May 25, 2017, 10:55 am
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1 Philippine Peso = 0.07381 UAE Dirham
1 Philippine Peso = 2.39851 Albanian Lek
1 Philippine Peso = 0.03597 Neth Antilles Guilder
1 Philippine Peso = 0.32504 Argentine Peso
1 Philippine Peso = 0.02683 Australian Dollar
1 Philippine Peso = 0.03597 Aruba Florin
1 Philippine Peso = 0.04019 Barbados Dollar
1 Philippine Peso = 1.61957 Bangladesh Taka
1 Philippine Peso = 0.03496 Bulgarian Lev
1 Philippine Peso = 0.00756 Bahraini Dinar
1 Philippine Peso = 34.20217 Burundi Franc
1 Philippine Peso = 0.0201 Bermuda Dollar
1 Philippine Peso = 0.02784 Brunei Dollar
1 Philippine Peso = 0.13867 Bolivian Boliviano
1 Philippine Peso = 0.06563 Brazilian Real
1 Philippine Peso = 0.0201 Bahamian Dollar
1 Philippine Peso = 1.30125 Bhutan Ngultrum
1 Philippine Peso = 0.20751 Botswana Pula
1 Philippine Peso = 402.33121 Belarus Ruble
1 Philippine Peso = 0.04015 Belize Dollar
1 Philippine Peso = 0.0271 Canadian Dollar
1 Philippine Peso = 0.01953 Swiss Franc
1 Philippine Peso = 13.47267 Chilean Peso
1 Philippine Peso = 0.13847 Chinese Yuan
1 Philippine Peso = 58.35812 Colombian Peso
1 Philippine Peso = 11.51125 Costa Rica Colon
1 Philippine Peso = 0.0201 Cuban Peso
1 Philippine Peso = 1.96925 Cape Verde Escudo
1 Philippine Peso = 0.47339 Czech Koruna
1 Philippine Peso = 3.57074 Djibouti Franc
1 Philippine Peso = 0.13296 Danish Krone
1 Philippine Peso = 0.94574 Dominican Peso
1 Philippine Peso = 2.17205 Algerian Dinar
1 Philippine Peso = 0.27938 Estonian Kroon
1 Philippine Peso = 0.36314 Egyptian Pound
1 Philippine Peso = 0.46021 Ethiopian Birr
1 Philippine Peso = 0.01786 Euro
1 Philippine Peso = 0.0421 Fiji Dollar
1 Philippine Peso = 0.01545 Falkland Islands Pound
1 Philippine Peso = 0.01546 British Pound
1 Philippine Peso = 0.08669 Ghanaian Cedi
1 Philippine Peso = 0.90334 Gambian Dalasi
1 Philippine Peso = 181.20981 Guinea Franc
1 Philippine Peso = 0.14748 Guatemala Quetzal
1 Philippine Peso = 4.11013 Guyana Dollar
1 Philippine Peso = 0.15644 Hong Kong Dollar
1 Philippine Peso = 0.47082 Honduras Lempira
1 Philippine Peso = 0.13208 Croatian Kuna
1 Philippine Peso = 1.33903 Haiti Gourde
1 Philippine Peso = 5.50744 Hungarian Forint
1 Philippine Peso = 267.16239 Indonesian Rupiah
1 Philippine Peso = 0.0719 Israeli Shekel
1 Philippine Peso = 1.29803 Indian Rupee
1 Philippine Peso = 23.73392 Iraqi Dinar
1 Philippine Peso = 651.98958 Iran Rial
1 Philippine Peso = 2.0008 Iceland Krona
1 Philippine Peso = 2.60008 Jamaican Dollar
1 Philippine Peso = 0.01424 Jordanian Dinar
1 Philippine Peso = 2.23286 Japanese Yen
1 Philippine Peso = 2.07094 Kenyan Shilling
1 Philippine Peso = 1.36441 Kyrgyzstan Som
1 Philippine Peso = 81.2902 Cambodia Riel
1 Philippine Peso = 9.04341 Comoros Franc
1 Philippine Peso = 18.08682 North Korean Won
1 Philippine Peso = 22.44775 Korean Won
1 Philippine Peso = 0.00609 Kuwaiti Dinar
1 Philippine Peso = 0.01648 Cayman Islands Dollar
1 Philippine Peso = 6.24598 Kazakhstan Tenge
1 Philippine Peso = 164.32878 Lao Kip
1 Philippine Peso = 30.27532 Lebanese Pound
1 Philippine Peso = 3.06873 Sri Lanka Rupee
1 Philippine Peso = 1.84887 Liberian Dollar
1 Philippine Peso = 0.26588 Lesotho Loti
1 Philippine Peso = 0.06127 Lithuanian Lita
1 Philippine Peso = 0.01247 Latvian Lat
1 Philippine Peso = 0.02803 Libyan Dinar
1 Philippine Peso = 0.19542 Moroccan Dirham
1 Philippine Peso = 0.36586 Moldovan Leu
1 Philippine Peso = 1.09586 Macedonian Denar
1 Philippine Peso = 27.49196 Myanmar Kyat
1 Philippine Peso = 48.43248 Mongolian Tugrik
1 Philippine Peso = 0.16115 Macau Pataca
1 Philippine Peso = 7.19453 Mauritania Ougulya
1 Philippine Peso = 0.69695 Mauritius Rupee
1 Philippine Peso = 0.3115 Maldives Rufiyaa
1 Philippine Peso = 14.4168 Malawi Kwacha
1 Philippine Peso = 0.37541 Mexican Peso
1 Philippine Peso = 0.08626 Malaysian Ringgit
1 Philippine Peso = 0.26598 Namibian Dollar
1 Philippine Peso = 6.33039 Nigerian Naira
1 Philippine Peso = 0.59385 Nicaragua Cordoba
1 Philippine Peso = 0.16751 Norwegian Krone
1 Philippine Peso = 2.07195 Nepalese Rupee
1 Philippine Peso = 0.02866 New Zealand Dollar
1 Philippine Peso = 0.00773 Omani Rial
1 Philippine Peso = 0.0201 Panama Balboa
1 Philippine Peso = 0.06572 Peruvian Nuevo Sol
1 Philippine Peso = 0.06587 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.10309 Pakistani Rupee
1 Philippine Peso = 0.07495 Polish Zloty
1 Philippine Peso = 111.9996 Paraguayan Guarani
1 Philippine Peso = 0.07317 Qatar Rial
1 Philippine Peso = 0.0813 Romanian New Leu
1 Philippine Peso = 1.13651 Russian Rouble
1 Philippine Peso = 16.46403 Rwanda Franc
1 Philippine Peso = 0.07535 Saudi Arabian Riyal
1 Philippine Peso = 0.15881 Solomon Islands Dollar
1 Philippine Peso = 0.26967 Seychelles Rupee
1 Philippine Peso = 0.13384 Sudanese Pound
1 Philippine Peso = 0.17452 Swedish Krona
1 Philippine Peso = 0.02785 Singapore Dollar
1 Philippine Peso = 0.01546 St Helena Pound
1 Philippine Peso = 0.44626 Slovak Koruna
1 Philippine Peso = 149.31673 Sierra Leone Leone
1 Philippine Peso = 11.03296 Somali Shilling
1 Philippine Peso = 437.5784 Sao Tome Dobra
1 Philippine Peso = 0.17528 El Salvador Colon
1 Philippine Peso = 10.34928 Syrian Pound
1 Philippine Peso = 0.26605 Swaziland Lilageni
1 Philippine Peso = 0.69031 Thai Baht
1 Philippine Peso = 0.04822 Tunisian Dinar
1 Philippine Peso = 0.04643 Tongan paʻanga
1 Philippine Peso = 0.0716 Turkish Lira
1 Philippine Peso = 0.13463 Trinidad Tobago Dollar
1 Philippine Peso = 0.60344 Taiwan Dollar
1 Philippine Peso = 44.81511 Tanzanian Shilling
1 Philippine Peso = 0.52904 Ukraine Hryvnia
1 Philippine Peso = 72.62862 Ugandan Shilling
1 Philippine Peso = 0.0201 United States Dollar
1 Philippine Peso = 0.56692 Uruguayan New Peso
1 Philippine Peso = 76.36656 Uzbekistan Sum
1 Philippine Peso = 0.20045 Venezuelan Bolivar
1 Philippine Peso = 454.6624 Vietnam Dong
1 Philippine Peso = 2.15394 Vanuatu Vatu
1 Philippine Peso = 0.05199 Samoa Tala
1 Philippine Peso = 11.70539 CFA Franc (BEAC)
1 Philippine Peso = 0.05426 East Caribbean Dollar
1 Philippine Peso = 11.75181 CFA Franc (BCEAO)
1 Philippine Peso = 2.11917 Pacific Franc
1 Philippine Peso = 5.02271 Yemen Riyal
1 Philippine Peso = 0.2661 South African Rand
1 Philippine Peso = 104.2906 Zambian Kwacha
1 Philippine Peso = 7.27291 Zimbabwe dollar

Q1 GDP growth weakest in a year

The economy grew at its slowest pace in more than a year in the first quarter on weaker government spending, but strong exports and domestic consumption suggest the Philippines remains poised to raise rates this year.

It was the slowest economic expansion since  President Duterte took office nearly a year ago, sending Manila’s equities down more than 1 percent and the peso to a one-week low.

Gross domestic product grew 6.4 percent in January-March from a year earlier, below forecasts for 6.8 to 7 percent growth and the slowest since the last quarter of 2015.

The Philippine Statistics Authority revised growth in October-December 2015 to 6.3 percent from 6.7 percent.

But the Philippines remains one of the fastest growing economies in Asia with robust consumption, which fuelled last year’s growth, continuing to bolster economic activity as exports pick up.

Economic Planning Secretary Ernesto Pernia said the Philippines’ growth outpaced those of Vietnam and Indonesia which grew by only 5.1 percent, and Thailand by only 3.3 percent. 

“We are only second to China’s growth of 6.9 percent while India’s number hasn’t come out yet,” said  Pernia.

“Moving forward, the domestic economy is poised to maintain its growth momentum with the recovery of external trade and the private sector’s steadfast optimism,” he said, adding growth was broadly in line with the 6.5-7.5 percent  target for this year.

Pernia said the slowdown could be explained by the absence of election spending, which boosted growth a year earlier.

Exports grew 20.3 percent in the first quarter from a year earlier and domestic consumption rose 5.7 percent. But government consumption growth eased to 0.2 percent from 4.5 percent in the previous quarter and 11.8 percent a year ago in the absence of election spending.

The agriculture sector, which comprises 9.1 percent of the economy, grew 4.9 percent, a reversal from a 4.3 percent contraction a year ago. 

Industry sector, comprising 34.2 percent of the economy, slowed down to 6.1 percent compared to a 9.3 percent growth in 2016. 

Services, which account for  56.7 percent of the total economy, meanwhile slowed down to 6.8 percent compared to a 7.5 percent recorded a year ago. 

Net primary income from the rest of the world (NPI) slowed down to 3.9 percent from 9.4 percent last year, resulting to the gross national income (GNI) to grow 5.9 percent compared to 7.3 percent the previous year.

Private consumption as measured by household expenditure grew 5.7 percent, slower still compared to the 7.1 percent recorded a year ago. Government consumption grew 0.2 percent, an insignificant fraction of the 11.8 percent growth in 2016, which is credited to the “delays in the implementation and procurement of various government programs.”

“The changing of the guards of the government and reorientation of programs really take time to settle, and this slowed government spending for the quarter.  Note, however, that this was better than during the previous administration where government consumption spending and public construction contracted by about 15 percent and 37 percent, respectively,” said Pernia. 

To sustain the economy’s growth momentum and ensure its effects are more broadly felt, Duterte has promised to spend up to $180 billion over six years to build and modernize railways, airports, seaports and roads.

The stimulus would help offset the impact of protectionist US policies on remittances from overseas Filipinos and on American investment in business process outsourcing to the Philippines, a vital sector for the economy.

 Strong exports and consumer spending, however, should put the central bank on course to raise interest rates this year, economists said.

“With robust growth and rising inflation, the space for the central bank to maintain its policy stance is closing,” said ANZ economist Eugenia Victorino who expects a 50-basis-point hike in rates this year.

“Given the government’s aggressive fiscal plan this year, it remains to be seen if spending may accelerate going forward, which will definitely be a big boost to GDP growth momentum,” said Gundy Cahyadi, economist at DBS Bank. Cahyadi expects full-year growth to come in at 6.4 percent.

The economy grew a seasonally adjusted 1.1 percent from the previous three months, also less than the 1.5 percent forecast in a Reuters poll and the slowest in eight quarters.

James Lago, head of research at PCCI Securities, Inc. said the slow growth for the period is to be expected in the backdrop of a strong growth the economy posted the year prior.

“The reality is like that. The first quarter  corporate earnings reports already gave indication. The first quarter figures just validated it. Specially last year the growth rates are coming in a way above historical average, this year will be more of normalization,” said Lago.  (R. Castro, Reuters)
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