June 25, 2017, 11:29 pm
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1 Philippine Peso = 0.07443 UAE Dirham
1 Philippine Peso = 2.4017 Albanian Lek
1 Philippine Peso = 0.03628 Neth Antilles Guilder
1 Philippine Peso = 0.32436 Argentine Peso
1 Philippine Peso = 0.02723 Australian Dollar
1 Philippine Peso = 0.03626 Aruba Florin
1 Philippine Peso = 0.04054 Barbados Dollar
1 Philippine Peso = 1.63579 Bangladesh Taka
1 Philippine Peso = 0.03534 Bulgarian Lev
1 Philippine Peso = 0.00763 Bahraini Dinar
1 Philippine Peso = 34.60377 Burundi Franc
1 Philippine Peso = 0.02027 Bermuda Dollar
1 Philippine Peso = 0.02797 Brunei Dollar
1 Philippine Peso = 0.13904 Bolivian Boliviano
1 Philippine Peso = 0.06579 Brazilian Real
1 Philippine Peso = 0.02027 Bahamian Dollar
1 Philippine Peso = 1.30624 Bhutan Ngultrum
1 Philippine Peso = 0.20692 Botswana Pula
1 Philippine Peso = 405.75598 Belarus Ruble
1 Philippine Peso = 0.04049 Belize Dollar
1 Philippine Peso = 0.02733 Canadian Dollar
1 Philippine Peso = 0.01952 Swiss Franc
1 Philippine Peso = 13.57175 Chilean Peso
1 Philippine Peso = 0.13799 Chinese Yuan
1 Philippine Peso = 58.59343 Colombian Peso
1 Philippine Peso = 11.43535 Costa Rica Colon
1 Philippine Peso = 0.02027 Cuban Peso
1 Philippine Peso = 1.98075 Cape Verde Escudo
1 Philippine Peso = 0.47231 Czech Koruna
1 Philippine Peso = 3.59951 Djibouti Franc
1 Philippine Peso = 0.13357 Danish Krone
1 Philippine Peso = 0.95278 Dominican Peso
1 Philippine Peso = 2.19181 Algerian Dinar
1 Philippine Peso = 0.28109 Estonian Kroon
1 Philippine Peso = 0.36583 Egyptian Pound
1 Philippine Peso = 0.46433 Ethiopian Birr
1 Philippine Peso = 0.01797 Euro
1 Philippine Peso = 0.04244 Fiji Dollar
1 Philippine Peso = 0.01573 Falkland Islands Pound
1 Philippine Peso = 0.01572 British Pound
1 Philippine Peso = 0.08685 Ghanaian Cedi
1 Philippine Peso = 0.91021 Gambian Dalasi
1 Philippine Peso = 182.75233 Guinea Franc
1 Philippine Peso = 0.1491 Guatemala Quetzal
1 Philippine Peso = 4.14512 Guyana Dollar
1 Philippine Peso = 0.15784 Hong Kong Dollar
1 Philippine Peso = 0.47422 Honduras Lempira
1 Philippine Peso = 0.13229 Croatian Kuna
1 Philippine Peso = 1.24625 Haiti Gourde
1 Philippine Peso = 5.54195 Hungarian Forint
1 Philippine Peso = 269.57844 Indonesian Rupiah
1 Philippine Peso = 0.07211 Israeli Shekel
1 Philippine Peso = 1.30521 Indian Rupee
1 Philippine Peso = 23.93595 Iraqi Dinar
1 Philippine Peso = 657.62059 Iran Rial
1 Philippine Peso = 1.9771 Iceland Krona
1 Philippine Peso = 2.6139 Jamaican Dollar
1 Philippine Peso = 0.01433 Jordanian Dinar
1 Philippine Peso = 2.23666 Japanese Yen
1 Philippine Peso = 2.0906 Kenyan Shilling
1 Philippine Peso = 1.38113 Kyrgyzstan Som
1 Philippine Peso = 81.57681 Cambodia Riel
1 Philippine Peso = 9.12404 Comoros Franc
1 Philippine Peso = 18.24078 North Korean Won
1 Philippine Peso = 22.6366 Korean Won
1 Philippine Peso = 0.00614 Kuwaiti Dinar
1 Philippine Peso = 0.01662 Cayman Islands Dollar
1 Philippine Peso = 6.364 Kazakhstan Tenge
1 Philippine Peso = 166.08836 Lao Kip
1 Philippine Peso = 30.51277 Lebanese Pound
1 Philippine Peso = 3.08877 Sri Lanka Rupee
1 Philippine Peso = 1.84435 Liberian Dollar
1 Philippine Peso = 0.25922 Lesotho Loti
1 Philippine Peso = 0.06179 Lithuanian Lita
1 Philippine Peso = 0.01258 Latvian Lat
1 Philippine Peso = 0.02821 Libyan Dinar
1 Philippine Peso = 0.19642 Moroccan Dirham
1 Philippine Peso = 0.36735 Moldovan Leu
1 Philippine Peso = 1.09972 Macedonian Denar
1 Philippine Peso = 27.52331 Myanmar Kyat
1 Philippine Peso = 48.27726 Mongolian Tugrik
1 Philippine Peso = 0.16258 Macau Pataca
1 Philippine Peso = 7.25578 Mauritania Ougulya
1 Philippine Peso = 0.70024 Mauritius Rupee
1 Philippine Peso = 0.31394 Maldives Rufiyaa
1 Philippine Peso = 14.54094 Malawi Kwacha
1 Philippine Peso = 0.37863 Mexican Peso
1 Philippine Peso = 0.08672 Malaysian Ringgit
1 Philippine Peso = 0.2604 Namibian Dollar
1 Philippine Peso = 6.52615 Nigerian Naira
1 Philippine Peso = 0.59972 Nicaragua Cordoba
1 Philippine Peso = 0.17055 Norwegian Krone
1 Philippine Peso = 2.08654 Nepalese Rupee
1 Philippine Peso = 0.02835 New Zealand Dollar
1 Philippine Peso = 0.00779 Omani Rial
1 Philippine Peso = 0.02027 Panama Balboa
1 Philippine Peso = 0.06622 Peruvian Nuevo Sol
1 Philippine Peso = 0.06654 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.11897 Pakistani Rupee
1 Philippine Peso = 0.0753 Polish Zloty
1 Philippine Peso = 112.82935 Paraguayan Guarani
1 Philippine Peso = 0.0738 Qatar Rial
1 Philippine Peso = 0.08196 Romanian New Leu
1 Philippine Peso = 1.14766 Russian Rouble
1 Philippine Peso = 16.61897 Rwanda Franc
1 Philippine Peso = 0.076 Saudi Arabian Riyal
1 Philippine Peso = 0.16004 Solomon Islands Dollar
1 Philippine Peso = 0.26836 Seychelles Rupee
1 Philippine Peso = 0.13498 Sudanese Pound
1 Philippine Peso = 0.17451 Swedish Krona
1 Philippine Peso = 0.02797 Singapore Dollar
1 Philippine Peso = 0.01573 St Helena Pound
1 Philippine Peso = 0.45006 Slovak Koruna
1 Philippine Peso = 152.00649 Sierra Leone Leone
1 Philippine Peso = 11.08634 Somali Shilling
1 Philippine Peso = 435.85326 Sao Tome Dobra
1 Philippine Peso = 0.17678 El Salvador Colon
1 Philippine Peso = 10.43737 Syrian Pound
1 Philippine Peso = 0.26014 Swaziland Lilageni
1 Philippine Peso = 0.6897 Thai Baht
1 Philippine Peso = 0.04917 Tunisian Dinar
1 Philippine Peso = 0.04647 Tongan paʻanga
1 Philippine Peso = 0.0711 Turkish Lira
1 Philippine Peso = 0.13537 Trinidad Tobago Dollar
1 Philippine Peso = 0.61011 Taiwan Dollar
1 Philippine Peso = 45.17633 Tanzanian Shilling
1 Philippine Peso = 0.53223 Ukraine Hryvnia
1 Philippine Peso = 72.78071 Ugandan Shilling
1 Philippine Peso = 0.02027 United States Dollar
1 Philippine Peso = 0.57377 Uruguayan New Peso
1 Philippine Peso = 77.82732 Uzbekistan Sum
1 Philippine Peso = 0.20216 Venezuelan Bolivar
1 Philippine Peso = 459.54601 Vietnam Dong
1 Philippine Peso = 2.18241 Vanuatu Vatu
1 Philippine Peso = 0.05201 Samoa Tala
1 Philippine Peso = 11.77483 CFA Franc (BEAC)
1 Philippine Peso = 0.05472 East Caribbean Dollar
1 Philippine Peso = 11.82205 CFA Franc (BCEAO)
1 Philippine Peso = 2.13174 Pacific Franc
1 Philippine Peso = 5.06546 Yemen Riyal
1 Philippine Peso = 0.25921 South African Rand
1 Philippine Peso = 105.17835 Zambian Kwacha
1 Philippine Peso = 7.33482 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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