August 24, 2017, 4:38 pm
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1 Philippine Peso = 0.07186 UAE Dirham
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1 Philippine Peso = 0.03488 Neth Antilles Guilder
1 Philippine Peso = 0.33671 Argentine Peso
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1 Philippine Peso = 12.52006 Chilean Peso
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1 Philippine Peso = 0.91822 Dominican Peso
1 Philippine Peso = 2.14647 Algerian Dinar
1 Philippine Peso = 0.25914 Estonian Kroon
1 Philippine Peso = 0.34533 Egyptian Pound
1 Philippine Peso = 0.45392 Ethiopian Birr
1 Philippine Peso = 0.01656 Euro
1 Philippine Peso = 0.03962 Fiji Dollar
1 Philippine Peso = 0.01527 Falkland Islands Pound
1 Philippine Peso = 0.01529 British Pound
1 Philippine Peso = 0.08616 Ghanaian Cedi
1 Philippine Peso = 0.8785 Gambian Dalasi
1 Philippine Peso = 172.92115 Guinea Franc
1 Philippine Peso = 0.14239 Guatemala Quetzal
1 Philippine Peso = 4.00117 Guyana Dollar
1 Philippine Peso = 0.1531 Hong Kong Dollar
1 Philippine Peso = 0.45643 Honduras Lempira
1 Philippine Peso = 0.12198 Croatian Kuna
1 Philippine Peso = 1.198 Haiti Gourde
1 Philippine Peso = 5.009 Hungarian Forint
1 Philippine Peso = 261.0448 Indonesian Rupiah
1 Philippine Peso = 0.07054 Israeli Shekel
1 Philippine Peso = 1.25296 Indian Rupee
1 Philippine Peso = 22.81354 Iraqi Dinar
1 Philippine Peso = 646.44882 Iran Rial
1 Philippine Peso = 2.09352 Iceland Krona
1 Philippine Peso = 2.49247 Jamaican Dollar
1 Philippine Peso = 0.01385 Jordanian Dinar
1 Philippine Peso = 2.1352 Japanese Yen
1 Philippine Peso = 2.01487 Kenyan Shilling
1 Philippine Peso = 1.34164 Kyrgyzstan Som
1 Philippine Peso = 79.92565 Cambodia Riel
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1 Philippine Peso = 17.60908 North Korean Won
1 Philippine Peso = 22.06222 Korean Won
1 Philippine Peso = 0.0059 Kuwaiti Dinar
1 Philippine Peso = 0.01604 Cayman Islands Dollar
1 Philippine Peso = 6.52808 Kazakhstan Tenge
1 Philippine Peso = 162.39483 Lao Kip
1 Philippine Peso = 29.45412 Lebanese Pound
1 Philippine Peso = 2.99315 Sri Lanka Rupee
1 Philippine Peso = 2.24027 Liberian Dollar
1 Philippine Peso = 0.25729 Lesotho Loti
1 Philippine Peso = 0.05965 Lithuanian Lita
1 Philippine Peso = 0.01214 Latvian Lat
1 Philippine Peso = 0.02677 Libyan Dinar
1 Philippine Peso = 0.1841 Moroccan Dirham
1 Philippine Peso = 0.34915 Moldovan Leu
1 Philippine Peso = 1.0182 Macedonian Denar
1 Philippine Peso = 26.62884 Myanmar Kyat
1 Philippine Peso = 47.54451 Mongolian Tugrik
1 Philippine Peso = 0.15767 Macau Pataca
1 Philippine Peso = 7.0632 Mauritania Ougulya
1 Philippine Peso = 0.64704 Mauritius Rupee
1 Philippine Peso = 0.30033 Maldives Rufiyaa
1 Philippine Peso = 14.01037 Malawi Kwacha
1 Philippine Peso = 0.34596 Mexican Peso
1 Philippine Peso = 0.08361 Malaysian Ringgit
1 Philippine Peso = 0.25735 Namibian Dollar
1 Philippine Peso = 7.0632 Nigerian Naira
1 Philippine Peso = 0.57816 Nicaragua Cordoba
1 Philippine Peso = 0.1539 Norwegian Krone
1 Philippine Peso = 2.00059 Nepalese Rupee
1 Philippine Peso = 0.02707 New Zealand Dollar
1 Philippine Peso = 0.00752 Omani Rial
1 Philippine Peso = 0.01957 Panama Balboa
1 Philippine Peso = 0.06327 Peruvian Nuevo Sol
1 Philippine Peso = 0.06425 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.05811 Pakistani Rupee
1 Philippine Peso = 0.07095 Polish Zloty
1 Philippine Peso = 109.62629 Paraguayan Guarani
1 Philippine Peso = 0.0718 Qatar Rial
1 Philippine Peso = 0.07593 Romanian New Leu
1 Philippine Peso = 1.15543 Russian Rouble
1 Philippine Peso = 16.15574 Rwanda Franc
1 Philippine Peso = 0.07337 Saudi Arabian Riyal
1 Philippine Peso = 0.15192 Solomon Islands Dollar
1 Philippine Peso = 0.26554 Seychelles Rupee
1 Philippine Peso = 0.13031 Sudanese Pound
1 Philippine Peso = 0.15764 Swedish Krona
1 Philippine Peso = 0.02663 Singapore Dollar
1 Philippine Peso = 0.01528 St Helena Pound
1 Philippine Peso = 0.43447 Slovak Koruna
1 Philippine Peso = 146.74232 Sierra Leone Leone
1 Philippine Peso = 10.89806 Somali Shilling
1 Philippine Peso = 405.92448 Sao Tome Dobra
1 Philippine Peso = 0.1712 El Salvador Colon
1 Philippine Peso = 10.07591 Syrian Pound
1 Philippine Peso = 0.25733 Swaziland Lilageni
1 Philippine Peso = 0.65193 Thai Baht
1 Philippine Peso = 0.04773 Tunisian Dinar
1 Philippine Peso = 0.04379 Tongan paʻanga
1 Philippine Peso = 0.06807 Turkish Lira
1 Philippine Peso = 0.13216 Trinidad Tobago Dollar
1 Philippine Peso = 0.59221 Taiwan Dollar
1 Philippine Peso = 43.65095 Tanzanian Shilling
1 Philippine Peso = 0.49932 Ukraine Hryvnia
1 Philippine Peso = 70.27979 Ugandan Shilling
1 Philippine Peso = 0.01957 United States Dollar
1 Philippine Peso = 0.56075 Uruguayan New Peso
1 Philippine Peso = 81.4909 Uzbekistan Sum
1 Philippine Peso = 0.19517 Venezuelan Bolivar
1 Philippine Peso = 444.51183 Vietnam Dong
1 Philippine Peso = 2.02935 Vanuatu Vatu
1 Philippine Peso = 0.04937 Samoa Tala
1 Philippine Peso = 10.85815 CFA Franc (BEAC)
1 Philippine Peso = 0.05283 East Caribbean Dollar
1 Philippine Peso = 10.74819 CFA Franc (BCEAO)
1 Philippine Peso = 1.96419 Pacific Franc
1 Philippine Peso = 4.89043 Yemen Riyal
1 Philippine Peso = 0.25716 South African Rand
1 Philippine Peso = 101.5359 Zambian Kwacha
1 Philippine Peso = 7.08081 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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