June 22, 2018, 12:41 pm
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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

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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