 Burundi Franc
1 Philippine Peso = 0.01962 Bermuda Dollar
1 Philippine Peso = 0.02647 Brunei Dollar
1 Philippine Peso = 0.13537 Bolivian Boliviano
1 Philippine Peso = 0.06149 Brazilian Real
1 Philippine Peso = 0.01962 Bahamian Dollar
1 Philippine Peso = 1.26104 Bhutan Ngultrum
1 Philippine Peso = 0.20051 Botswana Pula
1 Philippine Peso = 392.78006 Belarus Ruble
1 Philippine Peso = 0.03919 Belize Dollar
1 Philippine Peso = 0.02419 Canadian Dollar
1 Philippine Peso = 0.01905 Swiss Franc
1 Philippine Peso = 12.25231 Chilean Peso
1 Philippine Peso = 0.12921 Chinese Yuan
1 Philippine Peso = 57.14342 Colombian Peso
1 Philippine Peso = 11.22072 Costa Rica Colon
1 Philippine Peso = 0.01962 Cuban Peso
1 Philippine Peso = 1.81263 Cape Verde Escudo
1 Philippine Peso = 0.42857 Czech Koruna
1 Philippine Peso = 3.49225 Djibouti Franc
1 Philippine Peso = 0.12231 Danish Krone
1 Philippine Peso = 0.92211 Dominican Peso
1 Philippine Peso = 2.19774 Algerian Dinar
1 Philippine Peso = 0.25715 Estonian Kroon
1 Philippine Peso = 0.34589 Egyptian Pound
1 Philippine Peso = 0.45831 Ethiopian Birr
1 Philippine Peso = 0.01644 Euro
1 Philippine Peso = 0.03953 Fiji Dollar
1 Philippine Peso = 0.01454 Falkland Islands Pound
1 Philippine Peso = 0.01447 British Pound
1 Philippine Peso = 0.08679 Ghanaian Cedi
1 Philippine Peso = 0.87895 Gambian Dalasi
1 Philippine Peso = 174.63213 Guinea Franc
1 Philippine Peso = 0.14311 Guatemala Quetzal
1 Philippine Peso = 3.97705 Guyana Dollar
1 Philippine Peso = 0.15314 Hong Kong Dollar
1 Philippine Peso = 0.45756 Honduras Lempira
1 Philippine Peso = 0.12286 Croatian Kuna
1 Philippine Peso = 1.19973 Haiti Gourde
1 Philippine Peso = 5.08986 Hungarian Forint
1 Philippine Peso = 260.48656 Indonesian Rupiah
1 Philippine Peso = 0.0688 Israeli Shekel
1 Philippine Peso = 1.27132 Indian Rupee
1 Philippine Peso = 22.89582 Iraqi Dinar
1 Philippine Peso = 658.62271 Iran Rial
1 Philippine Peso = 2.10712 Iceland Krona
1 Philippine Peso = 2.56229 Jamaican Dollar
1 Philippine Peso = 0.01388 Jordanian Dinar
1 Philippine Peso = 2.20489 Japanese Yen
1 Philippine Peso = 2.02178 Kenyan Shilling
1 Philippine Peso = 1.3433 Kyrgyzstan Som
1 Philippine Peso = 79.4585 Cambodia Riel
1 Philippine Peso = 8.05435 Comoros Franc
1 Philippine Peso = 17.65745 North Korean Won
1 Philippine Peso = 22.18972 Korean Won
1 Philippine Peso = 0.00592 Kuwaiti Dinar
1 Philippine Peso = 0.01609 Cayman Islands Dollar
1 Philippine Peso = 6.67785 Kazakhstan Tenge
1 Philippine Peso = 162.84088 Lao Kip
1 Philippine Peso = 29.53698 Lebanese Pound
1 Philippine Peso = 2.99588 Sri Lanka Rupee
1 Philippine Peso = 2.29351 Liberian Dollar
1 Philippine Peso = 0.26015 Lesotho Loti
1 Philippine Peso = 0.05981 Lithuanian Lita
1 Philippine Peso = 0.01217 Latvian Lat
1 Philippine Peso = 0.02654 Libyan Dinar
1 Philippine Peso = 0.18329 Moroccan Dirham
1 Philippine Peso = 0.34501 Moldovan Leu
1 Philippine Peso = 1.00647 Macedonian Denar
1 Philippine Peso = 26.68236 Myanmar Kyat
1 Philippine Peso = 48.14597 Mongolian Tugrik
1 Philippine Peso = 0.15773 Macau Pataca
1 Philippine Peso = 7.0826 Mauritania Ougulya
1 Philippine Peso = 0.65097 Mauritius Rupee
1 Philippine Peso = 0.30135 Maldives Rufiyaa
1 Philippine Peso = 14.05376 Malawi Kwacha
1 Philippine Peso = 0.34969 Mexican Peso
1 Philippine Peso = 0.08232 Malaysian Ringgit
1 Philippine Peso = 0.2598 Namibian Dollar
1 Philippine Peso = 6.92564 Nigerian Naira
1 Philippine Peso = 0.58623 Nicaragua Cordoba
1 Philippine Peso = 0.15332 Norwegian Krone
1 Philippine Peso = 2.01197 Nepalese Rupee
1 Philippine Peso = 0.02683 New Zealand Dollar
1 Philippine Peso = 0.00755 Omani Rial
1 Philippine Peso = 0.01962 Panama Balboa
1 Philippine Peso = 0.06369 Peruvian Nuevo Sol
1 Philippine Peso = 0.06268 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.06494 Pakistani Rupee
1 Philippine Peso = 0.07028 Polish Zloty
1 Philippine Peso = 111.25171 Paraguayan Guarani
1 Philippine Peso = 0.07269 Qatar Rial
1 Philippine Peso = 0.0755 Romanian New Leu
1 Philippine Peso = 1.13354 Russian Rouble
1 Philippine Peso = 16.2576 Rwanda Franc
1 Philippine Peso = 0.07357 Saudi Arabian Riyal
1 Philippine Peso = 0.15204 Solomon Islands Dollar
1 Philippine Peso = 0.2669 Seychelles Rupee
1 Philippine Peso = 0.13067 Sudanese Pound
1 Philippine Peso = 0.15655 Swedish Krona
1 Philippine Peso = 0.02649 Singapore Dollar
1 Philippine Peso = 0.01455 St Helena Pound
1 Philippine Peso = 0.43567 Slovak Koruna
1 Philippine Peso = 147.14538 Sierra Leone Leone
1 Philippine Peso = 10.928 Somali Shilling
1 Philippine Peso = 402.77613 Sao Tome Dobra
1 Philippine Peso = 0.17167 El Salvador Colon
1 Philippine Peso = 10.10359 Syrian Pound
1 Philippine Peso = 0.2598 Swaziland Lilageni
1 Philippine Peso = 0.64921 Thai Baht
1 Philippine Peso = 0.04791 Tunisian Dinar
1 Philippine Peso = 0.0432 Tongan paʻanga
1 Philippine Peso = 0.06876 Turkish Lira
1 Philippine Peso = 0.13239 Trinidad Tobago Dollar
1 Philippine Peso = 0.59217 Taiwan Dollar
1 Philippine Peso = 43.90818 Tanzanian Shilling
1 Philippine Peso = 0.51422 Ukraine Hryvnia
1 Philippine Peso = 70.57092 Ugandan Shilling
1 Philippine Peso = 0.01962 United States Dollar
1 Philippine Peso = 0.56582 Uruguayan New Peso
1 Philippine Peso = 158.34804 Uzbekistan Sum
1 Philippine Peso = 0.19569 Venezuelan Bolivar
1 Philippine Peso = 445.73278 Vietnam Dong
1 Philippine Peso = 2.0155 Vanuatu Vatu
1 Philippine Peso = 0.04907 Samoa Tala
1 Philippine Peso = 10.773 CFA Franc (BEAC)
1 Philippine Peso = 0.05297 East Caribbean Dollar
1 Philippine Peso = 10.75142 CFA Franc (BCEAO)
1 Philippine Peso = 1.95017 Pacific Franc
1 Philippine Peso = 4.90386 Yemen Riyal
1 Philippine Peso = 0.25991 South African Rand
1 Philippine Peso = 101.81479 Zambian Kwacha
1 Philippine Peso = 7.10025 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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