November 18, 2017, 6:54 am
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1 Philippine Peso = 0.07227 UAE Dirham
1 Philippine Peso = 2.22452 Albanian Lek
1 Philippine Peso = 0.03503 Neth Antilles Guilder
1 Philippine Peso = 0.34355 Argentine Peso
1 Philippine Peso = 0.02607 Australian Dollar
1 Philippine Peso = 0.03503 Aruba Florin
1 Philippine Peso = 0.03935 Barbados Dollar
1 Philippine Peso = 1.64187 Bangladesh Taka
1 Philippine Peso = 0.0327 Bulgarian Lev
1 Philippine Peso = 0.00742 Bahraini Dinar
1 Philippine Peso = 34.29713 Burundi Franc
1 Philippine Peso = 0.01968 Bermuda Dollar
1 Philippine Peso = 0.02667 Brunei Dollar
1 Philippine Peso = 0.13499 Bolivian Boliviano
1 Philippine Peso = 0.0645 Brazilian Real
1 Philippine Peso = 0.01968 Bahamian Dollar
1 Philippine Peso = 1.28247 Bhutan Ngultrum
1 Philippine Peso = 0.20681 Botswana Pula
1 Philippine Peso = 393.93939 Belarus Ruble
1 Philippine Peso = 0.03931 Belize Dollar
1 Philippine Peso = 0.02511 Canadian Dollar
1 Philippine Peso = 0.01951 Swiss Franc
1 Philippine Peso = 12.40988 Chilean Peso
1 Philippine Peso = 0.13051 Chinese Yuan
1 Philippine Peso = 59.13813 Colombian Peso
1 Philippine Peso = 11.08422 Costa Rica Colon
1 Philippine Peso = 0.01968 Cuban Peso
1 Philippine Peso = 1.83943 Cape Verde Escudo
1 Philippine Peso = 0.42677 Czech Koruna
1 Philippine Peso = 3.47954 Djibouti Franc
1 Philippine Peso = 0.12411 Danish Krone
1 Philippine Peso = 0.94451 Dominican Peso
1 Philippine Peso = 2.25075 Algerian Dinar
1 Philippine Peso = 0.2609 Estonian Kroon
1 Philippine Peso = 0.34652 Egyptian Pound
1 Philippine Peso = 0.53227 Ethiopian Birr
1 Philippine Peso = 0.01667 Euro
1 Philippine Peso = 0.04117 Fiji Dollar
1 Philippine Peso = 0.0149 Falkland Islands Pound
1 Philippine Peso = 0.01491 British Pound
1 Philippine Peso = 0.0895 Ghanaian Cedi
1 Philippine Peso = 0.92483 Gambian Dalasi
1 Philippine Peso = 177.2137 Guinea Franc
1 Philippine Peso = 0.14447 Guatemala Quetzal
1 Philippine Peso = 4.05313 Guyana Dollar
1 Philippine Peso = 0.15372 Hong Kong Dollar
1 Philippine Peso = 0.46232 Honduras Lempira
1 Philippine Peso = 0.12613 Croatian Kuna
1 Philippine Peso = 1.21291 Haiti Gourde
1 Philippine Peso = 5.19481 Hungarian Forint
1 Philippine Peso = 266.09603 Indonesian Rupiah
1 Philippine Peso = 0.06915 Israeli Shekel
1 Philippine Peso = 1.27847 Indian Rupee
1 Philippine Peso = 22.9634 Iraqi Dinar
1 Philippine Peso = 693.36875 Iran Rial
1 Philippine Peso = 2.02755 Iceland Krona
1 Philippine Peso = 2.47068 Jamaican Dollar
1 Philippine Peso = 0.01392 Jordanian Dinar
1 Philippine Peso = 2.21558 Japanese Yen
1 Philippine Peso = 2.03994 Kenyan Shilling
1 Philippine Peso = 1.37194 Kyrgyzstan Som
1 Philippine Peso = 79.10272 Cambodia Riel
1 Philippine Peso = 8.33333 Comoros Franc
1 Philippine Peso = 17.70956 North Korean Won
1 Philippine Peso = 21.5429 Korean Won
1 Philippine Peso = 0.00594 Kuwaiti Dinar
1 Philippine Peso = 0.01614 Cayman Islands Dollar
1 Philippine Peso = 6.52952 Kazakhstan Tenge
1 Philippine Peso = 163.2625 Lao Kip
1 Philippine Peso = 29.73239 Lebanese Pound
1 Philippine Peso = 3.02145 Sri Lanka Rupee
1 Philippine Peso = 2.44392 Liberian Dollar
1 Philippine Peso = 0.27873 Lesotho Loti
1 Philippine Peso = 0.05999 Lithuanian Lita
1 Philippine Peso = 0.01221 Latvian Lat
1 Philippine Peso = 0.02676 Libyan Dinar
1 Philippine Peso = 0.18535 Moroccan Dirham
1 Philippine Peso = 0.34406 Moldovan Leu
1 Philippine Peso = 1.02145 Macedonian Denar
1 Philippine Peso = 26.82015 Myanmar Kyat
1 Philippine Peso = 48.01181 Mongolian Tugrik
1 Philippine Peso = 0.15831 Macau Pataca
1 Philippine Peso = 6.91558 Mauritania Ougulya
1 Philippine Peso = 0.66706 Mauritius Rupee
1 Philippine Peso = 0.30638 Maldives Rufiyaa
1 Philippine Peso = 14.09681 Malawi Kwacha
1 Philippine Peso = 0.37473 Mexican Peso
1 Philippine Peso = 0.08186 Malaysian Ringgit
1 Philippine Peso = 0.27564 Namibian Dollar
1 Philippine Peso = 7.02479 Nigerian Naira
1 Philippine Peso = 0.60232 Nicaragua Cordoba
1 Philippine Peso = 0.16201 Norwegian Krone
1 Philippine Peso = 2.03758 Nepalese Rupee
1 Philippine Peso = 0.02897 New Zealand Dollar
1 Philippine Peso = 0.00757 Omani Rial
1 Philippine Peso = 0.01968 Panama Balboa
1 Philippine Peso = 0.06374 Peruvian Nuevo Sol
1 Philippine Peso = 0.06312 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.07261 Pakistani Rupee
1 Philippine Peso = 0.07062 Polish Zloty
1 Philippine Peso = 111.06651 Paraguayan Guarani
1 Philippine Peso = 0.07477 Qatar Rial
1 Philippine Peso = 0.07746 Romanian New Leu
1 Philippine Peso = 1.16854 Russian Rouble
1 Philippine Peso = 16.37721 Rwanda Franc
1 Philippine Peso = 0.07379 Saudi Arabian Riyal
1 Philippine Peso = 0.15368 Solomon Islands Dollar
1 Philippine Peso = 0.26269 Seychelles Rupee
1 Philippine Peso = 0.13104 Sudanese Pound
1 Philippine Peso = 0.16586 Swedish Krona
1 Philippine Peso = 0.02669 Singapore Dollar
1 Philippine Peso = 0.01491 St Helena Pound
1 Philippine Peso = 0.43695 Slovak Koruna
1 Philippine Peso = 149.94097 Sierra Leone Leone
1 Philippine Peso = 10.99961 Somali Shilling
1 Philippine Peso = 408.72688 Sao Tome Dobra
1 Philippine Peso = 0.17218 El Salvador Colon
1 Philippine Peso = 10.13341 Syrian Pound
1 Philippine Peso = 0.2756 Swaziland Lilageni
1 Philippine Peso = 0.64542 Thai Baht
1 Philippine Peso = 0.04872 Tunisian Dinar
1 Philippine Peso = 0.04538 Tongan paʻanga
1 Philippine Peso = 0.07647 Turkish Lira
1 Philippine Peso = 0.13045 Trinidad Tobago Dollar
1 Philippine Peso = 0.59144 Taiwan Dollar
1 Philippine Peso = 43.97875 Tanzanian Shilling
1 Philippine Peso = 0.52076 Ukraine Hryvnia
1 Philippine Peso = 71.36954 Ugandan Shilling
1 Philippine Peso = 0.01968 United States Dollar
1 Philippine Peso = 0.57989 Uruguayan New Peso
1 Philippine Peso = 158.20543 Uzbekistan Sum
1 Philippine Peso = 0.19628 Venezuelan Bolivar
1 Philippine Peso = 446.89099 Vietnam Dong
1 Philippine Peso = 2.12515 Vanuatu Vatu
1 Philippine Peso = 0.05043 Samoa Tala
1 Philippine Peso = 10.9329 CFA Franc (BEAC)
1 Philippine Peso = 0.05313 East Caribbean Dollar
1 Philippine Peso = 10.93861 CFA Franc (BCEAO)
1 Philippine Peso = 1.9754 Pacific Franc
1 Philippine Peso = 4.91834 Yemen Riyal
1 Philippine Peso = 0.27568 South African Rand
1 Philippine Peso = 102.11531 Zambian Kwacha
1 Philippine Peso = 7.12121 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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