April 29, 2017, 9:14 pm
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.07338 UAE Dirham
1 Philippine Peso = 2.47153 Albanian Lek
1 Philippine Peso = 0.03551 Neth Antilles Guilder
1 Philippine Peso = 0.30767 Argentine Peso
1 Philippine Peso = 0.0267 Australian Dollar
1 Philippine Peso = 0.03576 Aruba Florin
1 Philippine Peso = 0.03996 Barbados Dollar
1 Philippine Peso = 1.62058 Bangladesh Taka
1 Philippine Peso = 0.03591 Bulgarian Lev
1 Philippine Peso = 0.00753 Bahraini Dinar
1 Philippine Peso = 33.97123 Burundi Franc
1 Philippine Peso = 0.01998 Bermuda Dollar
1 Philippine Peso = 0.02787 Brunei Dollar
1 Philippine Peso = 0.13766 Bolivian Boliviano
1 Philippine Peso = 0.06313 Brazilian Real
1 Philippine Peso = 0.01998 Bahamian Dollar
1 Philippine Peso = 1.28122 Bhutan Ngultrum
1 Philippine Peso = 0.20824 Botswana Pula
1 Philippine Peso = 400.00001 Belarus Ruble
1 Philippine Peso = 0.03992 Belize Dollar
1 Philippine Peso = 0.02724 Canadian Dollar
1 Philippine Peso = 0.01979 Swiss Franc
1 Philippine Peso = 13.24575 Chilean Peso
1 Philippine Peso = 0.13775 Chinese Yuan
1 Philippine Peso = 58.71728 Colombian Peso
1 Philippine Peso = 11.01139 Costa Rica Colon
1 Philippine Peso = 0.01998 Cuban Peso
1 Philippine Peso = 2.01439 Cape Verde Escudo
1 Philippine Peso = 0.49203 Czech Koruna
1 Philippine Peso = 3.51329 Djibouti Franc
1 Philippine Peso = 0.13587 Danish Krone
1 Philippine Peso = 0.94126 Dominican Peso
1 Philippine Peso = 2.18054 Algerian Dinar
1 Philippine Peso = 0.28573 Estonian Kroon
1 Philippine Peso = 0.36064 Egyptian Pound
1 Philippine Peso = 0.45667 Ethiopian Birr
1 Philippine Peso = 0.01826 Euro
1 Philippine Peso = 0.04187 Fiji Dollar
1 Philippine Peso = 0.01546 Falkland Islands Pound
1 Philippine Peso = 0.01544 British Pound
1 Philippine Peso = 0.08339 Ghanaian Cedi
1 Philippine Peso = 0.88012 Gambian Dalasi
1 Philippine Peso = 183.86813 Guinea Franc
1 Philippine Peso = 0.14668 Guatemala Quetzal
1 Philippine Peso = 4.08292 Guyana Dollar
1 Philippine Peso = 0.1554 Hong Kong Dollar
1 Philippine Peso = 0.46693 Honduras Lempira
1 Philippine Peso = 0.13577 Croatian Kuna
1 Philippine Peso = 1.35684 Haiti Gourde
1 Philippine Peso = 5.7015 Hungarian Forint
1 Philippine Peso = 266.45355 Indonesian Rupiah
1 Philippine Peso = 0.07222 Israeli Shekel
1 Philippine Peso = 1.28482 Indian Rupee
1 Philippine Peso = 23.5964 Iraqi Dinar
1 Philippine Peso = 648.13188 Iran Rial
1 Philippine Peso = 2.12587 Iceland Krona
1 Philippine Peso = 2.56723 Jamaican Dollar
1 Philippine Peso = 0.01416 Jordanian Dinar
1 Philippine Peso = 2.22689 Japanese Yen
1 Philippine Peso = 2.05694 Kenyan Shilling
1 Philippine Peso = 1.34302 Kyrgyzstan Som
1 Philippine Peso = 80.01199 Cambodia Riel
1 Philippine Peso = 9.22717 Comoros Franc
1 Philippine Peso = 17.98202 North Korean Won
1 Philippine Peso = 22.74046 Korean Won
1 Philippine Peso = 0.00607 Kuwaiti Dinar
1 Philippine Peso = 0.01638 Cayman Islands Dollar
1 Philippine Peso = 6.28332 Kazakhstan Tenge
1 Philippine Peso = 163.51649 Lao Kip
1 Philippine Peso = 30.09391 Lebanese Pound
1 Philippine Peso = 3.03696 Sri Lanka Rupee
1 Philippine Peso = 1.81818 Liberian Dollar
1 Philippine Peso = 0.26693 Lesotho Loti
1 Philippine Peso = 0.06091 Lithuanian Lita
1 Philippine Peso = 0.0124 Latvian Lat
1 Philippine Peso = 0.02813 Libyan Dinar
1 Philippine Peso = 0.1977 Moroccan Dirham
1 Philippine Peso = 0.38132 Moldovan Leu
1 Philippine Peso = 1.11848 Macedonian Denar
1 Philippine Peso = 27.13287 Myanmar Kyat
1 Philippine Peso = 48.19181 Mongolian Tugrik
1 Philippine Peso = 0.16005 Macau Pataca
1 Philippine Peso = 7.13467 Mauritania Ougulya
1 Philippine Peso = 0.69331 Mauritius Rupee
1 Philippine Peso = 0.30689 Maldives Rufiyaa
1 Philippine Peso = 14.34486 Malawi Kwacha
1 Philippine Peso = 0.38017 Mexican Peso
1 Philippine Peso = 0.08672 Malaysian Ringgit
1 Philippine Peso = 0.26573 Namibian Dollar
1 Philippine Peso = 6.28372 Nigerian Naira
1 Philippine Peso = 0.59521 Nicaragua Cordoba
1 Philippine Peso = 0.17029 Norwegian Krone
1 Philippine Peso = 2.03996 Nepalese Rupee
1 Philippine Peso = 0.02907 New Zealand Dollar
1 Philippine Peso = 0.00769 Omani Rial
1 Philippine Peso = 0.01998 Panama Balboa
1 Philippine Peso = 0.06481 Peruvian Nuevo Sol
1 Philippine Peso = 0.06333 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.09251 Pakistani Rupee
1 Philippine Peso = 0.07709 Polish Zloty
1 Philippine Peso = 111.06893 Paraguayan Guarani
1 Philippine Peso = 0.07275 Qatar Rial
1 Philippine Peso = 0.08271 Romanian New Leu
1 Philippine Peso = 1.1388 Russian Rouble
1 Philippine Peso = 16.36144 Rwanda Franc
1 Philippine Peso = 0.07493 Saudi Arabian Riyal
1 Philippine Peso = 0.15666 Solomon Islands Dollar
1 Philippine Peso = 0.27063 Seychelles Rupee
1 Philippine Peso = 0.13306 Sudanese Pound
1 Philippine Peso = 0.17603 Swedish Krona
1 Philippine Peso = 0.02788 Singapore Dollar
1 Philippine Peso = 0.01547 St Helena Pound
1 Philippine Peso = 0.44368 Slovak Koruna
1 Philippine Peso = 148.85115 Sierra Leone Leone
1 Philippine Peso = 10.96903 Somali Shilling
1 Philippine Peso = 447.57244 Sao Tome Dobra
1 Philippine Peso = 0.17427 El Salvador Colon
1 Philippine Peso = 10.28931 Syrian Pound
1 Philippine Peso = 0.26494 Swaziland Lilageni
1 Philippine Peso = 0.69131 Thai Baht
1 Philippine Peso = 0.04823 Tunisian Dinar
1 Philippine Peso = 0.04623 Tongan paʻanga
1 Philippine Peso = 0.07099 Turkish Lira
1 Philippine Peso = 0.13406 Trinidad Tobago Dollar
1 Philippine Peso = 0.60376 Taiwan Dollar
1 Philippine Peso = 44.53547 Tanzanian Shilling
1 Philippine Peso = 0.52997 Ukraine Hryvnia
1 Philippine Peso = 72.76723 Ugandan Shilling
1 Philippine Peso = 0.01998 United States Dollar
1 Philippine Peso = 0.56084 Uruguayan New Peso
1 Philippine Peso = 73.94606 Uzbekistan Sum
1 Philippine Peso = 0.19929 Venezuelan Bolivar
1 Philippine Peso = 454.32568 Vietnam Dong
1 Philippine Peso = 2.15265 Vanuatu Vatu
1 Philippine Peso = 0.05182 Samoa Tala
1 Philippine Peso = 11.97263 CFA Franc (BEAC)
1 Philippine Peso = 0.05395 East Caribbean Dollar
1 Philippine Peso = 12 CFA Franc (BCEAO)
1 Philippine Peso = 2.17123 Pacific Franc
1 Philippine Peso = 4.99201 Yemen Riyal
1 Philippine Peso = 0.26515 South African Rand
1 Philippine Peso = 103.68632 Zambian Kwacha
1 Philippine Peso = 7.23077 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.
Rating: 
No votes yet
Twitter icon
Facebook icon
Google icon
LinkedIn icon
Pinterest icon
Reddit icon
Yahoo! icon
e-mail icon

Column of the Day

A modern Nostradamus

By NESTOR MATA | April 27,2017
613 View(s) 0 Comment(s)
‘A mystic predicted Donald Trump’s presidency and now claims to have a date for World War III.’

Opinion of the Day

What about capital punishment?

By DAHLI ASPILLERA | April 28, 2017
262 View(s) 0 Comment(s)
‘Convicts to the gallows--not only indigent criminals, but also corrupt politicians, civil servants, judges who, commit plunder.’