June 20, 2018, 3:07 am
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1 Philippine Peso = 0.06897 UAE Dirham
1 Philippine Peso = 2.04526 Albanian Lek
1 Philippine Peso = 0.03404 Neth Antilles Guilder
1 Philippine Peso = 0.52113 Argentine Peso
1 Philippine Peso = 0.02544 Australian Dollar
1 Philippine Peso = 0.03343 Aruba Florin
1 Philippine Peso = 0.03756 Barbados Dollar
1 Philippine Peso = 1.57728 Bangladesh Taka
1 Philippine Peso = 0.03184 Bulgarian Lev
1 Philippine Peso = 0.00709 Bahraini Dinar
1 Philippine Peso = 32.88225 Burundi Franc
1 Philippine Peso = 0.01878 Bermuda Dollar
1 Philippine Peso = 0.02522 Brunei Dollar
1 Philippine Peso = 0.12883 Bolivian Boliviano
1 Philippine Peso = 0.07009 Brazilian Real
1 Philippine Peso = 0.01878 Bahamian Dollar
1 Philippine Peso = 1.277 Bhutan Ngultrum
1 Philippine Peso = 0.19573 Botswana Pula
1 Philippine Peso = 375.96244 Belarus Ruble
1 Philippine Peso = 0.03752 Belize Dollar
1 Philippine Peso = 0.02494 Canadian Dollar
1 Philippine Peso = 0.01868 Swiss Franc
1 Philippine Peso = 12.01146 Chilean Peso
1 Philippine Peso = 0.12169 Chinese Yuan
1 Philippine Peso = 54.86948 Colombian Peso
1 Philippine Peso = 10.59718 Costa Rica Colon
1 Philippine Peso = 0.01878 Cuban Peso
1 Philippine Peso = 1.78854 Cape Verde Escudo
1 Philippine Peso = 0.41869 Czech Koruna
1 Philippine Peso = 3.33333 Djibouti Franc
1 Philippine Peso = 0.12088 Danish Krone
1 Philippine Peso = 0.93052 Dominican Peso
1 Philippine Peso = 2.20053 Algerian Dinar
1 Philippine Peso = 0.25367 Estonian Kroon
1 Philippine Peso = 0.33502 Egyptian Pound
1 Philippine Peso = 0.51117 Ethiopian Birr
1 Philippine Peso = 0.01621 Euro
1 Philippine Peso = 0.03897 Fiji Dollar
1 Philippine Peso = 0.01426 Falkland Islands Pound
1 Philippine Peso = 0.01425 British Pound
1 Philippine Peso = 0.08833 Ghanaian Cedi
1 Philippine Peso = 0.87962 Gambian Dalasi
1 Philippine Peso = 169.05164 Guinea Franc
1 Philippine Peso = 0.14052 Guatemala Quetzal
1 Philippine Peso = 3.88526 Guyana Dollar
1 Philippine Peso = 0.14739 Hong Kong Dollar
1 Philippine Peso = 0.44866 Honduras Lempira
1 Philippine Peso = 0.1197 Croatian Kuna
1 Philippine Peso = 1.23812 Haiti Gourde
1 Philippine Peso = 5.22103 Hungarian Forint
1 Philippine Peso = 261.46479 Indonesian Rupiah
1 Philippine Peso = 0.06819 Israeli Shekel
1 Philippine Peso = 1.27817 Indian Rupee
1 Philippine Peso = 22.23474 Iraqi Dinar
1 Philippine Peso = 796.99531 Iran Rial
1 Philippine Peso = 2.05333 Iceland Krona
1 Philippine Peso = 2.4507 Jamaican Dollar
1 Philippine Peso = 0.01331 Jordanian Dinar
1 Philippine Peso = 2.06607 Japanese Yen
1 Philippine Peso = 1.89577 Kenyan Shilling
1 Philippine Peso = 1.28255 Kyrgyzstan Som
1 Philippine Peso = 75.84601 Cambodia Riel
1 Philippine Peso = 7.92488 Comoros Franc
1 Philippine Peso = 16.90141 North Korean Won
1 Philippine Peso = 20.8492 Korean Won
1 Philippine Peso = 0.00568 Kuwaiti Dinar
1 Philippine Peso = 0.0154 Cayman Islands Dollar
1 Philippine Peso = 6.40488 Kazakhstan Tenge
1 Philippine Peso = 157.33333 Lao Kip
1 Philippine Peso = 28.26291 Lebanese Pound
1 Philippine Peso = 3.00282 Sri Lanka Rupee
1 Philippine Peso = 2.66254 Liberian Dollar
1 Philippine Peso = 0.2584 Lesotho Loti
1 Philippine Peso = 0.05725 Lithuanian Lita
1 Philippine Peso = 0.01165 Latvian Lat
1 Philippine Peso = 0.02546 Libyan Dinar
1 Philippine Peso = 0.17921 Moroccan Dirham
1 Philippine Peso = 0.31576 Moldovan Leu
1 Philippine Peso = 0.99324 Macedonian Denar
1 Philippine Peso = 25.69014 Myanmar Kyat
1 Philippine Peso = 45.33333 Mongolian Tugrik
1 Philippine Peso = 0.15181 Macau Pataca
1 Philippine Peso = 6.66667 Mauritania Ougulya
1 Philippine Peso = 0.65765 Mauritius Rupee
1 Philippine Peso = 0.29239 Maldives Rufiyaa
1 Philippine Peso = 13.39812 Malawi Kwacha
1 Philippine Peso = 0.3853 Mexican Peso
1 Philippine Peso = 0.07515 Malaysian Ringgit
1 Philippine Peso = 0.25797 Namibian Dollar
1 Philippine Peso = 6.74178 Nigerian Naira
1 Philippine Peso = 0.59151 Nicaragua Cordoba
1 Philippine Peso = 0.15379 Norwegian Krone
1 Philippine Peso = 2.0385 Nepalese Rupee
1 Philippine Peso = 0.0272 New Zealand Dollar
1 Philippine Peso = 0.00723 Omani Rial
1 Philippine Peso = 0.01878 Panama Balboa
1 Philippine Peso = 0.06164 Peruvian Nuevo Sol
1 Philippine Peso = 0.06142 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.28545 Pakistani Rupee
1 Philippine Peso = 0.06993 Polish Zloty
1 Philippine Peso = 106.70047 Paraguayan Guarani
1 Philippine Peso = 0.06835 Qatar Rial
1 Philippine Peso = 0.07565 Romanian New Leu
1 Philippine Peso = 1.1966 Russian Rouble
1 Philippine Peso = 15.95174 Rwanda Franc
1 Philippine Peso = 0.07042 Saudi Arabian Riyal
1 Philippine Peso = 0.14841 Solomon Islands Dollar
1 Philippine Peso = 0.25277 Seychelles Rupee
1 Philippine Peso = 0.33719 Sudanese Pound
1 Philippine Peso = 0.16718 Swedish Krona
1 Philippine Peso = 0.02548 Singapore Dollar
1 Philippine Peso = 0.01426 St Helena Pound
1 Philippine Peso = 0.41701 Slovak Koruna
1 Philippine Peso = 149.29577 Sierra Leone Leone
1 Philippine Peso = 10.57277 Somali Shilling
1 Philippine Peso = 397.4216 Sao Tome Dobra
1 Philippine Peso = 0.16432 El Salvador Colon
1 Philippine Peso = 9.67099 Syrian Pound
1 Philippine Peso = 0.25817 Swaziland Lilageni
1 Philippine Peso = 0.61446 Thai Baht
1 Philippine Peso = 0.04845 Tunisian Dinar
1 Philippine Peso = 0.04326 Tongan paʻanga
1 Philippine Peso = 0.08905 Turkish Lira
1 Philippine Peso = 0.12487 Trinidad Tobago Dollar
1 Philippine Peso = 0.56648 Taiwan Dollar
1 Philippine Peso = 42.59155 Tanzanian Shilling
1 Philippine Peso = 0.49596 Ukraine Hryvnia
1 Philippine Peso = 72.33803 Ugandan Shilling
1 Philippine Peso = 0.01878 United States Dollar
1 Philippine Peso = 0.59211 Uruguayan New Peso
1 Philippine Peso = 147.69953 Uzbekistan Sum
1 Philippine Peso = 1498.59155 Venezuelan Bolivar
1 Philippine Peso = 429.12676 Vietnam Dong
1 Philippine Peso = 2.02911 Vanuatu Vatu
1 Philippine Peso = 0.04869 Samoa Tala
1 Philippine Peso = 10.62592 CFA Franc (BEAC)
1 Philippine Peso = 0.0507 East Caribbean Dollar
1 Philippine Peso = 10.62592 CFA Franc (BCEAO)
1 Philippine Peso = 1.92432 Pacific Franc
1 Philippine Peso = 4.69202 Yemen Riyal
1 Philippine Peso = 0.25823 South African Rand
1 Philippine Peso = 97.4554 Zambian Kwacha
1 Philippine Peso = 6.79624 Zimbabwe dollar

PH to grow fastest in region: OECD

The Organization for Economic Cooperation and Development (OECD) said the Philippine economy will grow at an average of 6.4 percent on the medium term, 50 basis points higher than its growth in the previous five years of 5.9 percent, the OECD Development Centre  in its latest report.

With the projected average between 2018 and 2022, the Philippines is pegged to grow the fastest among the top five economies --- Indonesia, Malaysia, Philippines, Thailand, and Vietnam --- in Southeast Asia.

In the Philippines, OECD said consumption and fixed investments, which grew an average of 6.1 percent and 11.7 percent, respectively, from 2011 to 2016  will continue to fuel economic growth until 2022, underpinned by “robust remittance inflow from oversea workers, planned big-ticket infrastructure projects and the resilience of offshoring and outsourcing industry.” 

The report said  benign inflation, a stable financial sector, an accommodative monetary policy, robust remittance inflows, and a healthy fiscal position should continue to facilitate domestic consumption growth at least until the end of the year. 

“The sustained resurgence in consumer confidence backs up this prognosis. Public spending year-to-date, year-on-year is still subdued compared to last year. But frictions are diminishing, which bodes well for public project delivery moving forward,” the report said.

“On the other hand, commodity export volume growth has eased somewhat since April 2017... Taking all of these into account, the Philippine economy is projected to grow by 6.6 percent in 2017, with growth in 2017 H2 anticipated to be slightly faster than in 2017 H1,” it added.

Meanwhile, the report said  the proposed reduction in the personal income tax rate of a significant portion of workers nationwide, contained in tax reform package legislation, should contribute to consumer spending momentum. 

“The consistent growth in remittances from overseas workers is another positive factor, with government spending expected to gain momentum should planned major infrastructure projects go forward,” it said.

OECD’s  investment outlook for the Philippines, however, is modest. 

“Even though domestic and external demand have been quite robust, the pullback in fixed investment growth – from double digits since 2014 to below 9.4 percent in 2017 Q2 – signals some apprehension among investors, albeit not to a worrisome degree at this point,” the report said.

The report said full liberalization of the banking sector and increased focus on e-commerce services are expected to attract interest among offshore investors in the coming years. 

“Manufacturing, especially the semiconductor business, is also well positioned to capture opportunities presented by improvements in external conditions, although issues related to electricity cost and stability require further action,” the paper said.

“At the same time, commitments in business process outsourcing have reportedly fallen... while anecdotal evidence shows that revenue growth is slowing down. Investment in the mining sector has also remained subdued in the absence of a clear regulatory framework,” it added.

The report said that a key challenge is to alleviate business uncertainties related to contract enforcement and continuity of government programs. 

“Efforts undertaken to facilitate competition in various sectors should help spark investor interest, as should government’s decision to review the foreign investment negative list and to update of the Investment Priorities Plan,” it said.

“Timely delivery of above-standard big-ticket infrastructure projects announced and planned to be completed before national elections in 2022, is another challenge,” it added.

In the same report, OECD said Southeast Asia is seen to grow an average of 5.2 percent between 2018 and 2022, relatively flat compared to the 5.1 percent growth between 2011 and 2015. 

“Growth prospects of Asean are anchored on robust domestic private spending and on the infrastructure initiative presented by a number of governments,” the OECD said.

The OECD said growth in Emerging Asia --- Southeast Asia, China, and India --- is projected to remain robust in 2017. 

“Growth in many Asean  countries and China has picked up strong trade rebound and resilient domestic consumption, while growth in India has edged downwards owing to taxation and monetary reforms,” it said. 

While growth will slow down in China, it is expected to stay brisk in India. Southeast Asia is poised to maintain strong growth momentum from 2018 to 2022 on robust domestic private spending and infrastructure initiatives planned by a number of government. 

The external position of emerging Asian economies meanwhile have remained generally sold. 

Close attention should be paid to narrowing job mismatches and generating more quality, high-value-added jobs, the report said. 

Meanwhile, as highlighted in the Philippine Development Plan 2017-2022, the report said that there is a need to address the country’s underdeveloped infrastructure. 

“While improvements have been made in recent years, additional capital and efficient investments will be needed to keep up with demand for infrastructure development in the fast-growing economy,” it said.

“The government is looking to attract investors for public-private partnerships (PPPs), but faces challenges such as the absence of a deep long-term fund pool, which means that private project developers bear higher costs of credit,” it added. 

The publication said that the PPP Center could be strengthened in terms of its mandate and resources. 

“While the bond market could provide an alternative source of financing, these markets need further development; the ratio of the total outstanding value of local-currency bonds to GDP remains relatively small,” it said.

“Non-traditional tools, such as levies to capture the appreciation in land value resulting from infrastructure development, could also be considered to raise revenues,” it added.
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