June 23, 2018, 12:33 am
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1 Philippine Peso = 0.06897 UAE Dirham
1 Philippine Peso = 2.04526 Albanian Lek
1 Philippine Peso = 0.03404 Neth Antilles Guilder
1 Philippine Peso = 0.52113 Argentine Peso
1 Philippine Peso = 0.02544 Australian Dollar
1 Philippine Peso = 0.03343 Aruba Florin
1 Philippine Peso = 0.03756 Barbados Dollar
1 Philippine Peso = 1.57728 Bangladesh Taka
1 Philippine Peso = 0.03184 Bulgarian Lev
1 Philippine Peso = 0.00709 Bahraini Dinar
1 Philippine Peso = 32.88225 Burundi Franc
1 Philippine Peso = 0.01878 Bermuda Dollar
1 Philippine Peso = 0.02522 Brunei Dollar
1 Philippine Peso = 0.12883 Bolivian Boliviano
1 Philippine Peso = 0.07009 Brazilian Real
1 Philippine Peso = 0.01878 Bahamian Dollar
1 Philippine Peso = 1.277 Bhutan Ngultrum
1 Philippine Peso = 0.19573 Botswana Pula
1 Philippine Peso = 375.96244 Belarus Ruble
1 Philippine Peso = 0.03752 Belize Dollar
1 Philippine Peso = 0.02494 Canadian Dollar
1 Philippine Peso = 0.01868 Swiss Franc
1 Philippine Peso = 12.01146 Chilean Peso
1 Philippine Peso = 0.12169 Chinese Yuan
1 Philippine Peso = 54.86948 Colombian Peso
1 Philippine Peso = 10.59718 Costa Rica Colon
1 Philippine Peso = 0.01878 Cuban Peso
1 Philippine Peso = 1.78854 Cape Verde Escudo
1 Philippine Peso = 0.41869 Czech Koruna
1 Philippine Peso = 3.33333 Djibouti Franc
1 Philippine Peso = 0.12088 Danish Krone
1 Philippine Peso = 0.93052 Dominican Peso
1 Philippine Peso = 2.20053 Algerian Dinar
1 Philippine Peso = 0.25367 Estonian Kroon
1 Philippine Peso = 0.33502 Egyptian Pound
1 Philippine Peso = 0.51117 Ethiopian Birr
1 Philippine Peso = 0.01621 Euro
1 Philippine Peso = 0.03897 Fiji Dollar
1 Philippine Peso = 0.01426 Falkland Islands Pound
1 Philippine Peso = 0.01425 British Pound
1 Philippine Peso = 0.08833 Ghanaian Cedi
1 Philippine Peso = 0.87962 Gambian Dalasi
1 Philippine Peso = 169.05164 Guinea Franc
1 Philippine Peso = 0.14052 Guatemala Quetzal
1 Philippine Peso = 3.88526 Guyana Dollar
1 Philippine Peso = 0.14739 Hong Kong Dollar
1 Philippine Peso = 0.44866 Honduras Lempira
1 Philippine Peso = 0.1197 Croatian Kuna
1 Philippine Peso = 1.23812 Haiti Gourde
1 Philippine Peso = 5.22103 Hungarian Forint
1 Philippine Peso = 261.46479 Indonesian Rupiah
1 Philippine Peso = 0.06819 Israeli Shekel
1 Philippine Peso = 1.27817 Indian Rupee
1 Philippine Peso = 22.23474 Iraqi Dinar
1 Philippine Peso = 796.99531 Iran Rial
1 Philippine Peso = 2.05333 Iceland Krona
1 Philippine Peso = 2.4507 Jamaican Dollar
1 Philippine Peso = 0.01331 Jordanian Dinar
1 Philippine Peso = 2.06607 Japanese Yen
1 Philippine Peso = 1.89577 Kenyan Shilling
1 Philippine Peso = 1.28255 Kyrgyzstan Som
1 Philippine Peso = 75.84601 Cambodia Riel
1 Philippine Peso = 7.92488 Comoros Franc
1 Philippine Peso = 16.90141 North Korean Won
1 Philippine Peso = 20.8492 Korean Won
1 Philippine Peso = 0.00568 Kuwaiti Dinar
1 Philippine Peso = 0.0154 Cayman Islands Dollar
1 Philippine Peso = 6.40488 Kazakhstan Tenge
1 Philippine Peso = 157.33333 Lao Kip
1 Philippine Peso = 28.26291 Lebanese Pound
1 Philippine Peso = 3.00282 Sri Lanka Rupee
1 Philippine Peso = 2.66254 Liberian Dollar
1 Philippine Peso = 0.2584 Lesotho Loti
1 Philippine Peso = 0.05725 Lithuanian Lita
1 Philippine Peso = 0.01165 Latvian Lat
1 Philippine Peso = 0.02546 Libyan Dinar
1 Philippine Peso = 0.17921 Moroccan Dirham
1 Philippine Peso = 0.31576 Moldovan Leu
1 Philippine Peso = 0.99324 Macedonian Denar
1 Philippine Peso = 25.69014 Myanmar Kyat
1 Philippine Peso = 45.33333 Mongolian Tugrik
1 Philippine Peso = 0.15181 Macau Pataca
1 Philippine Peso = 6.66667 Mauritania Ougulya
1 Philippine Peso = 0.65765 Mauritius Rupee
1 Philippine Peso = 0.29239 Maldives Rufiyaa
1 Philippine Peso = 13.39812 Malawi Kwacha
1 Philippine Peso = 0.3853 Mexican Peso
1 Philippine Peso = 0.07515 Malaysian Ringgit
1 Philippine Peso = 0.25797 Namibian Dollar
1 Philippine Peso = 6.74178 Nigerian Naira
1 Philippine Peso = 0.59151 Nicaragua Cordoba
1 Philippine Peso = 0.15379 Norwegian Krone
1 Philippine Peso = 2.0385 Nepalese Rupee
1 Philippine Peso = 0.0272 New Zealand Dollar
1 Philippine Peso = 0.00723 Omani Rial
1 Philippine Peso = 0.01878 Panama Balboa
1 Philippine Peso = 0.06164 Peruvian Nuevo Sol
1 Philippine Peso = 0.06142 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.28545 Pakistani Rupee
1 Philippine Peso = 0.06993 Polish Zloty
1 Philippine Peso = 106.70047 Paraguayan Guarani
1 Philippine Peso = 0.06835 Qatar Rial
1 Philippine Peso = 0.07565 Romanian New Leu
1 Philippine Peso = 1.1966 Russian Rouble
1 Philippine Peso = 15.95174 Rwanda Franc
1 Philippine Peso = 0.07042 Saudi Arabian Riyal
1 Philippine Peso = 0.14841 Solomon Islands Dollar
1 Philippine Peso = 0.25277 Seychelles Rupee
1 Philippine Peso = 0.33719 Sudanese Pound
1 Philippine Peso = 0.16718 Swedish Krona
1 Philippine Peso = 0.02548 Singapore Dollar
1 Philippine Peso = 0.01426 St Helena Pound
1 Philippine Peso = 0.41701 Slovak Koruna
1 Philippine Peso = 149.29577 Sierra Leone Leone
1 Philippine Peso = 10.57277 Somali Shilling
1 Philippine Peso = 397.4216 Sao Tome Dobra
1 Philippine Peso = 0.16432 El Salvador Colon
1 Philippine Peso = 9.67099 Syrian Pound
1 Philippine Peso = 0.25817 Swaziland Lilageni
1 Philippine Peso = 0.61446 Thai Baht
1 Philippine Peso = 0.04845 Tunisian Dinar
1 Philippine Peso = 0.04326 Tongan paʻanga
1 Philippine Peso = 0.08905 Turkish Lira
1 Philippine Peso = 0.12487 Trinidad Tobago Dollar
1 Philippine Peso = 0.56648 Taiwan Dollar
1 Philippine Peso = 42.59155 Tanzanian Shilling
1 Philippine Peso = 0.49596 Ukraine Hryvnia
1 Philippine Peso = 72.33803 Ugandan Shilling
1 Philippine Peso = 0.01878 United States Dollar
1 Philippine Peso = 0.59211 Uruguayan New Peso
1 Philippine Peso = 147.69953 Uzbekistan Sum
1 Philippine Peso = 1498.59155 Venezuelan Bolivar
1 Philippine Peso = 429.12676 Vietnam Dong
1 Philippine Peso = 2.02911 Vanuatu Vatu
1 Philippine Peso = 0.04869 Samoa Tala
1 Philippine Peso = 10.62592 CFA Franc (BEAC)
1 Philippine Peso = 0.0507 East Caribbean Dollar
1 Philippine Peso = 10.62592 CFA Franc (BCEAO)
1 Philippine Peso = 1.92432 Pacific Franc
1 Philippine Peso = 4.69202 Yemen Riyal
1 Philippine Peso = 0.25823 South African Rand
1 Philippine Peso = 97.4554 Zambian Kwacha
1 Philippine Peso = 6.79624 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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