May 26, 2018, 3:28 pm
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1 Philippine Peso = 0.06987 UAE Dirham
1 Philippine Peso = 2.04394 Albanian Lek
1 Philippine Peso = 0.03405 Neth Antilles Guilder
1 Philippine Peso = 0.46707 Argentine Peso
1 Philippine Peso = 0.02507 Australian Dollar
1 Philippine Peso = 0.03386 Aruba Florin
1 Philippine Peso = 0.03804 Barbados Dollar
1 Philippine Peso = 1.58684 Bangladesh Taka
1 Philippine Peso = 0.03178 Bulgarian Lev
1 Philippine Peso = 0.00718 Bahraini Dinar
1 Philippine Peso = 33.30759 Burundi Franc
1 Philippine Peso = 0.01902 Bermuda Dollar
1 Philippine Peso = 0.02521 Brunei Dollar
1 Philippine Peso = 0.13049 Bolivian Boliviano
1 Philippine Peso = 0.06941 Brazilian Real
1 Philippine Peso = 0.01902 Bahamian Dollar
1 Philippine Peso = 1.2997 Bhutan Ngultrum
1 Philippine Peso = 0.18862 Botswana Pula
1 Philippine Peso = 380.82557 Belarus Ruble
1 Philippine Peso = 0.038 Belize Dollar
1 Philippine Peso = 0.02456 Canadian Dollar
1 Philippine Peso = 0.01888 Swiss Franc
1 Philippine Peso = 11.92087 Chilean Peso
1 Philippine Peso = 0.1215 Chinese Yuan
1 Philippine Peso = 54.23245 Colombian Peso
1 Philippine Peso = 10.69241 Costa Rica Colon
1 Philippine Peso = 0.01902 Cuban Peso
1 Philippine Peso = 1.79018 Cape Verde Escudo
1 Philippine Peso = 0.41871 Czech Koruna
1 Philippine Peso = 3.37645 Djibouti Franc
1 Philippine Peso = 0.12092 Danish Krone
1 Philippine Peso = 0.9416 Dominican Peso
1 Philippine Peso = 2.20987 Algerian Dinar
1 Philippine Peso = 0.25394 Estonian Kroon
1 Philippine Peso = 0.33993 Egyptian Pound
1 Philippine Peso = 0.51779 Ethiopian Birr
1 Philippine Peso = 0.01623 Euro
1 Philippine Peso = 0.03907 Fiji Dollar
1 Philippine Peso = 0.01422 Falkland Islands Pound
1 Philippine Peso = 0.01425 British Pound
1 Philippine Peso = 0.08823 Ghanaian Cedi
1 Philippine Peso = 0.89024 Gambian Dalasi
1 Philippine Peso = 171.23835 Guinea Franc
1 Philippine Peso = 0.13955 Guatemala Quetzal
1 Philippine Peso = 3.93875 Guyana Dollar
1 Philippine Peso = 0.14924 Hong Kong Dollar
1 Philippine Peso = 0.45305 Honduras Lempira
1 Philippine Peso = 0.11993 Croatian Kuna
1 Philippine Peso = 1.23264 Haiti Gourde
1 Philippine Peso = 5.18261 Hungarian Forint
1 Philippine Peso = 268.49914 Indonesian Rupiah
1 Philippine Peso = 0.06761 Israeli Shekel
1 Philippine Peso = 1.28921 Indian Rupee
1 Philippine Peso = 22.52235 Iraqi Dinar
1 Philippine Peso = 800.64676 Iran Rial
1 Philippine Peso = 2.00476 Iceland Krona
1 Philippine Peso = 2.38368 Jamaican Dollar
1 Philippine Peso = 0.01348 Jordanian Dinar
1 Philippine Peso = 2.08195 Japanese Yen
1 Philippine Peso = 1.91839 Kenyan Shilling
1 Philippine Peso = 1.2975 Kyrgyzstan Som
1 Philippine Peso = 77.23036 Cambodia Riel
1 Philippine Peso = 7.96595 Comoros Franc
1 Philippine Peso = 17.12003 North Korean Won
1 Philippine Peso = 20.46376 Korean Won
1 Philippine Peso = 0.00575 Kuwaiti Dinar
1 Philippine Peso = 0.0156 Cayman Islands Dollar
1 Philippine Peso = 6.24805 Kazakhstan Tenge
1 Philippine Peso = 158.41735 Lao Kip
1 Philippine Peso = 28.6285 Lebanese Pound
1 Philippine Peso = 3.00552 Sri Lanka Rupee
1 Philippine Peso = 2.59102 Liberian Dollar
1 Philippine Peso = 0.23569 Lesotho Loti
1 Philippine Peso = 0.05799 Lithuanian Lita
1 Philippine Peso = 0.0118 Latvian Lat
1 Philippine Peso = 0.02586 Libyan Dinar
1 Philippine Peso = 0.18008 Moroccan Dirham
1 Philippine Peso = 0.31929 Moldovan Leu
1 Philippine Peso = 0.99391 Macedonian Denar
1 Philippine Peso = 25.77516 Myanmar Kyat
1 Philippine Peso = 45.76412 Mongolian Tugrik
1 Philippine Peso = 0.15373 Macau Pataca
1 Philippine Peso = 6.73388 Mauritania Ougulya
1 Philippine Peso = 0.65627 Mauritius Rupee
1 Philippine Peso = 0.29618 Maldives Rufiyaa
1 Philippine Peso = 13.63553 Malawi Kwacha
1 Philippine Peso = 0.37196 Mexican Peso
1 Philippine Peso = 0.07566 Malaysian Ringgit
1 Philippine Peso = 0.23683 Namibian Dollar
1 Philippine Peso = 6.82899 Nigerian Naira
1 Philippine Peso = 0.59717 Nicaragua Cordoba
1 Philippine Peso = 0.15404 Norwegian Krone
1 Philippine Peso = 2.06962 Nepalese Rupee
1 Philippine Peso = 0.02745 New Zealand Dollar
1 Philippine Peso = 0.00732 Omani Rial
1 Philippine Peso = 0.01902 Panama Balboa
1 Philippine Peso = 0.0621 Peruvian Nuevo Sol
1 Philippine Peso = 0.06201 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.19897 Pakistani Rupee
1 Philippine Peso = 0.06975 Polish Zloty
1 Philippine Peso = 108.10348 Paraguayan Guarani
1 Philippine Peso = 0.06924 Qatar Rial
1 Philippine Peso = 0.0751 Romanian New Leu
1 Philippine Peso = 1.17631 Russian Rouble
1 Philippine Peso = 16.13468 Rwanda Franc
1 Philippine Peso = 0.07134 Saudi Arabian Riyal
1 Philippine Peso = 0.15092 Solomon Islands Dollar
1 Philippine Peso = 0.25547 Seychelles Rupee
1 Philippine Peso = 0.34155 Sudanese Pound
1 Philippine Peso = 0.16566 Swedish Krona
1 Philippine Peso = 0.02546 Singapore Dollar
1 Philippine Peso = 0.01422 St Helena Pound
1 Philippine Peso = 0.42241 Slovak Koruna
1 Philippine Peso = 149.32471 Sierra Leone Leone
1 Philippine Peso = 10.69051 Somali Shilling
1 Philippine Peso = 397.78391 Sao Tome Dobra
1 Philippine Peso = 0.16644 El Salvador Colon
1 Philippine Peso = 9.79608 Syrian Pound
1 Philippine Peso = 0.23678 Swaziland Lilageni
1 Philippine Peso = 0.60662 Thai Baht
1 Philippine Peso = 0.0483 Tunisian Dinar
1 Philippine Peso = 0.04363 Tongan paʻanga
1 Philippine Peso = 0.08961 Turkish Lira
1 Philippine Peso = 0.1286 Trinidad Tobago Dollar
1 Philippine Peso = 0.56886 Taiwan Dollar
1 Philippine Peso = 43.27563 Tanzanian Shilling
1 Philippine Peso = 0.49705 Ukraine Hryvnia
1 Philippine Peso = 71.0291 Ugandan Shilling
1 Philippine Peso = 0.01902 United States Dollar
1 Philippine Peso = 0.5933 Uruguayan New Peso
1 Philippine Peso = 151.83565 Uzbekistan Sum
1 Philippine Peso = 1494.25528 Venezuelan Bolivar
1 Philippine Peso = 433.30797 Vietnam Dong
1 Philippine Peso = 2.03595 Vanuatu Vatu
1 Philippine Peso = 0.04914 Samoa Tala
1 Philippine Peso = 10.63667 CFA Franc (BEAC)
1 Philippine Peso = 0.05136 East Caribbean Dollar
1 Philippine Peso = 10.63667 CFA Franc (BCEAO)
1 Philippine Peso = 1.926 Pacific Franc
1 Philippine Peso = 4.75366 Yemen Riyal
1 Philippine Peso = 0.23681 South African Rand
1 Philippine Peso = 98.716 Zambian Kwacha
1 Philippine Peso = 6.88415 Zimbabwe dollar

Rate hike expectations still alive

The Philippines held its spot as one of the fastest-expanding economies in Asia, posting 6.7 percent growth in 2017 and sustaining  expectations the central bank could tighten monetary policy this year.

Strong domestic demand and higher government spending have propelled the economy to 76 quarters of uninterrupted growth, making it one of the region’s outperformers.

Bangko Sentral ng Pilipinas governor Nestor Espenilla said robust economic growth in the fourth quarter gave it “ample policy space” to meet its inflation target of 2 to 4 percent. 
Inflation averaged 3.2 percent in 2017.

The Philippines’ growth momentum is expected to persist well into 2018, as the government pushes ahead with its six-year $180-billion infrastructure program.

Government consumption was a key driver of growth in the last quarter of the year, posting a hefty climb of 14.3 percent from a year ago, compared with 4.5 percent growth in 2016.

The government’s infrastructure push led to a surge in imports of capital goods last year, widening the trade deficit to a record in November.

While the deficit pointed to strong economic activity, the widening trade gap has added to worries a current account deficit could persist in 2018 and continue to pressure the peso, Asia’s worst-performing currency so far this year.

That led Capital Economics to strike a more cautious tone.

“Import growth is set to remain well within the double figures, fuelled by demand for capital goods to supply the boom in infrastructure spending. As a result, net trade is likely to act as a bigger drag on growth,” it said in research note.

The peso fell back into 51 to the dollar territory to its weakest in more than two months after the data.

The prospect of a weaker peso and higher inflation, due to higher taxes plus rising oil and food prices, could persuade the central bank to hike rates in 2018 for the first time in more than three years, economists said.

“The central bank is focused more on inflation rather than the GDP numbers, so that means the pressure is still there for the central bank to raise interest rates especially if inflation stays close to or hits the upper end of the target range,” said Angelo Taningco, economist at Security Bank in Manila.


Inflation averaged 3.2 percent in 2017, above the midpoint of the central bank’s 2 to 4 percent target for that year.

The central bank last hiked rates in September 2014. It set the overnight borrowing rate at 3 percent when it moved to an interest rate corridor system in June 2016. 

The country’s growth momentum, among Asia’s fastest, is expected to persist well into 2018 as the government of President Duterte raises annual infrastructure spending under its record P3.8 trillion  budget this year, according to HSBC 

“Government spending has been a substantial contributor to growth (in 2017)... This is an important development, if it persists, as it could suggest that the government is finally curbing its historical pattern of underspending,” HSBC said in a research note.

The government’s infrastructure push led to a surge in imports of capital goods last year, widening the trade deficit to a record in November.

While the deficit pointed to strong economic activity, the widening trade gap has added to worries a current account deficit could persist in 2018 and continue to pressure the peso, Asia’s worst performing currency so far this year.

Industry, which grew 7.3 percent in the fourth quarter, contributed most to fourth quarter GDP, followed by services, which climbed 6.8 percent from last year and agriculture, which grew an annual pace of 2.4 percent.

Presidential spokesman Harry Roque yesterday shrugged off the slowdown in the GDP growth saying this is drop is negligible and within the country’s set growth target for last year.

Roque said the country’s high growth rate is a contributing factor in the high optimism that Filipinos have for 2018 and the high acceptance and approval ratings of President Duterte based on the fourth quarter surveys of different polling groups.

Property consultant Colliers International meanwhile is optimistic  the Philippines’ growth will remain stable over the next five years, benefitting the property market. 

Colliers said the property market will benefit primarily from the government’s accelerated infrastructure spending. 

“Aside from unlocking land values in areas outside Metro Manila, ramped up public infrastructure outlay coupled with decentralization should open more opportunities for firms engaged in construction, and operation and maintenance (O&M) of key transport infrastructure,” Colliers said. 

“Hence, we encourage the developers’ infrastructure units to explore O&M opportunities involving transportation projects in and outside of Manila.

Economy and property on upward trajectory,” it added.
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