July 19, 2018, 8:59 pm
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1 Philippine Peso = 0.0687 UAE Dirham
1 Philippine Peso = 2.01833 Albanian Lek
1 Philippine Peso = 0.03442 Neth Antilles Guilder
1 Philippine Peso = 0.51646 Argentine Peso
1 Philippine Peso = 0.02528 Australian Dollar
1 Philippine Peso = 0.0333 Aruba Florin
1 Philippine Peso = 0.03741 Barbados Dollar
1 Philippine Peso = 1.57108 Bangladesh Taka
1 Philippine Peso = 0.03151 Bulgarian Lev
1 Philippine Peso = 0.00707 Bahraini Dinar
1 Philippine Peso = 32.75309 Burundi Franc
1 Philippine Peso = 0.01871 Bermuda Dollar
1 Philippine Peso = 0.02527 Brunei Dollar
1 Philippine Peso = 0.12832 Bolivian Boliviano
1 Philippine Peso = 0.07203 Brazilian Real
1 Philippine Peso = 0.01871 Bahamian Dollar
1 Philippine Peso = 1.27899 Bhutan Ngultrum
1 Philippine Peso = 0.19255 Botswana Pula
1 Philippine Peso = 374.4856 Belarus Ruble
1 Philippine Peso = 0.03737 Belize Dollar
1 Philippine Peso = 0.02464 Canadian Dollar
1 Philippine Peso = 0.01868 Swiss Franc
1 Philippine Peso = 12.20576 Chilean Peso
1 Philippine Peso = 0.12563 Chinese Yuan
1 Philippine Peso = 53.5578 Colombian Peso
1 Philippine Peso = 10.55649 Costa Rica Colon
1 Philippine Peso = 0.01871 Cuban Peso
1 Philippine Peso = 1.77142 Cape Verde Escudo
1 Philippine Peso = 0.41506 Czech Koruna
1 Philippine Peso = 3.32024 Djibouti Franc
1 Philippine Peso = 0.11972 Danish Krone
1 Philippine Peso = 0.93303 Dominican Peso
1 Philippine Peso = 2.19981 Algerian Dinar
1 Philippine Peso = 0.25129 Estonian Kroon
1 Philippine Peso = 0.33389 Egyptian Pound
1 Philippine Peso = 0.51106 Ethiopian Birr
1 Philippine Peso = 0.01606 Euro
1 Philippine Peso = 0.03917 Fiji Dollar
1 Philippine Peso = 0.01429 Falkland Islands Pound
1 Philippine Peso = 0.01431 British Pound
1 Philippine Peso = 0.08962 Ghanaian Cedi
1 Philippine Peso = 0.88982 Gambian Dalasi
1 Philippine Peso = 168.66816 Guinea Franc
1 Philippine Peso = 0.14005 Guatemala Quetzal
1 Philippine Peso = 3.88103 Guyana Dollar
1 Philippine Peso = 0.1468 Hong Kong Dollar
1 Philippine Peso = 0.44747 Honduras Lempira
1 Philippine Peso = 0.1187 Croatian Kuna
1 Philippine Peso = 1.26057 Haiti Gourde
1 Philippine Peso = 5.20183 Hungarian Forint
1 Philippine Peso = 269.36027 Indonesian Rupiah
1 Philippine Peso = 0.06796 Israeli Shekel
1 Philippine Peso = 1.28159 Indian Rupee
1 Philippine Peso = 22.25963 Iraqi Dinar
1 Philippine Peso = 813.69248 Iran Rial
1 Philippine Peso = 1.99588 Iceland Krona
1 Philippine Peso = 2.43547 Jamaican Dollar
1 Philippine Peso = 0.01325 Jordanian Dinar
1 Philippine Peso = 2.11107 Japanese Yen
1 Philippine Peso = 1.8771 Kenyan Shilling
1 Philippine Peso = 1.27484 Kyrgyzstan Som
1 Philippine Peso = 75.70146 Cambodia Riel
1 Philippine Peso = 7.90311 Comoros Franc
1 Philippine Peso = 16.83502 North Korean Won
1 Philippine Peso = 21.15413 Korean Won
1 Philippine Peso = 0.00566 Kuwaiti Dinar
1 Philippine Peso = 0.01534 Cayman Islands Dollar
1 Philippine Peso = 6.4508 Kazakhstan Tenge
1 Philippine Peso = 157.22035 Lao Kip
1 Philippine Peso = 28.15189 Lebanese Pound
1 Philippine Peso = 2.98915 Sri Lanka Rupee
1 Philippine Peso = 3.00412 Liberian Dollar
1 Philippine Peso = 0.24822 Lesotho Loti
1 Philippine Peso = 0.05703 Lithuanian Lita
1 Philippine Peso = 0.01161 Latvian Lat
1 Philippine Peso = 0.02573 Libyan Dinar
1 Philippine Peso = 0.17723 Moroccan Dirham
1 Philippine Peso = 0.31076 Moldovan Leu
1 Philippine Peso = 0.98373 Macedonian Denar
1 Philippine Peso = 26.78638 Myanmar Kyat
1 Philippine Peso = 45.80995 Mongolian Tugrik
1 Philippine Peso = 0.15122 Macau Pataca
1 Philippine Peso = 6.64048 Mauritania Ougulya
1 Philippine Peso = 0.64347 Mauritius Rupee
1 Philippine Peso = 0.29125 Maldives Rufiyaa
1 Philippine Peso = 13.40105 Malawi Kwacha
1 Philippine Peso = 0.35353 Mexican Peso
1 Philippine Peso = 0.07589 Malaysian Ringgit
1 Philippine Peso = 0.24819 Namibian Dollar
1 Philippine Peso = 6.7153 Nigerian Naira
1 Philippine Peso = 0.58586 Nicaragua Cordoba
1 Philippine Peso = 0.15284 Norwegian Krone
1 Philippine Peso = 2.04293 Nepalese Rupee
1 Philippine Peso = 0.02753 New Zealand Dollar
1 Philippine Peso = 0.00719 Omani Rial
1 Philippine Peso = 0.01871 Panama Balboa
1 Philippine Peso = 0.06114 Peruvian Nuevo Sol
1 Philippine Peso = 0.06073 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.39618 Pakistani Rupee
1 Philippine Peso = 0.0692 Polish Zloty
1 Philippine Peso = 106.97905 Paraguayan Guarani
1 Philippine Peso = 0.06809 Qatar Rial
1 Philippine Peso = 0.07472 Romanian New Leu
1 Philippine Peso = 1.18 Russian Rouble
1 Philippine Peso = 15.95267 Rwanda Franc
1 Philippine Peso = 0.07015 Saudi Arabian Riyal
1 Philippine Peso = 0.14747 Solomon Islands Dollar
1 Philippine Peso = 0.25122 Seychelles Rupee
1 Philippine Peso = 0.33483 Sudanese Pound
1 Philippine Peso = 0.16573 Swedish Krona
1 Philippine Peso = 0.02554 Singapore Dollar
1 Philippine Peso = 0.0143 St Helena Pound
1 Philippine Peso = 0.41538 Slovak Koruna
1 Philippine Peso = 153.38571 Sierra Leone Leone
1 Philippine Peso = 10.68088 Somali Shilling
1 Philippine Peso = 393.68313 Sao Tome Dobra
1 Philippine Peso = 0.16367 El Salvador Colon
1 Philippine Peso = 9.633 Syrian Pound
1 Philippine Peso = 0.24845 Swaziland Lilageni
1 Philippine Peso = 0.62252 Thai Baht
1 Philippine Peso = 0.04952 Tunisian Dinar
1 Philippine Peso = 0.04351 Tongan paʻanga
1 Philippine Peso = 0.08966 Turkish Lira
1 Philippine Peso = 0.12587 Trinidad Tobago Dollar
1 Philippine Peso = 0.57159 Taiwan Dollar
1 Philippine Peso = 42.49906 Tanzanian Shilling
1 Philippine Peso = 0.49158 Ukraine Hryvnia
1 Philippine Peso = 69.56977 Ugandan Shilling
1 Philippine Peso = 0.01871 United States Dollar
1 Philippine Peso = 0.58277 Uruguayan New Peso
1 Philippine Peso = 145.09914 Uzbekistan Sum
1 Philippine Peso = 2239.05724 Venezuelan Bolivar
1 Philippine Peso = 431.12608 Vietnam Dong
1 Philippine Peso = 2.04265 Vanuatu Vatu
1 Philippine Peso = 0.04883 Samoa Tala
1 Philippine Peso = 10.52881 CFA Franc (BEAC)
1 Philippine Peso = 0.05051 East Caribbean Dollar
1 Philippine Peso = 10.52881 CFA Franc (BCEAO)
1 Philippine Peso = 1.90591 Pacific Franc
1 Philippine Peso = 4.67265 Yemen Riyal
1 Philippine Peso = 0.24818 South African Rand
1 Philippine Peso = 97.07258 Zambian Kwacha
1 Philippine Peso = 6.76955 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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