June 25, 2018, 10:07 am
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.06901 UAE Dirham
1 Philippine Peso = 2.02912 Albanian Lek
1 Philippine Peso = 0.03401 Neth Antilles Guilder
1 Philippine Peso = 0.5072 Argentine Peso
1 Philippine Peso = 0.02524 Australian Dollar
1 Philippine Peso = 0.03345 Aruba Florin
1 Philippine Peso = 0.03758 Barbados Dollar
1 Philippine Peso = 1.57159 Bangladesh Taka
1 Philippine Peso = 0.03155 Bulgarian Lev
1 Philippine Peso = 0.00712 Bahraini Dinar
1 Philippine Peso = 32.90079 Burundi Franc
1 Philippine Peso = 0.01879 Bermuda Dollar
1 Philippine Peso = 0.02526 Brunei Dollar
1 Philippine Peso = 0.1289 Bolivian Boliviano
1 Philippine Peso = 0.07111 Brazilian Real
1 Philippine Peso = 0.01879 Bahamian Dollar
1 Philippine Peso = 1.28053 Bhutan Ngultrum
1 Philippine Peso = 0.19402 Botswana Pula
1 Philippine Peso = 376.17437 Belarus Ruble
1 Philippine Peso = 0.03754 Belize Dollar
1 Philippine Peso = 0.02493 Canadian Dollar
1 Philippine Peso = 0.01856 Swiss Franc
1 Philippine Peso = 11.99061 Chilean Peso
1 Philippine Peso = 0.12218 Chinese Yuan
1 Philippine Peso = 54.75385 Colombian Peso
1 Philippine Peso = 10.57591 Costa Rica Colon
1 Philippine Peso = 0.01879 Cuban Peso
1 Philippine Peso = 1.77772 Cape Verde Escudo
1 Philippine Peso = 0.41526 Czech Koruna
1 Philippine Peso = 3.33615 Djibouti Franc
1 Philippine Peso = 0.12016 Danish Krone
1 Philippine Peso = 0.92728 Dominican Peso
1 Philippine Peso = 2.1963 Algerian Dinar
1 Philippine Peso = 0.25225 Estonian Kroon
1 Philippine Peso = 0.33484 Egyptian Pound
1 Philippine Peso = 0.51146 Ethiopian Birr
1 Philippine Peso = 0.01612 Euro
1 Philippine Peso = 0.03918 Fiji Dollar
1 Philippine Peso = 0.01416 Falkland Islands Pound
1 Philippine Peso = 0.01417 British Pound
1 Philippine Peso = 0.08979 Ghanaian Cedi
1 Philippine Peso = 0.87956 Gambian Dalasi
1 Philippine Peso = 169.07178 Guinea Franc
1 Philippine Peso = 0.14072 Guatemala Quetzal
1 Philippine Peso = 3.87599 Guyana Dollar
1 Philippine Peso = 0.14741 Hong Kong Dollar
1 Philippine Peso = 0.44878 Honduras Lempira
1 Philippine Peso = 0.11882 Croatian Kuna
1 Philippine Peso = 1.24803 Haiti Gourde
1 Philippine Peso = 5.23224 Hungarian Forint
1 Philippine Peso = 264.43067 Indonesian Rupiah
1 Philippine Peso = 0.06764 Israeli Shekel
1 Philippine Peso = 1.27568 Indian Rupee
1 Philippine Peso = 22.24728 Iraqi Dinar
1 Philippine Peso = 798.38407 Iran Rial
1 Philippine Peso = 2.03119 Iceland Krona
1 Philippine Peso = 2.45509 Jamaican Dollar
1 Philippine Peso = 0.01333 Jordanian Dinar
1 Philippine Peso = 2.06417 Japanese Yen
1 Philippine Peso = 1.89121 Kenyan Shilling
1 Philippine Peso = 1.28183 Kyrgyzstan Som
1 Philippine Peso = 76.00526 Cambodia Riel
1 Philippine Peso = 7.92522 Comoros Franc
1 Philippine Peso = 16.91094 North Korean Won
1 Philippine Peso = 20.86622 Korean Won
1 Philippine Peso = 0.00568 Kuwaiti Dinar
1 Philippine Peso = 0.01541 Cayman Islands Dollar
1 Philippine Peso = 6.38595 Kazakhstan Tenge
1 Philippine Peso = 158.00451 Lao Kip
1 Philippine Peso = 28.292 Lebanese Pound
1 Philippine Peso = 2.98572 Sri Lanka Rupee
1 Philippine Peso = 2.74709 Liberian Dollar
1 Philippine Peso = 0.25254 Lesotho Loti
1 Philippine Peso = 0.05728 Lithuanian Lita
1 Philippine Peso = 0.01166 Latvian Lat
1 Philippine Peso = 0.02548 Libyan Dinar
1 Philippine Peso = 0.1786 Moroccan Dirham
1 Philippine Peso = 0.3177 Moldovan Leu
1 Philippine Peso = 0.98891 Macedonian Denar
1 Philippine Peso = 25.98647 Myanmar Kyat
1 Philippine Peso = 45.97896 Mongolian Tugrik
1 Philippine Peso = 0.15183 Macau Pataca
1 Philippine Peso = 6.67042 Mauritania Ougulya
1 Philippine Peso = 0.65295 Mauritius Rupee
1 Philippine Peso = 0.29256 Maldives Rufiyaa
1 Philippine Peso = 13.4053 Malawi Kwacha
1 Philippine Peso = 0.37584 Mexican Peso
1 Philippine Peso = 0.07518 Malaysian Ringgit
1 Philippine Peso = 0.25239 Namibian Dollar
1 Philippine Peso = 6.72679 Nigerian Naira
1 Philippine Peso = 0.59207 Nicaragua Cordoba
1 Philippine Peso = 0.15205 Norwegian Krone
1 Philippine Peso = 2.03401 Nepalese Rupee
1 Philippine Peso = 0.02719 New Zealand Dollar
1 Philippine Peso = 0.00723 Omani Rial
1 Philippine Peso = 0.01879 Panama Balboa
1 Philippine Peso = 0.06134 Peruvian Nuevo Sol
1 Philippine Peso = 0.0609 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.28222 Pakistani Rupee
1 Philippine Peso = 0.06966 Polish Zloty
1 Philippine Peso = 106.55769 Paraguayan Guarani
1 Philippine Peso = 0.06839 Qatar Rial
1 Philippine Peso = 0.07509 Romanian New Leu
1 Philippine Peso = 1.18236 Russian Rouble
1 Philippine Peso = 15.96073 Rwanda Franc
1 Philippine Peso = 0.07046 Saudi Arabian Riyal
1 Philippine Peso = 0.1479 Solomon Islands Dollar
1 Philippine Peso = 0.25235 Seychelles Rupee
1 Philippine Peso = 0.33738 Sudanese Pound
1 Philippine Peso = 0.16635 Swedish Krona
1 Philippine Peso = 0.02551 Singapore Dollar
1 Philippine Peso = 0.01417 St Helena Pound
1 Philippine Peso = 0.41725 Slovak Koruna
1 Philippine Peso = 149.94363 Sierra Leone Leone
1 Philippine Peso = 10.72905 Somali Shilling
1 Philippine Peso = 394.98309 Sao Tome Dobra
1 Philippine Peso = 0.16441 El Salvador Colon
1 Philippine Peso = 9.67644 Syrian Pound
1 Philippine Peso = 0.25202 Swaziland Lilageni
1 Philippine Peso = 0.61856 Thai Baht
1 Philippine Peso = 0.04882 Tunisian Dinar
1 Philippine Peso = 0.04333 Tongan paʻanga
1 Philippine Peso = 0.08786 Turkish Lira
1 Philippine Peso = 0.12682 Trinidad Tobago Dollar
1 Philippine Peso = 0.56924 Taiwan Dollar
1 Philippine Peso = 42.63435 Tanzanian Shilling
1 Philippine Peso = 0.49267 Ukraine Hryvnia
1 Philippine Peso = 72.51597 Ugandan Shilling
1 Philippine Peso = 0.01879 United States Dollar
1 Philippine Peso = 0.59451 Uruguayan New Peso
1 Philippine Peso = 147.50094 Uzbekistan Sum
1 Philippine Peso = 1499.4363 Venezuelan Bolivar
1 Philippine Peso = 430.10147 Vietnam Dong
1 Philippine Peso = 2.07159 Vanuatu Vatu
1 Philippine Peso = 0.0488 Samoa Tala
1 Philippine Peso = 10.56614 CFA Franc (BEAC)
1 Philippine Peso = 0.05073 East Caribbean Dollar
1 Philippine Peso = 10.56614 CFA Franc (BCEAO)
1 Philippine Peso = 1.92165 Pacific Franc
1 Philippine Peso = 4.69466 Yemen Riyal
1 Philippine Peso = 0.25241 South African Rand
1 Philippine Peso = 97.51033 Zambian Kwacha
1 Philippine Peso = 6.80008 Zimbabwe dollar

PH next to hike rates?

HONG KONG. --  Tighter monetary policy is coming to Asia next year. Yet it will lag the Federal Reserve’s rate hikes as Asian central banks balance an exports-led revival in growth with a slowdown in regional locomotive China.

That will mark a shift from a few months ago when most economists expected Asian policy makers to hold their ground or even ease further, but the trade windfall behind a synchronized uptick in global growth is seen lasting longer.

Last week South Korea took advantage of the trade boom to normalize policy, lifting rates for the first time in more than six years, and analysts expect Malaysia and Philippines -- where growth has also benefited from a surge in public investment - to hike in the first quarter.

With the benefit of hindsight when the Fed in 2013 signaled it was time to exit ultra-low rates and sparked a taper tantrum, regional central banks should be more confident of looking at the strength of their own economies rather than that of the United States.

“The last couple of years has shown us that monetary policy in this region can decouple from the US,” said Khoon Goh, head of Asia research at ANZ.

“Obviously they are cognizant of what the Fed does and capital flows ... (but) this is not a case of central banks being forced to act just because the Fed is looking to tighten further.”

That de-coupling has been on show in the past two years as Asia shrugged off four US rate hikes, and some countries even cut rates over that period.

South Korea was the first major Asian economy to lift rates since Indonesia’s November 2014 move, which was reversed three months later as markets eventually took the view that a US lift-off won’t necessarily derail global growth.

Of course, the Fed cannot be totally ignored as it is expected to hike again next week and two to three more times in 2018. Korea and Malaysia have some of the lowest real interest rates relative to the United States since the global financial crisis and were responsible for most of the net bond market outflows in Asia in October.

Australia and New Zealand could hike later next year, China might raise its short-term policy rates, while some analysts expect even India and Indonesia, which have been cutting recently, to reverse their moves.

China is emerging as a key driver of Asia’s policy track next year, with growth in the world’s second-biggest economy set to lose momentum as authorities there extend a year-long crackdown on financial risks.

The numbers show Asia is less dependent on American growth than in the past.

While emerging Asia’s trade with the United States has gone up by 40 percent since the global financial crisis, its trade with China has risen 120 percent, according to Reuters calculations based on IMF data. Emerging Asia now trades 70 percent more with China than it does with the United States.

That means monetary tightening in the region will lag the Fed, as long as any capital outflows driven by the narrower rate differentials do not lead to significantly weaker currencies. Stubbornly low inflation and elevated household debt may also slow rate hikes in some countries.

“We have a picture where the average Asian central bank hikes less than the US,” said Louis Kuijs, head of Asia economics at Oxford Economics.

“We can argue they can do that without putting pressure on their real economy or financial sector because first, in some countries like India or Indonesia rates start from a higher level than in the United States and they have a buffer and secondly, the dollar would not strengthen a lot.”

The good news is that during synchronized global growth the dollar historically tends to be stable or weaker, suggesting that Asian currencies will likely avoid a sharp shakeout.

Kuijs expects the 4-8 percent strengthening in Asian currencies this year to come to a halt in 2018, when some might weaken slightly, but by less than 4 percent. BofA Merrill Lynch sees most currencies flat in 2018.

The other element mitigating the risk of capital outflows is that while short-term bond yields are rising in the US and Asia in anticipation of higher rates, long-term yields have remained stable as markets are yet to be convinced of any global inflationary pressures.

While US two-year yields rose from 1.2 to 1.8 percent this year, 10-year yields dipped 6 basis points to 2.39 percent, still below South Korean yields.

“We’re pretty comfortable with the monetary policy outlook for Asia,” said Bryan Collins, portfolio manager, fixed income, at Fidelity International, who sees opportunities in long-dated Asian debt. – Reuters 
 
Category: 
Rating: 
No votes yet

Column of the Day

Supply-side economics

Dahli Aspillera's picture
By DAHLI ASPILLERA | June 25,2018
‘The 15 percent of the world’s population living in the most prosperous 24 countries, consumed 74 percent of world’s output.’

Opinion of the Day

It takes a jacket

Jose Bayani Baylon's picture
By JOSE BAYANI BAYLON | June 25, 2018
‘The context made it worse.’