June 24, 2018, 8:34 am
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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

Shifting gears from visitor arrivals to economic benefits

AS THE Department of Tourism (DOT) is set to miss its visitor arrival target this year, the government is now setting its sights on bigger economic prospects of the industry despite hitting only half of its 10-million tourist goal in 2015.

With only five months left in the Aquino administration, the DOT has shifted its gears from focusing on the number of visitor arrivals to achieving other economic aspects of the industry, such as inclusive growth and greater revenue yields, according to Benito Bengzon, tourism undersecretary for planning.

“In our preliminary discussions, we are now putting a greater focus on inclusive growth, support to small and medium enterprises, and the overarching principle of sustainability or sustainable development,” Bengzon said.

This “wider net” for all public and private stakeholders should be prioritized by the government not only in the final days of the Aquino administration but also the next, he said.

Bengzon said the country should step up its efforts in ensuring local communities benefit from the overall growth of the industry. 

“People now have to understand we’re in the big league. With the 5-million mark, this now allows us now to shift gears to economic benefits and development,” he said.

Despite the industry’s failure to attract 10 million visitors by the time the president bows out from office in June, the government is still on track with its target of achieving about P350-billion in tourism revenues in 2015.

Instead of focusing on the tourist arrivals, this is the bigger cherry that the DOT is aiming for, larger tourism receipts from visitors coming from high-yield markets.

These source markets, like those from the Middle East and Europe, post higher average daily expenditures and longer staying duration.

“The more that you are attracting higher spending and longer staying markets, the more that you are also generating higher tourism revenues,” Rolando Canizal, Assistant Secretary for Tourism Development Planning, said in an earlier interview.

In 2014, total international tourism receipts already grew by 21.9 percent to P274.6-billion, accounting for 7.6 percent out of the country’s Total Exports of Goods and Services.

Inbound tourism also ranked third among the biggest exports in 2014, following miscellaneous services at 25.1 percent and semiconductors at 19.2 percent.

The DOT is targeting to grow this to P350.4-billion for full-year 2015 and an estimated P455-billion this year.

The aggressive growth of the industry is also pushing domestic tourism to new records, with total domestic receipts expected to hit P1.6-trillion in 2015.

From P1.469-trillion in 2014, the tourism agency is looking to grow this figure by 9 percent this year.

Enticing tour packages and low-fare packages of local airlines are fuelling the growth of domestic tourism, as well as a new-found appreciation of Filipinos for traveling, said Canizal.

With the tourism industry geared towards meeting its revenue target by 2016, this will also push a stronger contribution to the country’s gross domestic product (GDP).

The contribution of the tourism industry to the GDP has already grown by almost two percentage points since 2009.

According to data from the Philippine Statistics Authority (PSA), the share of the tourism industry to GDP, as measured by the contribution of tourism direct gross value added (TDGVA), grew to 7.8 percent in 2014 from 5.9 in 2009.

The DOT is looking to grow this to 8.7 percent by the end of this year and double digits in the short-term. 

“If you look at the figures, there has been a very steady increase in the contribution of tourism to GDP. We’re very confident that we will increase it to double digits in the next two years and bring tourism to a level that is what you see in highly developed tourism countries,”Bengzonsaid.

The TDGVA totalled P982.4-billion in 2014, a 14 percent increase from P861.7-billion in 2013. It already surpassed the P974.0-billion TDGVA target for 2015.

Accommodation services contributed the biggest share to TGDVA at 32.6 percent, followed by shopping of tourism goods at 15.3 percent.

Miscellaneous services were at 15.2 percent, transport services at 12.6 percent, entertainment and recreation at 10.9 percent.

Travel agencies and other reservation services shared 8.6 percent and the food and beverage services contributed 4.7 percent.

The TDGVA is based on the results of the Philippine Tourism Satellite Accounts (PTSA) and serves as a value-added measurement for all the tourism activities of domestic and foreign visitors in the country.

More than any other key economic aspect the government should focus on, according to Bengzon, is expanding the number of persons directly and indirectly employed in the industry.

The DOT is optimistic about the prospects for the travel and tourism industry in the country, citing opening of numerous hotels, resorts and casinos in the country this year and the next.

They are looking to grow employment in the industry to 6.3 million in 2015 and 7.4 million in 2016 coming from 4.758-million in 2014.

“That is very achievable. Employment is geometric. If it doesn’t happen by 2016, it will in the next two to three years. It is too tricky to predict but too exciting to watch,” said Tourism Secretary Ramon Jimenez in an earlier interview.

The percentage share of employment in the tourism industries to total employment in the country has grown to 12.5 percent coming from 11.1 percent in the last year of the previous administration, data from the PSA and DOT showed.

Passenger transport contributed to 35.6 percent of total employment in 2014, followed by 34.8 percent in the accommodation, food and beverage industry.

Entertainment and recreation shared another 7.4 percent, Retail Trade on Tourism with 6.6 percent and Travel Agencies 0.06 percent.

The Philippines is already among the top tourism employers in Southeast Asia, according to data from the World Travel and Tourism Council (WTTC).

The country placed third among its Asean counterparts in terms of number of jobs generated in the T&T sector, which include direct and indirect employment contributions to the industry.

Indonesia topped the list with around 9.81-million persons, with Thailand coming in at a far second, with an estimated 5.38-million employees in the T&T sector.
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