July 17, 2018, 7:00 pm
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.06864 UAE Dirham
1 Philippine Peso = 2.00897 Albanian Lek
1 Philippine Peso = 0.03439 Neth Antilles Guilder
1 Philippine Peso = 0.50824 Argentine Peso
1 Philippine Peso = 0.02516 Australian Dollar
1 Philippine Peso = 0.03326 Aruba Florin
1 Philippine Peso = 0.03738 Barbados Dollar
1 Philippine Peso = 1.56345 Bangladesh Taka
1 Philippine Peso = 0.03139 Bulgarian Lev
1 Philippine Peso = 0.00707 Bahraini Dinar
1 Philippine Peso = 32.72248 Burundi Franc
1 Philippine Peso = 0.01869 Bermuda Dollar
1 Philippine Peso = 0.02526 Brunei Dollar
1 Philippine Peso = 0.1282 Bolivian Boliviano
1 Philippine Peso = 0.07195 Brazilian Real
1 Philippine Peso = 0.01869 Bahamian Dollar
1 Philippine Peso = 1.282 Bhutan Ngultrum
1 Philippine Peso = 0.19138 Botswana Pula
1 Philippine Peso = 374.13568 Belarus Ruble
1 Philippine Peso = 0.03734 Belize Dollar
1 Philippine Peso = 0.02459 Canadian Dollar
1 Philippine Peso = 0.01871 Swiss Franc
1 Philippine Peso = 12.14969 Chilean Peso
1 Philippine Peso = 0.12502 Chinese Yuan
1 Philippine Peso = 53.37133 Colombian Peso
1 Philippine Peso = 10.54401 Costa Rica Colon
1 Philippine Peso = 0.01869 Cuban Peso
1 Philippine Peso = 1.76603 Cape Verde Escudo
1 Philippine Peso = 0.4139 Czech Koruna
1 Philippine Peso = 3.31714 Djibouti Franc
1 Philippine Peso = 0.11919 Danish Krone
1 Philippine Peso = 0.92375 Dominican Peso
1 Philippine Peso = 2.19884 Algerian Dinar
1 Philippine Peso = 0.25015 Estonian Kroon
1 Philippine Peso = 0.3334 Egyptian Pound
1 Philippine Peso = 0.51037 Ethiopian Birr
1 Philippine Peso = 0.01599 Euro
1 Philippine Peso = 0.03902 Fiji Dollar
1 Philippine Peso = 0.01411 Falkland Islands Pound
1 Philippine Peso = 0.01412 British Pound
1 Philippine Peso = 0.08949 Ghanaian Cedi
1 Philippine Peso = 0.88526 Gambian Dalasi
1 Philippine Peso = 168.36105 Guinea Franc
1 Philippine Peso = 0.13998 Guatemala Quetzal
1 Philippine Peso = 3.87012 Guyana Dollar
1 Philippine Peso = 0.14665 Hong Kong Dollar
1 Philippine Peso = 0.44715 Honduras Lempira
1 Philippine Peso = 0.11858 Croatian Kuna
1 Philippine Peso = 1.25939 Haiti Gourde
1 Philippine Peso = 5.1596 Hungarian Forint
1 Philippine Peso = 268.604 Indonesian Rupiah
1 Philippine Peso = 0.06791 Israeli Shekel
1 Philippine Peso = 1.27993 Indian Rupee
1 Philippine Peso = 22.12671 Iraqi Dinar
1 Philippine Peso = 807.13885 Iran Rial
1 Philippine Peso = 2.0015 Iceland Krona
1 Philippine Peso = 2.42478 Jamaican Dollar
1 Philippine Peso = 0.01324 Jordanian Dinar
1 Philippine Peso = 2.09923 Japanese Yen
1 Philippine Peso = 1.87722 Kenyan Shilling
1 Philippine Peso = 1.27646 Kyrgyzstan Som
1 Philippine Peso = 75.63072 Cambodia Riel
1 Philippine Peso = 7.88806 Comoros Franc
1 Philippine Peso = 16.81929 North Korean Won
1 Philippine Peso = 21.08952 Korean Won
1 Philippine Peso = 0.00566 Kuwaiti Dinar
1 Philippine Peso = 0.01532 Cayman Islands Dollar
1 Philippine Peso = 6.39993 Kazakhstan Tenge
1 Philippine Peso = 157.01738 Lao Kip
1 Philippine Peso = 28.13493 Lebanese Pound
1 Philippine Peso = 2.97982 Sri Lanka Rupee
1 Philippine Peso = 2.97197 Liberian Dollar
1 Philippine Peso = 0.24762 Lesotho Loti
1 Philippine Peso = 0.05697 Lithuanian Lita
1 Philippine Peso = 0.0116 Latvian Lat
1 Philippine Peso = 0.02562 Libyan Dinar
1 Philippine Peso = 0.17688 Moroccan Dirham
1 Philippine Peso = 0.31088 Moldovan Leu
1 Philippine Peso = 0.98075 Macedonian Denar
1 Philippine Peso = 26.55578 Myanmar Kyat
1 Philippine Peso = 45.74846 Mongolian Tugrik
1 Philippine Peso = 0.15104 Macau Pataca
1 Philippine Peso = 6.63427 Mauritania Ougulya
1 Philippine Peso = 0.6382 Mauritius Rupee
1 Philippine Peso = 0.29097 Maldives Rufiyaa
1 Philippine Peso = 13.33283 Malawi Kwacha
1 Philippine Peso = 0.35287 Mexican Peso
1 Philippine Peso = 0.07569 Malaysian Ringgit
1 Philippine Peso = 0.24767 Namibian Dollar
1 Philippine Peso = 6.69034 Nigerian Naira
1 Philippine Peso = 0.58456 Nicaragua Cordoba
1 Philippine Peso = 0.15155 Norwegian Krone
1 Philippine Peso = 2.04691 Nepalese Rupee
1 Philippine Peso = 0.02764 New Zealand Dollar
1 Philippine Peso = 0.00719 Omani Rial
1 Philippine Peso = 0.01869 Panama Balboa
1 Philippine Peso = 0.06103 Peruvian Nuevo Sol
1 Philippine Peso = 0.06077 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.27135 Pakistani Rupee
1 Philippine Peso = 0.06898 Polish Zloty
1 Philippine Peso = 106.5969 Paraguayan Guarani
1 Philippine Peso = 0.06802 Qatar Rial
1 Philippine Peso = 0.07424 Romanian New Leu
1 Philippine Peso = 1.1686 Russian Rouble
1 Philippine Peso = 15.92992 Rwanda Franc
1 Philippine Peso = 0.07008 Saudi Arabian Riyal
1 Philippine Peso = 0.14699 Solomon Islands Dollar
1 Philippine Peso = 0.25089 Seychelles Rupee
1 Philippine Peso = 0.33555 Sudanese Pound
1 Philippine Peso = 0.16567 Swedish Krona
1 Philippine Peso = 0.02551 Singapore Dollar
1 Philippine Peso = 0.01412 St Helena Pound
1 Philippine Peso = 0.41499 Slovak Koruna
1 Philippine Peso = 153.24238 Sierra Leone Leone
1 Philippine Peso = 10.65221 Somali Shilling
1 Philippine Peso = 391.8333 Sao Tome Dobra
1 Philippine Peso = 0.16352 El Salvador Colon
1 Philippine Peso = 9.624 Syrian Pound
1 Philippine Peso = 0.24803 Swaziland Lilageni
1 Philippine Peso = 0.62213 Thai Baht
1 Philippine Peso = 0.04953 Tunisian Dinar
1 Philippine Peso = 0.04334 Tongan paʻanga
1 Philippine Peso = 0.09042 Turkish Lira
1 Philippine Peso = 0.12621 Trinidad Tobago Dollar
1 Philippine Peso = 0.57118 Taiwan Dollar
1 Philippine Peso = 42.3846 Tanzanian Shilling
1 Philippine Peso = 0.48981 Ukraine Hryvnia
1 Philippine Peso = 69.93085 Ugandan Shilling
1 Philippine Peso = 0.01869 United States Dollar
1 Philippine Peso = 0.58568 Uruguayan New Peso
1 Philippine Peso = 145.44945 Uzbekistan Sum
1 Philippine Peso = 2236.96505 Venezuelan Bolivar
1 Philippine Peso = 430.74192 Vietnam Dong
1 Philippine Peso = 2.06036 Vanuatu Vatu
1 Philippine Peso = 0.04858 Samoa Tala
1 Philippine Peso = 10.48103 CFA Franc (BEAC)
1 Philippine Peso = 0.05046 East Caribbean Dollar
1 Philippine Peso = 10.48103 CFA Franc (BCEAO)
1 Philippine Peso = 1.90563 Pacific Franc
1 Philippine Peso = 4.66922 Yemen Riyal
1 Philippine Peso = 0.24782 South African Rand
1 Philippine Peso = 96.98187 Zambian Kwacha
1 Philippine Peso = 6.76322 Zimbabwe dollar

LOWER TAXES, BIG GAINS: Stocks seen to win from tax cuts

NEW YORK- A proposal driven by President Donald Trump to overhaul the country’s tax system has passed a major hurdle in US Congress, raising investor hopes that corporate earnings will get a boost.

The US Senate narrowly approved a tax overhaul on Saturday, moving Republicans and Trump a big step closer to their goal of slashing taxes for businesses and the rich while offering everyday Americans a mixed bag of changes.

Talks will now begin between the Senate and the House, which already has approved its own version of the legislation, to reconcile their respective bills.

While negotiations are ongoing, the legislation could cut the corporate tax rate to as low as 20 percent from 35 percent.

UBS strategists project that overall S&P 500 earnings would rise by 6.5 percent should the corporate tax rate fall to 25 percent and increase by 9.5 percent should the rate go to 20 percent.

But certain stocks could benefit more than others from the Republican-led plans.

“It will be favorable to companies with primarily domestic business that are paying close to the full tax rate,” said John Carey, portfolio manager at Amundi Pioneer Asset Management in Boston.

Investors appear to have already rotated into some of these tax-sensitive areas. Some market watchers caution about generalizing winners, noting big differences in effective rates between companies in the same sectors.

But strategists point to industries with a concentration of companies poised to benefit, particularly from a lower corporate tax rate.

Of the major S&P sectors, financials pay the highest effective tax rate at 27.5 percent, according to a Wells Fargo analysis of historical tax rates.

Brian Klock, managing director in equity research at Keefe, Bruyette & Woods who covers large regional banks, expects tax cuts to add 16 percent to median bank earnings in 2018 and 18 percent in 2019.

“We’re assuming whatever the benefit is will drop right to the bottom line,” Klock said. “They won’t give up on loan pricing or put any big investments in. With the increased capital they’ll return it to shareholders.”

Among large regional banks, Zions Bancorp, M&T Bank Corp and Comerica Inc stand to benefit the most, Klock said.

The S&P 500 banks index rose 2.8 percent on Monday, following passage of the Senate plan.

Transportation ranks among the top industries expected to receive a big earnings boost from a lower corporate tax rate, according to UBS.

US railroads such as Union Pacific Corp and CSX Corp are almost entirely exposed to the US statutory rates, said Morningstar analyst Keith Schoonmaker.

Railroads would benefit from provisions allowing them to expense their capital expenditures in one year as opposed to over time, lowering their taxable income, Schoonmaker said.

“We’ll see what comes out as far as the ability to depreciate immediately, but that certainly would be beneficial because they are all big capital spenders,” Schoonmaker said, noting that railroads spend 18 percent to 20 percent of revenue on capital expenditures.

Airlines stand to gain from lower tax rates, analysts said, with UBS pointing to Alaska Air Group Inc and Southwest Airlines Co as possible winners.

The Dow Jones Transport Average index jumped 2 percent on Monday.

Domestically geared healthcare companies that focus on services would likely benefit more from tax rate reductions than pharmaceutical and medical device companies that sell their products overseas.

“Healthcare services is one of the most taxed industries and would be a big beneficiary of reductions in corporate tax rates,” Lance Wilkes, an analyst at Bernstein, said in a recent note.

The S&P 500 healthcare providers and services index, which includes health insurers such as Anthem Inc, drug wholesalers like AmerisourceBergen Corp, and hospital operators such as HCA Healthcare inc, gained 5.4 percent last week.

According to Leerink analyst Ana Gupte, a corporate tax rate cut to 20 percent could boost health insurer earnings by about 20 percent to 40 percent, but some of those gains would be expected to be passed through to employer and individual customers.

Other potential big winners include home health services company Almost Family Inc, lab-testing company Quest Diagnostics Inc and pharmacy benefit manger Express Scripts Holding, according to Jefferies analyst Brian Tanquilut.

Department stores head the list of retailers that will benefit because they have among the heaviest US exposure, said Bridget Weishaar, senior equity analyst at Morningstar.

Weishaar points to Macy’s Inc, Nordstrom Inc and Kohls Corp as potential winners among department stores, as well as Victoria’s Secret owner L Brands and apparel retailer Ross Stores. - Reuters
Category: 
Rating: 
No votes yet

Column of the Day

The Donald’s Diplomacy

ABIGAIL VALTE's picture
By ABIGAIL VALTE | July 17,2018
‘This sort of behavior from the Leader of the Free World is quite disturbing as it upsets the order of things in the international front…’

Opinion of the Day

There goes Del Rosario again

Rey O. Arcilla's picture
By REY O. ARCILLA | July 17, 2018
‘Del Rosario said we could resort to multilateral support by the UN or the Asean to enforce the arbitral ruling on the South China Sea dispute. That merely shows his utter ignorance of how the two bodies work.’