March 26, 2017, 7:37 am
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1 Philippine Peso = 0.07295 UAE Dirham
1 Philippine Peso = 2.48788 Albanian Lek
1 Philippine Peso = 0.03556 Neth Antilles Guilder
1 Philippine Peso = 0.3095 Argentine Peso
1 Philippine Peso = 0.02607 Australian Dollar
1 Philippine Peso = 0.03556 Aruba Florin
1 Philippine Peso = 0.03973 Barbados Dollar
1 Philippine Peso = 1.59217 Bangladesh Taka
1 Philippine Peso = 0.03602 Bulgarian Lev
1 Philippine Peso = 0.00747 Bahraini Dinar
1 Philippine Peso = 33.62574 Burundi Franc
1 Philippine Peso = 0.01986 Bermuda Dollar
1 Philippine Peso = 0.02782 Brunei Dollar
1 Philippine Peso = 0.13667 Bolivian Boliviano
1 Philippine Peso = 0.06237 Brazilian Real
1 Philippine Peso = 0.01986 Bahamian Dollar
1 Philippine Peso = 1.30066 Bhutan Ngultrum
1 Philippine Peso = 0.20198 Botswana Pula
1 Philippine Peso = 397.69567 Belarus Ruble
1 Philippine Peso = 0.03968 Belize Dollar
1 Philippine Peso = 0.02656 Canadian Dollar
1 Philippine Peso = 0.01978 Swiss Franc
1 Philippine Peso = 13.15634 Chilean Peso
1 Philippine Peso = 0.13692 Chinese Yuan
1 Philippine Peso = 57.86254 Colombian Peso
1 Philippine Peso = 10.93802 Costa Rica Colon
1 Philippine Peso = 0.01986 Cuban Peso
1 Philippine Peso = 2.03496 Cape Verde Escudo
1 Philippine Peso = 0.49851 Czech Koruna
1 Philippine Peso = 3.5151 Djibouti Franc
1 Philippine Peso = 0.13724 Danish Krone
1 Philippine Peso = 0.93127 Dominican Peso
1 Philippine Peso = 2.1644 Algerian Dinar
1 Philippine Peso = 0.28863 Estonian Kroon
1 Philippine Peso = 0.35856 Egyptian Pound
1 Philippine Peso = 0.45093 Ethiopian Birr
1 Philippine Peso = 0.01845 Euro
1 Philippine Peso = 0.04108 Fiji Dollar
1 Philippine Peso = 0.01589 Falkland Islands Pound
1 Philippine Peso = 0.01592 British Pound
1 Philippine Peso = 0.08837 Ghanaian Cedi
1 Philippine Peso = 0.86869 Gambian Dalasi
1 Philippine Peso = 183.55185 Guinea Franc
1 Philippine Peso = 0.1458 Guatemala Quetzal
1 Philippine Peso = 4.10191 Guyana Dollar
1 Philippine Peso = 0.1543 Hong Kong Dollar
1 Philippine Peso = 0.46583 Honduras Lempira
1 Philippine Peso = 0.13612 Croatian Kuna
1 Philippine Peso = 1.34644 Haiti Gourde
1 Philippine Peso = 5.70143 Hungarian Forint
1 Philippine Peso = 264.73977 Indonesian Rupiah
1 Philippine Peso = 0.07242 Israeli Shekel
1 Philippine Peso = 1.29991 Indian Rupee
1 Philippine Peso = 23.46047 Iraqi Dinar
1 Philippine Peso = 644.02066 Iran Rial
1 Philippine Peso = 2.20501 Iceland Krona
1 Philippine Peso = 2.54927 Jamaican Dollar
1 Philippine Peso = 0.01405 Jordanian Dinar
1 Philippine Peso = 2.21154 Japanese Yen
1 Philippine Peso = 2.04112 Kenyan Shilling
1 Philippine Peso = 1.37288 Kyrgyzstan Som
1 Philippine Peso = 78.68693 Cambodia Riel
1 Philippine Peso = 9.14978 Comoros Franc
1 Philippine Peso = 17.87843 North Korean Won
1 Philippine Peso = 22.29479 Korean Won
1 Philippine Peso = 0.00604 Kuwaiti Dinar
1 Philippine Peso = 0.01629 Cayman Islands Dollar
1 Philippine Peso = 6.28526 Kazakhstan Tenge
1 Philippine Peso = 163.01152 Lao Kip
1 Philippine Peso = 29.90465 Lebanese Pound
1 Philippine Peso = 3.01549 Sri Lanka Rupee
1 Philippine Peso = 1.78784 Liberian Dollar
1 Philippine Peso = 0.24851 Lesotho Loti
1 Philippine Peso = 0.06056 Lithuanian Lita
1 Philippine Peso = 0.01233 Latvian Lat
1 Philippine Peso = 0.02811 Libyan Dinar
1 Philippine Peso = 0.19785 Moroccan Dirham
1 Philippine Peso = 0.38468 Moldovan Leu
1 Philippine Peso = 1.12515 Macedonian Denar
1 Philippine Peso = 27.19507 Myanmar Kyat
1 Philippine Peso = 48.70878 Mongolian Tugrik
1 Philippine Peso = 0.15892 Macau Pataca
1 Philippine Peso = 7.09178 Mauritania Ougulya
1 Philippine Peso = 0.69785 Mauritius Rupee
1 Philippine Peso = 0.30671 Maldives Rufiyaa
1 Philippine Peso = 14.24096 Malawi Kwacha
1 Philippine Peso = 0.3761 Mexican Peso
1 Philippine Peso = 0.08802 Malaysian Ringgit
1 Philippine Peso = 0.24708 Namibian Dollar
1 Philippine Peso = 6.25745 Nigerian Naira
1 Philippine Peso = 0.58244 Nicaragua Cordoba
1 Philippine Peso = 0.16898 Norwegian Krone
1 Philippine Peso = 2.0729 Nepalese Rupee
1 Philippine Peso = 0.02831 New Zealand Dollar
1 Philippine Peso = 0.00765 Omani Rial
1 Philippine Peso = 0.01986 Panama Balboa
1 Philippine Peso = 0.06437 Peruvian Nuevo Sol
1 Philippine Peso = 0.06286 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.08244 Pakistani Rupee
1 Philippine Peso = 0.0787 Polish Zloty
1 Philippine Peso = 111.14024 Paraguayan Guarani
1 Philippine Peso = 0.07233 Qatar Rial
1 Philippine Peso = 0.08402 Romanian New Leu
1 Philippine Peso = 1.13951 Russian Rouble
1 Philippine Peso = 16.2352 Rwanda Franc
1 Philippine Peso = 0.07449 Saudi Arabian Riyal
1 Philippine Peso = 0.15454 Solomon Islands Dollar
1 Philippine Peso = 0.26917 Seychelles Rupee
1 Philippine Peso = 0.13244 Sudanese Pound
1 Philippine Peso = 0.17566 Swedish Krona
1 Philippine Peso = 0.02783 Singapore Dollar
1 Philippine Peso = 0.0159 St Helena Pound
1 Philippine Peso = 0.44112 Slovak Koruna
1 Philippine Peso = 142.70957 Sierra Leone Leone
1 Philippine Peso = 10.90584 Somali Shilling
1 Philippine Peso = 452.14739 Sao Tome Dobra
1 Philippine Peso = 0.17327 El Salvador Colon
1 Philippine Peso = 10.23004 Syrian Pound
1 Philippine Peso = 0.24791 Swaziland Lilageni
1 Philippine Peso = 0.68872 Thai Baht
1 Philippine Peso = 0.04503 Tunisian Dinar
1 Philippine Peso = 0.04577 Tongan paʻanga
1 Philippine Peso = 0.0722 Turkish Lira
1 Philippine Peso = 0.13328 Trinidad Tobago Dollar
1 Philippine Peso = 0.60552 Taiwan Dollar
1 Philippine Peso = 44.25904 Tanzanian Shilling
1 Philippine Peso = 0.53754 Ukraine Hryvnia
1 Philippine Peso = 71.25546 Ugandan Shilling
1 Philippine Peso = 0.01986 United States Dollar
1 Philippine Peso = 0.55781 Uruguayan New Peso
1 Philippine Peso = 70.42114 Uzbekistan Sum
1 Philippine Peso = 0.19815 Venezuelan Bolivar
1 Philippine Peso = 451.90703 Vietnam Dong
1 Philippine Peso = 2.11462 Vanuatu Vatu
1 Philippine Peso = 0.05075 Samoa Tala
1 Philippine Peso = 12.09416 CFA Franc (BEAC)
1 Philippine Peso = 0.05364 East Caribbean Dollar
1 Philippine Peso = 12.176 CFA Franc (BCEAO)
1 Philippine Peso = 2.18852 Pacific Franc
1 Philippine Peso = 4.96524 Yemen Riyal
1 Philippine Peso = 0.24804 South African Rand
1 Philippine Peso = 103.08899 Zambian Kwacha
1 Philippine Peso = 7.18911 Zimbabwe dollar

PH: Making a difference in 2014 and beyond

By AMANDO TETANGCO  
Bangko Sentral ng Pilipinas Governor 
 
 
The Philippine economy sustained its growth momentum in 2013 even as the economy experienced pockets of turbulence brought about mainly by uncertainty in the external environment. For the first three quarters, GDP increased by 7.4 percent, higher than the 6.7 percent in the same period in 2012. Growth was boosted by the strong performances of services, manufacturing and construction sectors. On the expenditure side, growth came mainly from consumer and public spending as well as increased investments in fixed capital (i.e., construction activities and investments on durable equipment). Indeed, the economy has continued to run on all cylinders. More important, economic growth has been supported by key policy reforms as well as sound macroeconomic policies. The continuation of structural reforms and prudent economic and financial policies is expected to make a difference in 2014 and beyond.  
 
The stance of monetary policy during the year was consistent with the inflation objective while being supportive of productive activities. The full-year 2013 average inflation rate of 3.0 percent was at the low end of the Government’s inflation target range of 3-5 percent for 2013. This is the fifth consecutive year that the inflation has been kept within the Government’s target range. The BSP also continued to fine-tune its monetary policy toolkit to enhance its effectiveness in maintaining price stability and addressing potential imbalances in the financial system that may disrupt the proper functioning of the monetary and financial system.
 
The continuing wide-ranging reforms of the BSP to improve its regulatory framework and supervisory oversight over the banking system have been one of the BSP’s major commitments over the years. The BSP has pursued reforms toward strengthening corporate governance, enhancing transparency, expanding financial products and markets, helping develop the necessary market infrastructure, and strengthening banking regulation and guidelines. These policy actions proved to be effective to the extent that banks in the country are now in a much better shape than years ago. In an increasing globally integrated financial market, the transmission of contagion risks has become faster and swifter. At the same time, the BSP has adopted a menu of macroprudential measures to complement the monetary policy toolkit to better respond to challenges of maintaining financial stability.
 
Furthermore, the BSP has also devised better risk assessment tools to monitor developments in the financial and foreign exchange markets for an early detection of signs of distress. These financial reforms resulted in adequate capitalization and significant improvements in the quality of their assets.
 
 Inclusive system
 
The BSP has also devoted considerable effort in building an inclusive financial system. It formulated a financial inclusion framework that is built on three areas, namely: (1) broad access to credit at reasonable rates through responsible and proportionate regulation that encourages market innovation; (2) timely and relevant economic and financial learning activities; and (3) well-founded financial consumer protection programs. 
 
The BSP has been proactively promoting the development of microfinance since 2000, as a flagship program for poverty alleviation. The BSP has also received international recognition for the significant strides it has made in microfinance. For five years in a row (2009-2013), the Economist Intelligence Unit’s global survey on microfinance has ranked the Philippines as number one in the world in terms of policy and regulatory framework for microfinance and is consistently in the top 10 overall which includes other criteria such as institutional frameworks and stability. Meanwhile, the Credit Surety Fund (CSF) Program is a credit enhancement scheme developed by the BSP which aims to increase the creditworthiness of micro, small and medium enterprises (MSMEs) that are experiencing difficulty in obtaining loans from banks due to lack of acceptable collaterals, credit knowledge and credit track records. The purpose of the CSF Program is to serve as a security for loans of MSMEs from banking institutions by providing a surety cover in lieu of acceptable collaterals. Banks generally require collaterals when extending loans, a requirement that some MSMEs often find difficult to comply. As of 30 November 2013, 29 CSFs have been established in 22 provinces and 7 cities nationwide. Total loans approved under this facility has reached almost P1 billion.  
 
The BSP’s Economic and Financial Learning Program (EFLP) is the flagship program for economic and financial education. This is in line with the BSP’s continuing drive to promote greater awareness and understanding of essential economic and financial issues to help the public acquire knowledge and develop the skills needed to make well-informed economic and financial decisions and choices. Finally, the BSP has also strengthened its financial consumer protection efforts by creating a consumer redress mechanism within the BSP. 
 
Buffer against shocks 
 
The country’s external payment position has likewise remained favorable. This has provided the country substantial cushion to ride out not only the potential headwinds but also the shocks that the external economy could face.
 
The country’s current account continued to exhibit a surplus as overseas Filipino remittances, BPO receipts and tourism revenues provided steady sources of foreign exchange. This situation allowed the BSP to increase the country’s gross international reserves to reach US$83.7 billion as of end-December 2013, enough to cover 12.1 months’ worth of imports of goods and payments of services and income and equivalent to 8.4 times the country’s short-term external debt based on original maturity and 5.8 times based on residual maturity. The BSP’s commitment to improve further external debt management resulted in the decline in the external debt-to-GDP ratio to 21.9 percent in end-September 2013 from the previous year’s ratio of 25.6 percent. 
 
Gains validated
 
The solid macroeconomic fundamentals and sound economic management did not escape the attention of the investment community. The country obtained investment credit rating status from the three major credit rating institutions. Fitch was the first to raise the country’s credit rating status to investment grade on 27 March 2013. Standard & Poor’s and Moody’s followed suit on 2 May 2013 and 23 October 2013, respectively. These rating agencies have cited the disciplined fiscal management, declining reliance on foreign currency debt, strong external position, and low and stable inflation levels as the major bases for the credit rating upgrade. In addition, the BSP was recognized as the best macroeconomic regulator in Asia-Pacific Region for 2013 by the Asian Banker. 
 
Headwinds ahead
 
The BSP recognizes potential risks that could disrupt the economic momentum. The country experienced a trilogy of unfortunate events brought by both man-made and natural calamities: the armed conflict in Zamboanga, the earthquake in Bohol and Cebu, and typhoon Yolanda which affected several regions in the Visayas during the latter part of 2013. The calamities have shown that our “Bayanihan” spirit is a cultural wealth that could be relied upon particularly in times of distress. In this spirit of working together, the BSP also did its part to help ease the impact of Yolanda by putting in place regulatory relief for banks in the affected areas, so banks could extend the same to their customers. 
 
While these natural calamities have caused economic disruption in some parts of the country, the Philippines is expected to weather such adverse effects on the back of strong macroeconomic fundamentals and sustain the growth momentum.
 
Global headwinds could also cause bumpy rides along the way. While latest report from the International Monetary Fund (IMF) projects a higher global economic growth for 2014, there could be a reversal of economic fortunes between advanced and emerging market economies that could tip the growth momentum toward the former. This could result in portfolio rebalancing away from emerging market economies that may cause short-term imbalances among prices of financial assets. The country, however, has enough ammunition to withstand the adverse impact of a sudden capital flows reversal away from emerging market economies. The BSP can deploy a menu of policy actions similar to those adopted during the recent 2008-2009 global financial crisis such as providing liquidity through the BSP’s standing dollar facilities, preventing excessive volatility in the foreign exchange market, as well as access to regional financing arrangements. Moreover, improving economic conditions in advanced economies could translate to higher exports receipts, foreign investments, tourism receipts and workers’ remittances from these countries.
 
Optimistic outlook
 
The outlook on Philippine growth and inflation remains favorable. The economy is expected to grow between 6.5 to 7.5 percent in 2014, with recovery and rehabilitation efforts expected to bolster growth.  
 
For the medium-term, growth would be supported by stronger performance from the construction, manufacturing, business process outsourcing and private services. The country’s attainment of investment grade status could attract not only foreign but also spur local investments that would in turn generate jobs.
 
Inflation is expected to remain within the target range over the policy horizon. In 2014, inflation is seen to be around slightly higher than the mid-point of the target range of 3-5 percent.
 
On course
 
On monetary policy, the BSP is committed to maintaining price stability conducive to a balanced, sustainable and inclusive economic growth. 
 
On financial sector policy, the BSP commits to promote the stability of the financial system by continuing to craft banking regulations that are responsive, consistent with best practices and in line with the international financial architecture reform agenda. 
 
On the external front, the BSP remains supportive of policies that will help cushion the economy from external shocks. We will continue to maintain a market-determined exchange rate and a comfortable level of reserves. The BSP will also continue to promote external debt sustainability by keeping the country’s outstanding external debt manageable and within the economy’s capacity to service its debt in an orderly manner.
 
In conclusion, the BSP will continue to guard against complacency and remain committed to implement monetary and financial sector policies that are supportive of the country’s economic development. While 2014 is expected to be a narrative of continued economic strength, we will guard against tail events, both domestically- and externally-driven, and stay on the course. 
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