June 26, 2018, 1:00 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

Unemployment rate eases to 5.3%

The country’s jobless rate in January improved versus the same period last year, although it saw an increase in underemployment, or those who are employed but are seeking more jobs, data released by the Philippine Statistics Authority showed.

According to the latest Labor Force Survey (LFS), the unemployment rate dropped to 5.3 percent in January, an improvement from 6.6 percent in January 2017.

This translates to 2.32 million jobless Filipinos in January, less than 2.761 million unemployed in the same month last year.

The National Economic and Development Authority (NEDA) said the latest jobless rate is the lowest recorded for all January rounds of the LFS in the past decade. 

It added that this is within the Philippine Development Plan (PDP) 2017-2022 target of 4.7 to 5.3 percent for 2018.

On the other hand, the underemployment rate worsened to 18 percent from 16.3 percent a year ago.

In nominal terms, there were 7.498 million underemployed in January, more than the 6.398 million underemployed in January 2017.

Those who are considered underemployed are employed persons who express the desire to have additional hours of work in their present job, or to have additional jobs, or to have a new job with longer working hours.

Meanwhile, the employment rate rose to 94.7 percent, from 93.4 percent, equivalent to 41.8 million Filipinos employed. 

NEDA said this rate is the highest in all of the previous January rounds of the LFS since 2009.

The labor force participation rate (LFPR), which consists of the employed and the unemployed 15 years old and over, also increased from 60.7 percent to 62.2 percent in January 2018. 

“These improvements in the labor market indicate that more Filipinos are encouraged to join and re-join the labor force, and that more people are being employed. This signals that the economy is responding positively to the economic reforms and programs that the government has been laying down,” Ernesto Pernia, socioeconomic planning secretary, said. 

“But despite these encouraging numbers, the government must continue to raise investments and improve productivity, which, in turn, will help boost the productive sectors of the economy and encourage the generation of higher quality employment opportunities,” Pernia added.

The government data also showed the female LFPR bounced back to 47.5 percent or an increase of 2.3 percentage points from 45.2 percent in January 2017. 

NEDA said this reflects the sharp decline in the number of economically inactive married women and females who opt out of the labor force due to household duties. 

Pernia also said the government should facilitate the creation of new businesses and boost the outputs of firms by amending market regulations, tackling structural barriers and passing key reforms. 

These include the reduction of foreign investment restrictions as well as the passage of the Ease of Doing Business bill and Package 2 of the Tax Reform program, which will lower corporate taxes while rationalizing investment incentives.

The services sector remained the top employment contributor with a share of 55.9 percent, increasing by 3.8 percent despite the downbeat business outlook of firms for the first quarter.

Employment in agriculture grew by 8.4 percentage points to 26 percent employment share, employing an additional 841,000 workers.

Pernia, however, emphasized the need to help move the labor force in the agriculture sector out of low-productivity jobs. 

This can be facilitated by shifting rice farmers to high-value crops, promoting crop diversification, accelerating development of local infrastructure, such as farm-to-market roads, and training farmers in technological advancements.

The industry sector employed an additional 719,000 workers after expanding by 10.5 percentage points to 18.1 percent in January 2018, led by the increase in employment in construction and manufacturing.

“More jobs are expected to be created during the country’s infrastructure build up which will not only ease traffic and promote regional development but also generate more quality jobs,” Pernia said.

Moreover, the unemployment rate among the youth continued to slide to 12.5 percent in January 2018, the lowest rate recorded for January since 2009. 

Likewise, the share of inactive youth, those who are neither studying nor employed, also declined to 18.8 percent.

“If we are to sustain this trend for the rest of the year, we can achieve the PDP target of lowering youth unemployment to 19.5-21.5 percent for 2018,” Pernia said.

“It is important that we continue to push for the full implementation of the Responsible Parenthood and Reproductive Health Law to enable more women to participate in the labor force,” he added.

Pernia noted it may be the appropriate time to put in place the legal and regulatory framework to allow part-time work especially in low-paying jobs.   

“This will especially benefit school dropouts so they can study or be trained further and get themselves into higher paying jobs in the future,” he said.
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