March 28, 2017, 11:57 pm
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1 Philippine Peso = 0.07331 UAE Dirham
1 Philippine Peso = 2.47155 Albanian Lek
1 Philippine Peso = 0.03534 Neth Antilles Guilder
1 Philippine Peso = 0.31132 Argentine Peso
1 Philippine Peso = 0.02618 Australian Dollar
1 Philippine Peso = 0.03575 Aruba Florin
1 Philippine Peso = 0.03993 Barbados Dollar
1 Philippine Peso = 1.60092 Bangladesh Taka
1 Philippine Peso = 0.03586 Bulgarian Lev
1 Philippine Peso = 0.00753 Bahraini Dinar
1 Philippine Peso = 33.91895 Burundi Franc
1 Philippine Peso = 0.01996 Bermuda Dollar
1 Philippine Peso = 0.0278 Brunei Dollar
1 Philippine Peso = 0.13715 Bolivian Boliviano
1 Philippine Peso = 0.06246 Brazilian Real
1 Philippine Peso = 0.01996 Bahamian Dollar
1 Philippine Peso = 1.30515 Bhutan Ngultrum
1 Philippine Peso = 0.20135 Botswana Pula
1 Philippine Peso = 399.68057 Belarus Ruble
1 Philippine Peso = 0.03988 Belize Dollar
1 Philippine Peso = 0.02669 Canadian Dollar
1 Philippine Peso = 0.01966 Swiss Franc
1 Philippine Peso = 13.25953 Chilean Peso
1 Philippine Peso = 0.13713 Chinese Yuan
1 Philippine Peso = 58.11339 Colombian Peso
1 Philippine Peso = 10.94729 Costa Rica Colon
1 Philippine Peso = 0.01996 Cuban Peso
1 Philippine Peso = 2.02635 Cape Verde Escudo
1 Philippine Peso = 0.49646 Czech Koruna
1 Philippine Peso = 3.53643 Djibouti Franc
1 Philippine Peso = 0.13669 Danish Krone
1 Philippine Peso = 0.9443 Dominican Peso
1 Philippine Peso = 2.17654 Algerian Dinar
1 Philippine Peso = 0.28741 Estonian Kroon
1 Philippine Peso = 0.35935 Egyptian Pound
1 Philippine Peso = 0.45338 Ethiopian Birr
1 Philippine Peso = 0.01837 Euro
1 Philippine Peso = 0.04141 Fiji Dollar
1 Philippine Peso = 0.01585 Falkland Islands Pound
1 Philippine Peso = 0.01589 British Pound
1 Philippine Peso = 0.08644 Ghanaian Cedi
1 Philippine Peso = 0.87263 Gambian Dalasi
1 Philippine Peso = 185.36634 Guinea Franc
1 Philippine Peso = 0.14655 Guatemala Quetzal
1 Philippine Peso = 4.10222 Guyana Dollar
1 Philippine Peso = 0.15507 Hong Kong Dollar
1 Philippine Peso = 0.46756 Honduras Lempira
1 Philippine Peso = 0.13591 Croatian Kuna
1 Philippine Peso = 1.35316 Haiti Gourde
1 Philippine Peso = 5.67678 Hungarian Forint
1 Philippine Peso = 265.52206 Indonesian Rupiah
1 Philippine Peso = 0.07197 Israeli Shekel
1 Philippine Peso = 1.29726 Indian Rupee
1 Philippine Peso = 23.5576 Iraqi Dinar
1 Philippine Peso = 647.3348 Iran Rial
1 Philippine Peso = 2.18607 Iceland Krona
1 Philippine Peso = 2.56259 Jamaican Dollar
1 Philippine Peso = 0.01415 Jordanian Dinar
1 Philippine Peso = 2.20817 Japanese Yen
1 Philippine Peso = 2.04931 Kenyan Shilling
1 Philippine Peso = 1.37303 Kyrgyzstan Som
1 Philippine Peso = 79.08964 Cambodia Riel
1 Philippine Peso = 9.03374 Comoros Franc
1 Philippine Peso = 17.96766 North Korean Won
1 Philippine Peso = 22.12218 Korean Won
1 Philippine Peso = 0.00607 Kuwaiti Dinar
1 Philippine Peso = 0.01637 Cayman Islands Dollar
1 Philippine Peso = 6.29786 Kazakhstan Tenge
1 Philippine Peso = 163.48573 Lao Kip
1 Philippine Peso = 30.14574 Lebanese Pound
1 Philippine Peso = 3.02855 Sri Lanka Rupee
1 Philippine Peso = 1.79677 Liberian Dollar
1 Philippine Peso = 0.25494 Lesotho Loti
1 Philippine Peso = 0.06086 Lithuanian Lita
1 Philippine Peso = 0.01239 Latvian Lat
1 Philippine Peso = 0.02815 Libyan Dinar
1 Philippine Peso = 0.19822 Moroccan Dirham
1 Philippine Peso = 0.3868 Moldovan Leu
1 Philippine Peso = 1.12338 Macedonian Denar
1 Philippine Peso = 27.27091 Myanmar Kyat
1 Philippine Peso = 48.87203 Mongolian Tugrik
1 Philippine Peso = 0.15971 Macau Pataca
1 Philippine Peso = 7.12717 Mauritania Ougulya
1 Philippine Peso = 0.70293 Mauritius Rupee
1 Philippine Peso = 0.30705 Maldives Rufiyaa
1 Philippine Peso = 14.19445 Malawi Kwacha
1 Philippine Peso = 0.37646 Mexican Peso
1 Philippine Peso = 0.0879 Malaysian Ringgit
1 Philippine Peso = 0.2547 Namibian Dollar
1 Philippine Peso = 6.28868 Nigerian Naira
1 Philippine Peso = 0.58595 Nicaragua Cordoba
1 Philippine Peso = 0.16921 Norwegian Krone
1 Philippine Peso = 2.08325 Nepalese Rupee
1 Philippine Peso = 0.02832 New Zealand Dollar
1 Philippine Peso = 0.00768 Omani Rial
1 Philippine Peso = 0.01996 Panama Balboa
1 Philippine Peso = 0.06481 Peruvian Nuevo Sol
1 Philippine Peso = 0.06558 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.09024 Pakistani Rupee
1 Philippine Peso = 0.078 Polish Zloty
1 Philippine Peso = 112.66121 Paraguayan Guarani
1 Philippine Peso = 0.07267 Qatar Rial
1 Philippine Peso = 0.08354 Romanian New Leu
1 Philippine Peso = 1.13647 Russian Rouble
1 Philippine Peso = 16.31603 Rwanda Franc
1 Philippine Peso = 0.07486 Saudi Arabian Riyal
1 Philippine Peso = 0.15525 Solomon Islands Dollar
1 Philippine Peso = 0.26353 Seychelles Rupee
1 Philippine Peso = 0.13296 Sudanese Pound
1 Philippine Peso = 0.1752 Swedish Krona
1 Philippine Peso = 0.02781 Singapore Dollar
1 Philippine Peso = 0.01585 St Helena Pound
1 Philippine Peso = 0.44332 Slovak Koruna
1 Philippine Peso = 149.43102 Sierra Leone Leone
1 Philippine Peso = 10.96027 Somali Shilling
1 Philippine Peso = 450.2196 Sao Tome Dobra
1 Philippine Peso = 0.17413 El Salvador Colon
1 Philippine Peso = 10.28109 Syrian Pound
1 Philippine Peso = 0.25482 Swaziland Lilageni
1 Philippine Peso = 0.68597 Thai Baht
1 Philippine Peso = 0.04577 Tunisian Dinar
1 Philippine Peso = 0.046 Tongan paʻanga
1 Philippine Peso = 0.07215 Turkish Lira
1 Philippine Peso = 0.13393 Trinidad Tobago Dollar
1 Philippine Peso = 0.60168 Taiwan Dollar
1 Philippine Peso = 44.44001 Tanzanian Shilling
1 Philippine Peso = 0.54103 Ukraine Hryvnia
1 Philippine Peso = 71.81074 Ugandan Shilling
1 Philippine Peso = 0.01996 United States Dollar
1 Philippine Peso = 0.55999 Uruguayan New Peso
1 Philippine Peso = 71.67099 Uzbekistan Sum
1 Philippine Peso = 0.19904 Venezuelan Bolivar
1 Philippine Peso = 454.62168 Vietnam Dong
1 Philippine Peso = 2.12378 Vanuatu Vatu
1 Philippine Peso = 0.05122 Samoa Tala
1 Philippine Peso = 12.04033 CFA Franc (BEAC)
1 Philippine Peso = 0.0539 East Caribbean Dollar
1 Philippine Peso = 12.12298 CFA Franc (BCEAO)
1 Philippine Peso = 2.18127 Pacific Franc
1 Philippine Peso = 4.98902 Yemen Riyal
1 Philippine Peso = 0.25486 South African Rand
1 Philippine Peso = 103.60351 Zambian Kwacha
1 Philippine Peso = 7.225 Zimbabwe dollar

Microfinance takes center stage

According to Bangko Sentral ng Pilipinas Governor Amando Tetangco, the country’s economic story last year could be summed up in two words—investment grade.
 
The year 2013 saw the Philippines achieve investment grade credit rating—not just from one, but from all the three major credit rating agencies.  
 
These rating agencies—Standard & Poor’s, Fitch and Moody’s—have cited the disciplined fiscal management with the declining reliance on foreign currency debt, strong external position, and low and stable inflation levels as bases for the score.
 
But Tetangco said that to help make the expected continued positive macroeconomic developments translate into the much-sought after objective of inclusive growth, the BSP will step up their advocacy for financial inclusion in 2014. 
 
Financial inclusion is the delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society.
 
An estimated 2.5 billion working-age adults globally have no access to the types of formal financial services delivered by regulated financial institutions. 
 
In the Philippines, the number of households with savings only reached 26.2 percent in the fourth quarter of 2013, although higher than the 24.5 percent recorded in the previous quarter.
 
Almost two-thirds (65.1 percent) of household savers have bank deposit accounts while 23.8 percent kept their savings at home and 10.8 percent put their money in cooperatives, paluwagan and other credit/loan associations.
 
It is argued that as banking services are in the nature of public good; the availability of banking and payment services to the entire population without discrimination is the prime objective of financial inclusion public policy.
 
“We believe this is one of the primary and more direct ways we can help the effort to support and rebuild the country, especially in the aftermath of the natural disasters that continue to strike at our hearts every year,” Tetangco said.
 
The BSP financial inclusion framework is built on three areas: 1) broad access to appropriate credit at reasonable rates through responsible and proportionate regulation that encourages market innovation, 2) timely and relevant
economic and financial learning, and 3) well-founded financial consumer protection.
 
At the center of the BSP’s financial inclusion framework is microfinance.
 
In 2000, the BSP was mandated by the General Banking Law to recognize microfinance as a legitimate banking activity and to set the rules and regulations for its practice within the banking sector. In the same year, the BSP declared microfinance as its flagship program for poverty alleviation. 
 
In 2013, the Philippines was once again recognized as first in the world in terms of its regulatory framework and practices for microfinance. The Economist Intelligence Unit (EIU), in its annual global survey, noted that the BSP continued to promote an enabling environment for microfinance as a key advocacy to support poverty reduction. It also cited advances in mobile access to bank accounts, the agent relationships for cross-selling of microinsurance products and the geospatial mapping currently being undertaken to account for different types of financial service access points in the country.
 
It is worth noting, according to Tetangco, that since 2002 microfinance in the banking system has grown dramatically. 
 
The number of microfinance borrowers increased by 191 percent to 1,137,813 million in 2012 from 390,635 clients in 2002. 
 
The microfinance loan portfolio expanded from P2.6 billion in 2002 to P8.4 billion in 2012, which is equivalent to a remarkable growth of 223 percent. 
 
From 2011 to 2012, there was sustained increase in the number of microfinance borrowers, amount of microfinance loans outstanding and savings of microfinance clients.
 
While regional distribution still exhibits the trend where concentration is at regions such as NCR and CALABARZON, it is interesting to note that there is an active and thriving market for microfinance for some regions where there is relatively low usage of regular banking products and services.
 
For example, Caraga is next to NCR and CALABARZON in terms of amount of microfinance loans outstanding and consistently belongs in the top 3 for the different microfinance loan products such as microenterprise loans, micro-agri loans and housing microfinance.
 
But Tetangco said that there is still room for further developments, stressing the fact that there is a need for intervention to accelerate the process of bringing down the benefits of growth to the grassroots.
 
“Empowering people to get out of poverty by giving them access to microcredit from formal financial service providers is a winning strategy. How to reach out to the teeming millions who live in poverty is the challenge before us,” Tetangco said.
 
Syarifuddin Hasan, Indonesia’s Minister of Cooperatives and SMEs, said that the Philippines has a good chance to decrease poverty because of the high economic growth.
 
“PH has a good chance to decrease poverty because of high economic growth.  (But) Economic growth must be followed by job creation to decrease poverty,” Hasan said.
 
Aside from job creation, he said that people must be encouraged to become entrepreneurs.  And this is where a strong microfinance framework comes in.
 
In the Philippines, MSMEs (micro, small and medium enterprises) account for 99.6 percent of our total enterprises, employs 61 percent of our total employed population, and contributes 32 percent to the GDP.
 
Tetangco said that one of their principal thrusts is to develop a financial system that is inclusive and reaches out to the unbanked.
 
“To us, an inclusive financial system makes for a more stable financial system; equally important, it enables us to help improve the lives of our people.  This is particularly true for microfinance, our flagship program for poverty alleviation which we have been nurturing since 2000,” Tetangco said.
 
“Access to financial services empowers households to better manage their resources and improve the quality of their lives; and · that broad-based access to finance and financial inclusion support financial stability and facilitate inclusive growth,” he added.
 
Over the past ten years, Tetangco said that they have seen progress. 
 
“This tells us that these microfinance clients have attained a level of financial independence ... from gaining access to microcredit,” Tetangco said.
 
“But that’s only the banking system, there are a number of institutions outside the banking system that cater to microfinance and it is estimated that the banking system accounts for about a third of the total.  So what we’ve seen in the banking system, you multiply it by three to get a sense of the total of microfinance activities,” Tetangco said.
 
He also stressed that the rate of default continuous to be low.
 
“That is something that we have always reminded the microfinance institutions to keep an eye on and so far, they’ve been able to keep it to relatively low level,” he said.
 
Tetangco said that the development of the Philippine microfinance industry “has been phenomenal.”
 
“Ten years ago, microfinance was limited to microcredit provided by leading NGOs, cooperatives and a handful of banks. Since then, there has been a significant increase and diversification of microfinance players, products and services,as well as  delivery channels,” Tetangco said.
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