November 18, 2017, 3:13 am
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1 Philippine Peso = 0.07227 UAE Dirham
1 Philippine Peso = 2.22452 Albanian Lek
1 Philippine Peso = 0.03503 Neth Antilles Guilder
1 Philippine Peso = 0.34355 Argentine Peso
1 Philippine Peso = 0.02607 Australian Dollar
1 Philippine Peso = 0.03503 Aruba Florin
1 Philippine Peso = 0.03935 Barbados Dollar
1 Philippine Peso = 1.64187 Bangladesh Taka
1 Philippine Peso = 0.0327 Bulgarian Lev
1 Philippine Peso = 0.00742 Bahraini Dinar
1 Philippine Peso = 34.29713 Burundi Franc
1 Philippine Peso = 0.01968 Bermuda Dollar
1 Philippine Peso = 0.02667 Brunei Dollar
1 Philippine Peso = 0.13499 Bolivian Boliviano
1 Philippine Peso = 0.0645 Brazilian Real
1 Philippine Peso = 0.01968 Bahamian Dollar
1 Philippine Peso = 1.28247 Bhutan Ngultrum
1 Philippine Peso = 0.20681 Botswana Pula
1 Philippine Peso = 393.93939 Belarus Ruble
1 Philippine Peso = 0.03931 Belize Dollar
1 Philippine Peso = 0.02511 Canadian Dollar
1 Philippine Peso = 0.01951 Swiss Franc
1 Philippine Peso = 12.40988 Chilean Peso
1 Philippine Peso = 0.13051 Chinese Yuan
1 Philippine Peso = 59.13813 Colombian Peso
1 Philippine Peso = 11.08422 Costa Rica Colon
1 Philippine Peso = 0.01968 Cuban Peso
1 Philippine Peso = 1.83943 Cape Verde Escudo
1 Philippine Peso = 0.42677 Czech Koruna
1 Philippine Peso = 3.47954 Djibouti Franc
1 Philippine Peso = 0.12411 Danish Krone
1 Philippine Peso = 0.94451 Dominican Peso
1 Philippine Peso = 2.25075 Algerian Dinar
1 Philippine Peso = 0.2609 Estonian Kroon
1 Philippine Peso = 0.34652 Egyptian Pound
1 Philippine Peso = 0.53227 Ethiopian Birr
1 Philippine Peso = 0.01667 Euro
1 Philippine Peso = 0.04117 Fiji Dollar
1 Philippine Peso = 0.0149 Falkland Islands Pound
1 Philippine Peso = 0.01491 British Pound
1 Philippine Peso = 0.0895 Ghanaian Cedi
1 Philippine Peso = 0.92483 Gambian Dalasi
1 Philippine Peso = 177.2137 Guinea Franc
1 Philippine Peso = 0.14447 Guatemala Quetzal
1 Philippine Peso = 4.05313 Guyana Dollar
1 Philippine Peso = 0.15372 Hong Kong Dollar
1 Philippine Peso = 0.46232 Honduras Lempira
1 Philippine Peso = 0.12613 Croatian Kuna
1 Philippine Peso = 1.21291 Haiti Gourde
1 Philippine Peso = 5.19481 Hungarian Forint
1 Philippine Peso = 266.09603 Indonesian Rupiah
1 Philippine Peso = 0.06915 Israeli Shekel
1 Philippine Peso = 1.27847 Indian Rupee
1 Philippine Peso = 22.9634 Iraqi Dinar
1 Philippine Peso = 693.36875 Iran Rial
1 Philippine Peso = 2.02755 Iceland Krona
1 Philippine Peso = 2.47068 Jamaican Dollar
1 Philippine Peso = 0.01392 Jordanian Dinar
1 Philippine Peso = 2.21558 Japanese Yen
1 Philippine Peso = 2.03994 Kenyan Shilling
1 Philippine Peso = 1.37194 Kyrgyzstan Som
1 Philippine Peso = 79.10272 Cambodia Riel
1 Philippine Peso = 8.33333 Comoros Franc
1 Philippine Peso = 17.70956 North Korean Won
1 Philippine Peso = 21.5429 Korean Won
1 Philippine Peso = 0.00594 Kuwaiti Dinar
1 Philippine Peso = 0.01614 Cayman Islands Dollar
1 Philippine Peso = 6.52952 Kazakhstan Tenge
1 Philippine Peso = 163.2625 Lao Kip
1 Philippine Peso = 29.73239 Lebanese Pound
1 Philippine Peso = 3.02145 Sri Lanka Rupee
1 Philippine Peso = 2.44392 Liberian Dollar
1 Philippine Peso = 0.27873 Lesotho Loti
1 Philippine Peso = 0.05999 Lithuanian Lita
1 Philippine Peso = 0.01221 Latvian Lat
1 Philippine Peso = 0.02676 Libyan Dinar
1 Philippine Peso = 0.18535 Moroccan Dirham
1 Philippine Peso = 0.34406 Moldovan Leu
1 Philippine Peso = 1.02145 Macedonian Denar
1 Philippine Peso = 26.82015 Myanmar Kyat
1 Philippine Peso = 48.01181 Mongolian Tugrik
1 Philippine Peso = 0.15831 Macau Pataca
1 Philippine Peso = 6.91558 Mauritania Ougulya
1 Philippine Peso = 0.66706 Mauritius Rupee
1 Philippine Peso = 0.30638 Maldives Rufiyaa
1 Philippine Peso = 14.09681 Malawi Kwacha
1 Philippine Peso = 0.37473 Mexican Peso
1 Philippine Peso = 0.08186 Malaysian Ringgit
1 Philippine Peso = 0.27564 Namibian Dollar
1 Philippine Peso = 7.02479 Nigerian Naira
1 Philippine Peso = 0.60232 Nicaragua Cordoba
1 Philippine Peso = 0.16201 Norwegian Krone
1 Philippine Peso = 2.03758 Nepalese Rupee
1 Philippine Peso = 0.02897 New Zealand Dollar
1 Philippine Peso = 0.00757 Omani Rial
1 Philippine Peso = 0.01968 Panama Balboa
1 Philippine Peso = 0.06374 Peruvian Nuevo Sol
1 Philippine Peso = 0.06312 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.07261 Pakistani Rupee
1 Philippine Peso = 0.07062 Polish Zloty
1 Philippine Peso = 111.06651 Paraguayan Guarani
1 Philippine Peso = 0.07477 Qatar Rial
1 Philippine Peso = 0.07746 Romanian New Leu
1 Philippine Peso = 1.16854 Russian Rouble
1 Philippine Peso = 16.37721 Rwanda Franc
1 Philippine Peso = 0.07379 Saudi Arabian Riyal
1 Philippine Peso = 0.15368 Solomon Islands Dollar
1 Philippine Peso = 0.26269 Seychelles Rupee
1 Philippine Peso = 0.13104 Sudanese Pound
1 Philippine Peso = 0.16586 Swedish Krona
1 Philippine Peso = 0.02669 Singapore Dollar
1 Philippine Peso = 0.01491 St Helena Pound
1 Philippine Peso = 0.43695 Slovak Koruna
1 Philippine Peso = 149.94097 Sierra Leone Leone
1 Philippine Peso = 10.99961 Somali Shilling
1 Philippine Peso = 408.72688 Sao Tome Dobra
1 Philippine Peso = 0.17218 El Salvador Colon
1 Philippine Peso = 10.13341 Syrian Pound
1 Philippine Peso = 0.2756 Swaziland Lilageni
1 Philippine Peso = 0.64542 Thai Baht
1 Philippine Peso = 0.04872 Tunisian Dinar
1 Philippine Peso = 0.04538 Tongan paʻanga
1 Philippine Peso = 0.07647 Turkish Lira
1 Philippine Peso = 0.13045 Trinidad Tobago Dollar
1 Philippine Peso = 0.59144 Taiwan Dollar
1 Philippine Peso = 43.97875 Tanzanian Shilling
1 Philippine Peso = 0.52076 Ukraine Hryvnia
1 Philippine Peso = 71.36954 Ugandan Shilling
1 Philippine Peso = 0.01968 United States Dollar
1 Philippine Peso = 0.57989 Uruguayan New Peso
1 Philippine Peso = 158.20543 Uzbekistan Sum
1 Philippine Peso = 0.19628 Venezuelan Bolivar
1 Philippine Peso = 446.89099 Vietnam Dong
1 Philippine Peso = 2.12515 Vanuatu Vatu
1 Philippine Peso = 0.05043 Samoa Tala
1 Philippine Peso = 10.9329 CFA Franc (BEAC)
1 Philippine Peso = 0.05313 East Caribbean Dollar
1 Philippine Peso = 10.93861 CFA Franc (BCEAO)
1 Philippine Peso = 1.9754 Pacific Franc
1 Philippine Peso = 4.91834 Yemen Riyal
1 Philippine Peso = 0.27568 South African Rand
1 Philippine Peso = 102.11531 Zambian Kwacha
1 Philippine Peso = 7.12121 Zimbabwe dollar

US firms fret over taxation, poor infra

US companies in the Philippines are the second most optimistic among their counterparts in Asean, with 70 percent of them expressing intention to expand. 

The bullish sentiment reflects on their expectations for next year as 85 percent of them believe profits will be higher in 2018. 

The 2018 Asean Business Outlook Survey, however, shows half of the respondents are dissatisfied with customs and taxation in the Philippines. 

From among 16 factors that measure business environment, availability of labor tops it all for US businesses in the Philippines. 

Tax structure scored last at 15 percent. 

The most challenging factors Philippine-based respondents to the 2017 AmCham survey identified were poor infrastructure, corruption, and the tax structure. 

American businesses have credited  both the current and previous administrations in reducing  corruption and in substantially increasing spending on both physical and social infrastructure. 

“Comprehensive Tax reform is an early major priority before the Congress now. We expect these and other reforms initiated by the government will be reflected positively by the time of the next survey in 2018,”  the report added.

In this year’s edition of the survey that coincides with the 50th anniversary of Asean, US companies are optimistic about the growth outlook and investment opportunities in the region as businesses see solid growth in domestic consumption. 

The survey, which polled senior executives representing US companies in all 10 Asean countries, found that 56 percent expect their profits to increase this year over last, and 74 percent expect higher profits in 2018. 

Fifty-eight percent reported that Asean markets have become more important for their companies’ global bottom lines over the last two years, and 62 percent of companies surveyed say their level of trade and investment in Asean has increased during this period. Over the next five years, 80 percent expect that their level of trade and investment in Asean will increase. 

Business leaders point to the region’s economic growth and rise in the middle/consumer class as top reasons for this increase, especially in Singapore (73 percent), the Philippines (70 percent), and Indonesia (65 percent). 

Across Asean, the sectors most poised to benefit from the rise of the middle/consumer class are wholesale/retail (74 percent) and software/IT/telecoms (68 percent). 

Respondents also demonstrated confidence about continued growth in Asean through plans for business expansion. Seventy-one percent plan to expand their business to another Asean country, and 62 percent plan to expand within their response location. 

The most common destinations for business expansion overseas were Vietnam, Myanmar, and Indonesia. Forty-five percent of companies reported that they primarily serve the local market, in contrast to the 13 percent of companies which primarily export. 

“The 2017 survey results for the Philippines saw 70 percent of AmCham Philippines respondents planning to expand their operations in the Philippines. This level of confidence was among the highest in the ten Asean economies and the same as Vietnam (72 percent) and Myanmar (71 percent). The optimism of AmCham companies, some of whom have been in the country nearly a century, is based first and foremost on the high value they place on the local labor force, regarded as adequate, well-trained, and low cost,” said AmCham Philippines executive director Ebb Hinchliffe.

This survey demonstrates clearly and vividly that US commercial interests in Asean are vast, and the region is vital to US jobs and economic growth,” said Tami Overby, senior vice president for Asia at the US Chamber of Commerce. “Economic integration in Asia, and between Asia and other parts of the world, is a fact. It is also a fact that if US policy does not support deeper engagement by US companies in this part of the world, it will be left behind – particularly small and medium-sized US exporters. If we want to support US economic growth, we need to make new trade deals in Asia, not pull out of them,” said Overby. 

Ann Yom Steel, executive director, AmCham Singapore said that as the United States invests more in Asean countries than anywhere else in the Asia-Pacific region, strong US- Asean ties are critical. 

“Singapore serves as an important US trading partner, a major destination for US investment, and is key to providing a vital set of links in US companies’ global supply and value chains. So it is no surprise that American companies choose Singapore as their Asia-Pacific regional headquarters. We will continue to push for an even closer cooperation between the US and our partners here through shared principles of dynamic growth and emerging opportunities,”  Steel said.

Challenges to Growth 

While optimism remains strong, there has also been a clear softening of sentiment toward business prospects in the region over the past few years. In the 2015 survey, for example, 72 percent of respondents said their level of trade and investment in the region had increased over the prior two years. In 2013, 91 percent of respondents said their trade and investment would increase in the next five years. 

In addition, a plurality (48 percent) of businesses expects that bilateral ties between Asean countries and China will deepen and nearly the same percentage (46 percent) indicate that there will be potential negative effects on their company’s operations should the US take punitive trade action against China. 

As in previous years’ surveys, US companies cite corruption as their single greatest concern in the region (except in Brunei and Singapore), followed by laws and regulations that inhibit business expansion. Respondents also reported a moderate to substantial decrease in their level of satisfaction with these and 13 other investment climate indicators over the past five years. The concern with corruption was virtually unchanged, while satisfaction with personal security, sentiment toward the United States, political stability, and laws and regulations declined from 2012-17. 

In previous surveys, executives have indicated that the Asean Economic Community (AEC) will make the region more attractive to investment. This year, respondents recommended several priority areas for Asean to address in the context of the AEC, including corruption, non-tariff barriers, transparency, and good governance. 
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