October 24, 2017, 5:32 pm
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1 Philippine Peso = 0.07134 UAE Dirham
1 Philippine Peso = 2.20455 Albanian Lek
1 Philippine Peso = 0.03458 Neth Antilles Guilder
1 Philippine Peso = 0.33662 Argentine Peso
1 Philippine Peso = 0.02487 Australian Dollar
1 Philippine Peso = 0.03458 Aruba Florin
1 Philippine Peso = 0.03885 Barbados Dollar
1 Philippine Peso = 1.60625 Bangladesh Taka
1 Philippine Peso = 0.03236 Bulgarian Lev
1 Philippine Peso = 0.00733 Bahraini Dinar
1 Philippine Peso = 33.77953 Burundi Franc
1 Philippine Peso = 0.01943 Bermuda Dollar
1 Philippine Peso = 0.02645 Brunei Dollar
1 Philippine Peso = 0.13326 Bolivian Boliviano
1 Philippine Peso = 0.06247 Brazilian Real
1 Philippine Peso = 0.01943 Bahamian Dollar
1 Philippine Peso = 1.26263 Bhutan Ngultrum
1 Philippine Peso = 0.2012 Botswana Pula
1 Philippine Peso = 388.88889 Belarus Ruble
1 Philippine Peso = 0.03881 Belize Dollar
1 Philippine Peso = 0.02456 Canadian Dollar
1 Philippine Peso = 0.01915 Swiss Franc
1 Philippine Peso = 12.27409 Chilean Peso
1 Philippine Peso = 0.12894 Chinese Yuan
1 Philippine Peso = 57.24748 Colombian Peso
1 Philippine Peso = 10.99748 Costa Rica Colon
1 Philippine Peso = 0.01943 Cuban Peso
1 Philippine Peso = 1.82304 Cape Verde Escudo
1 Philippine Peso = 0.42383 Czech Koruna
1 Philippine Peso = 3.43493 Djibouti Franc
1 Philippine Peso = 0.12305 Danish Krone
1 Philippine Peso = 0.91725 Dominican Peso
1 Philippine Peso = 2.22277 Algerian Dinar
1 Philippine Peso = 0.25859 Estonian Kroon
1 Philippine Peso = 0.34188 Egyptian Pound
1 Philippine Peso = 0.52409 Ethiopian Birr
1 Philippine Peso = 0.01653 Euro
1 Philippine Peso = 0.03972 Fiji Dollar
1 Philippine Peso = 0.01475 Falkland Islands Pound
1 Philippine Peso = 0.01472 British Pound
1 Philippine Peso = 0.08496 Ghanaian Cedi
1 Philippine Peso = 0.91414 Gambian Dalasi
1 Philippine Peso = 174.78632 Guinea Franc
1 Philippine Peso = 0.14265 Guatemala Quetzal
1 Philippine Peso = 3.93765 Guyana Dollar
1 Philippine Peso = 0.15157 Hong Kong Dollar
1 Philippine Peso = 0.45491 Honduras Lempira
1 Philippine Peso = 0.12399 Croatian Kuna
1 Philippine Peso = 1.18939 Haiti Gourde
1 Philippine Peso = 5.08741 Hungarian Forint
1 Philippine Peso = 263.01476 Indonesian Rupiah
1 Philippine Peso = 0.06781 Israeli Shekel
1 Philippine Peso = 1.26296 Indian Rupee
1 Philippine Peso = 22.669 Iraqi Dinar
1 Philippine Peso = 667.07459 Iran Rial
1 Philippine Peso = 2.04662 Iceland Krona
1 Philippine Peso = 2.45552 Jamaican Dollar
1 Philippine Peso = 0.01374 Jordanian Dinar
1 Philippine Peso = 2.20812 Japanese Yen
1 Philippine Peso = 2.00952 Kenyan Shilling
1 Philippine Peso = 1.32896 Kyrgyzstan Som
1 Philippine Peso = 78.1857 Cambodia Riel
1 Philippine Peso = 8.06566 Comoros Franc
1 Philippine Peso = 17.48252 North Korean Won
1 Philippine Peso = 21.95047 Korean Won
1 Philippine Peso = 0.00587 Kuwaiti Dinar
1 Philippine Peso = 0.01593 Cayman Islands Dollar
1 Philippine Peso = 6.52234 Kazakhstan Tenge
1 Philippine Peso = 161.26651 Lao Kip
1 Philippine Peso = 29.24437 Lebanese Pound
1 Philippine Peso = 2.98368 Sri Lanka Rupee
1 Philippine Peso = 2.29817 Liberian Dollar
1 Philippine Peso = 0.267 Lesotho Loti
1 Philippine Peso = 0.05922 Lithuanian Lita
1 Philippine Peso = 0.01205 Latvian Lat
1 Philippine Peso = 0.02654 Libyan Dinar
1 Philippine Peso = 0.18329 Moroccan Dirham
1 Philippine Peso = 0.33557 Moldovan Leu
1 Philippine Peso = 1.00952 Macedonian Denar
1 Philippine Peso = 26.41803 Myanmar Kyat
1 Philippine Peso = 47.5136 Mongolian Tugrik
1 Philippine Peso = 0.15611 Macau Pataca
1 Philippine Peso = 6.8244 Mauritania Ougulya
1 Philippine Peso = 0.65657 Mauritius Rupee
1 Philippine Peso = 0.30245 Maldives Rufiyaa
1 Philippine Peso = 13.91123 Malawi Kwacha
1 Philippine Peso = 0.37068 Mexican Peso
1 Philippine Peso = 0.08228 Malaysian Ringgit
1 Philippine Peso = 0.26663 Namibian Dollar
1 Philippine Peso = 6.91531 Nigerian Naira
1 Philippine Peso = 0.59261 Nicaragua Cordoba
1 Philippine Peso = 0.15522 Norwegian Krone
1 Philippine Peso = 2.01146 Nepalese Rupee
1 Philippine Peso = 0.02786 New Zealand Dollar
1 Philippine Peso = 0.00746 Omani Rial
1 Philippine Peso = 0.01943 Panama Balboa
1 Philippine Peso = 0.06287 Peruvian Nuevo Sol
1 Philippine Peso = 0.06211 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.04157 Pakistani Rupee
1 Philippine Peso = 0.0698 Polish Zloty
1 Philippine Peso = 109.32012 Paraguayan Guarani
1 Philippine Peso = 0.07303 Qatar Rial
1 Philippine Peso = 0.07595 Romanian New Leu
1 Philippine Peso = 1.11692 Russian Rouble
1 Philippine Peso = 16.13209 Rwanda Franc
1 Philippine Peso = 0.07284 Saudi Arabian Riyal
1 Philippine Peso = 0.15112 Solomon Islands Dollar
1 Philippine Peso = 0.25618 Seychelles Rupee
1 Philippine Peso = 0.12937 Sudanese Pound
1 Philippine Peso = 0.15921 Swedish Krona
1 Philippine Peso = 0.02646 Singapore Dollar
1 Philippine Peso = 0.01475 St Helena Pound
1 Philippine Peso = 0.43135 Slovak Koruna
1 Philippine Peso = 148.01865 Sierra Leone Leone
1 Philippine Peso = 10.85859 Somali Shilling
1 Philippine Peso = 405.06606 Sao Tome Dobra
1 Philippine Peso = 0.16997 El Salvador Colon
1 Philippine Peso = 10.0035 Syrian Pound
1 Philippine Peso = 0.26663 Swaziland Lilageni
1 Philippine Peso = 0.64433 Thai Baht
1 Philippine Peso = 0.04839 Tunisian Dinar
1 Philippine Peso = 0.04297 Tongan paʻanga
1 Philippine Peso = 0.07213 Turkish Lira
1 Philippine Peso = 0.12972 Trinidad Tobago Dollar
1 Philippine Peso = 0.58747 Taiwan Dollar
1 Philippine Peso = 43.47319 Tanzanian Shilling
1 Philippine Peso = 0.51593 Ukraine Hryvnia
1 Philippine Peso = 70.94017 Ugandan Shilling
1 Philippine Peso = 0.01943 United States Dollar
1 Philippine Peso = 0.57556 Uruguayan New Peso
1 Philippine Peso = 156.17716 Uzbekistan Sum
1 Philippine Peso = 0.19376 Venezuelan Bolivar
1 Philippine Peso = 441.37529 Vietnam Dong
1 Philippine Peso = 2.06876 Vanuatu Vatu
1 Philippine Peso = 0.04978 Samoa Tala
1 Philippine Peso = 10.83178 CFA Franc (BEAC)
1 Philippine Peso = 0.05245 East Caribbean Dollar
1 Philippine Peso = 10.68376 CFA Franc (BCEAO)
1 Philippine Peso = 1.97222 Pacific Franc
1 Philippine Peso = 4.85431 Yemen Riyal
1 Philippine Peso = 0.26674 South African Rand
1 Philippine Peso = 100.80614 Zambian Kwacha
1 Philippine Peso = 7.02991 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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