May 22, 2018, 2:13 pm
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1 Philippine Peso = 0.07022 UAE Dirham
1 Philippine Peso = 2.04971 Albanian Lek
1 Philippine Peso = 0.03427 Neth Antilles Guilder
1 Philippine Peso = 0.46553 Argentine Peso
1 Philippine Peso = 0.02521 Australian Dollar
1 Philippine Peso = 0.03403 Aruba Florin
1 Philippine Peso = 0.03824 Barbados Dollar
1 Philippine Peso = 1.6174 Bangladesh Taka
1 Philippine Peso = 0.0318 Bulgarian Lev
1 Philippine Peso = 0.00722 Bahraini Dinar
1 Philippine Peso = 33.47954 Burundi Franc
1 Philippine Peso = 0.01912 Bermuda Dollar
1 Philippine Peso = 0.02536 Brunei Dollar
1 Philippine Peso = 0.13117 Bolivian Boliviano
1 Philippine Peso = 0.07028 Brazilian Real
1 Philippine Peso = 0.01912 Bahamian Dollar
1 Philippine Peso = 1.30067 Bhutan Ngultrum
1 Philippine Peso = 0.19226 Botswana Pula
1 Philippine Peso = 382.79159 Belarus Ruble
1 Philippine Peso = 0.0382 Belize Dollar
1 Philippine Peso = 0.02445 Canadian Dollar
1 Philippine Peso = 0.01907 Swiss Franc
1 Philippine Peso = 12.17151 Chilean Peso
1 Philippine Peso = 0.12202 Chinese Yuan
1 Philippine Peso = 54.9522 Colombian Peso
1 Philippine Peso = 10.70612 Costa Rica Colon
1 Philippine Peso = 0.01912 Cuban Peso
1 Philippine Peso = 1.78834 Cape Verde Escudo
1 Philippine Peso = 0.41644 Czech Koruna
1 Philippine Peso = 3.3891 Djibouti Franc
1 Philippine Peso = 0.12076 Danish Krone
1 Philippine Peso = 0.94646 Dominican Peso
1 Philippine Peso = 2.21398 Algerian Dinar
1 Philippine Peso = 0.25367 Estonian Kroon
1 Philippine Peso = 0.34149 Egyptian Pound
1 Philippine Peso = 0.52008 Ethiopian Birr
1 Philippine Peso = 0.01621 Euro
1 Philippine Peso = 0.03927 Fiji Dollar
1 Philippine Peso = 0.01423 Falkland Islands Pound
1 Philippine Peso = 0.01423 British Pound
1 Philippine Peso = 0.08859 Ghanaian Cedi
1 Philippine Peso = 0.89503 Gambian Dalasi
1 Philippine Peso = 172.06501 Guinea Franc
1 Philippine Peso = 0.14027 Guatemala Quetzal
1 Philippine Peso = 3.93289 Guyana Dollar
1 Philippine Peso = 0.15004 Hong Kong Dollar
1 Philippine Peso = 0.45428 Honduras Lempira
1 Philippine Peso = 0.11999 Croatian Kuna
1 Philippine Peso = 1.19751 Haiti Gourde
1 Philippine Peso = 5.1499 Hungarian Forint
1 Philippine Peso = 271.08987 Indonesian Rupiah
1 Philippine Peso = 0.06827 Israeli Shekel
1 Philippine Peso = 1.30228 Indian Rupee
1 Philippine Peso = 22.63862 Iraqi Dinar
1 Philippine Peso = 804.0153 Iran Rial
1 Philippine Peso = 1.99809 Iceland Krona
1 Philippine Peso = 2.38145 Jamaican Dollar
1 Philippine Peso = 0.0135 Jordanian Dinar
1 Philippine Peso = 2.12293 Japanese Yen
1 Philippine Peso = 1.91587 Kenyan Shilling
1 Philippine Peso = 1.30863 Kyrgyzstan Som
1 Philippine Peso = 77.2065 Cambodia Riel
1 Philippine Peso = 7.91109 Comoros Franc
1 Philippine Peso = 17.20841 North Korean Won
1 Philippine Peso = 20.57725 Korean Won
1 Philippine Peso = 0.00577 Kuwaiti Dinar
1 Philippine Peso = 0.01568 Cayman Islands Dollar
1 Philippine Peso = 6.29369 Kazakhstan Tenge
1 Philippine Peso = 159.08222 Lao Kip
1 Philippine Peso = 28.77629 Lebanese Pound
1 Philippine Peso = 3.0153 Sri Lanka Rupee
1 Philippine Peso = 2.55793 Liberian Dollar
1 Philippine Peso = 0.24207 Lesotho Loti
1 Philippine Peso = 0.05829 Lithuanian Lita
1 Philippine Peso = 0.01187 Latvian Lat
1 Philippine Peso = 0.02595 Libyan Dinar
1 Philippine Peso = 0.18017 Moroccan Dirham
1 Philippine Peso = 0.31807 Moldovan Leu
1 Philippine Peso = 0.99293 Macedonian Denar
1 Philippine Peso = 25.85086 Myanmar Kyat
1 Philippine Peso = 45.83174 Mongolian Tugrik
1 Philippine Peso = 0.15455 Macau Pataca
1 Philippine Peso = 6.76864 Mauritania Ougulya
1 Philippine Peso = 0.65679 Mauritius Rupee
1 Philippine Peso = 0.29771 Maldives Rufiyaa
1 Philippine Peso = 13.64149 Malawi Kwacha
1 Philippine Peso = 0.37878 Mexican Peso
1 Philippine Peso = 0.07606 Malaysian Ringgit
1 Philippine Peso = 0.24208 Namibian Dollar
1 Philippine Peso = 6.88337 Nigerian Naira
1 Philippine Peso = 0.59598 Nicaragua Cordoba
1 Philippine Peso = 0.15388 Norwegian Krone
1 Philippine Peso = 2.08185 Nepalese Rupee
1 Philippine Peso = 0.02752 New Zealand Dollar
1 Philippine Peso = 0.00735 Omani Rial
1 Philippine Peso = 0.01912 Panama Balboa
1 Philippine Peso = 0.0627 Peruvian Nuevo Sol
1 Philippine Peso = 0.06117 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.20841 Pakistani Rupee
1 Philippine Peso = 0.06955 Polish Zloty
1 Philippine Peso = 107.60994 Paraguayan Guarani
1 Philippine Peso = 0.06959 Qatar Rial
1 Philippine Peso = 0.07495 Romanian New Leu
1 Philippine Peso = 1.17737 Russian Rouble
1 Philippine Peso = 16.18375 Rwanda Franc
1 Philippine Peso = 0.0717 Saudi Arabian Riyal
1 Philippine Peso = 0.15039 Solomon Islands Dollar
1 Philippine Peso = 0.26023 Seychelles Rupee
1 Philippine Peso = 0.34331 Sudanese Pound
1 Philippine Peso = 0.16581 Swedish Krona
1 Philippine Peso = 0.02562 Singapore Dollar
1 Philippine Peso = 0.01424 St Helena Pound
1 Philippine Peso = 0.42459 Slovak Koruna
1 Philippine Peso = 149.13958 Sierra Leone Leone
1 Philippine Peso = 10.7457 Somali Shilling
1 Philippine Peso = 397.36138 Sao Tome Dobra
1 Philippine Peso = 0.1673 El Salvador Colon
1 Philippine Peso = 9.84665 Syrian Pound
1 Philippine Peso = 0.24215 Swaziland Lilageni
1 Philippine Peso = 0.61434 Thai Baht
1 Philippine Peso = 0.04906 Tunisian Dinar
1 Philippine Peso = 0.04426 Tongan paʻanga
1 Philippine Peso = 0.08746 Turkish Lira
1 Philippine Peso = 0.12714 Trinidad Tobago Dollar
1 Philippine Peso = 0.57119 Taiwan Dollar
1 Philippine Peso = 43.51816 Tanzanian Shilling
1 Philippine Peso = 0.49847 Ukraine Hryvnia
1 Philippine Peso = 71.12811 Ugandan Shilling
1 Philippine Peso = 0.01912 United States Dollar
1 Philippine Peso = 0.59981 Uruguayan New Peso
1 Philippine Peso = 152.58126 Uzbekistan Sum
1 Philippine Peso = 1501.96941 Venezuelan Bolivar
1 Philippine Peso = 435.35373 Vietnam Dong
1 Philippine Peso = 2.08088 Vanuatu Vatu
1 Philippine Peso = 0.0494 Samoa Tala
1 Philippine Peso = 10.62849 CFA Franc (BEAC)
1 Philippine Peso = 0.05163 East Caribbean Dollar
1 Philippine Peso = 10.62849 CFA Franc (BCEAO)
1 Philippine Peso = 1.92218 Pacific Franc
1 Philippine Peso = 4.7782 Yemen Riyal
1 Philippine Peso = 0.24216 South African Rand
1 Philippine Peso = 99.22562 Zambian Kwacha
1 Philippine Peso = 6.91969 Zimbabwe dollar

SSS premium hike opposed, called illegal

BY JP LOPEZ AND WENDELL VIGILIA
 
LAWMAKERS and labor groups yesterday opposed the increase in monthly contributions of Social Security System (SSS) members to finance the pension hike of retirees, with senators saying that the move is contrary to law.

President Duterte approved a P1,000 pension hike for SSS members beginning next month but there will be a 1.5 percent increase in the contribution of members starting May.
Social Security System President Amado Valdez said the 1.5 percent increase in the contribution of members would go to the investment reserve fund of the agency and would not be used to fund the pension hike.

Valdez said it is the proceeds of the investment fund that is used to finance the pensions.

“All this increase in the contribution is for the investment reserve para mapalaki natin doon because, actually nanggagaling iyung pension at saka other benefit from the proceeds of our investment in the   current collection,” he said.

He, however, admitted that indirectly the increased contribution would eventually go to the pension hike since it will augment the investment fund.

Senate President pro tempore Franklin Drilon said the SSS Law  prohibits SSS from raising benefits that would require an increase in contribution.

“While the executive’s decision to finally grant the long-awaited increase in the pension of SSS retirees is commendable, it should not be used to justify an increase in the premium payment,” Drilon said.

He said the SSS can only implement an increase in the benefits of its members, subject to the approval of the President, “if such increase is based on the actuarial soundness of the reserve fund” and as “such shall not require any increase in the rate contribution.”

Drilon said while the adjustment in the rate of contribution will take effect by May 2017, it is clear that such action is carried out in order to fund the pension increase.

Sen. Paolo Benigno Aquino IV said senators and employers were surprised by Malacañang’s move. He said he supported the move to raise the SSS pensions.

Aquino said what is needed is to increase the efficiency in the collection of contributions, instead of raising the premiums.

Sen. Francis Escudero said the SSS should explain the increase in premium and back it up with actuarial studies.

But Sens. Juan Edgardo Angara and Joel Villanueva said the increase is SSS premium is justifiable.

Angara, chairman of the Senate ways and means committee, said the agency’s funds would be depleted if the increase in SSS pension has no accompanying measure to recover the expected cash outlay.
Villanueva claimed Angara’s position is actually the sentiment of the Senate.

“Someone has to pay for the additional benefits. We are happy that our retirees will receive the additional pension and hopefully, the SSS management will be able to effectively manage the fund and improve their collection and that the increase in premium will be sufficient to make the fund sustainable,” he said.

Sen. Richard Gordon, chairman of the committee on government corporations, hailed the decision to increase the SSS pension and vowed to provide legislative support to ensure the stability of the fund agency.

Left-leaning congressmen from the Makabayan bloc led by Bayan Muna party-list Rep. Carlos Zarate said the President’s decision to approve the P1,000 pension hike for SSS pensioners cannot be undertaken at the expense of contributors.

“Pwede nilang (Palace) sabihin na hindi magkasabay (ang increases). January (ang) increase (sa pension), May (naman) ‘yung contribution hike,” he said. “That is certainly a legal question kaya nais nating makita yung fine print ng (SSS) board resolution,” Zarate said.

He said Bayan Muna will continue to help the SSS board in finding ways to lengthen its fund life without increasing SSS contributions.

Zarate said the issue may lead to a legal question before the Supreme Court “and that is why we will have to thoroughly study because the law clearly states that is not the process.”

 Ako Bicol party-list Rep. Alfredo Garbin, a member of the House minority bloc, said: “The challenge now is for the SSS to have an efficient and effective collection of its members’ contributions instead of raising its premium which a big burden on the part of its members and employers.”

Magdalo party-list Rep. Gary Alejan said Duterte is delivering a campaign promise at the expense of other people.

Anakpawis party-list Rep. Ariel Casilao urged members to oppose the increase in their contributions and instead “demand significant reforms in the institution such as improving its collection rate and coverage, getting rid of huge salaries and bonuses of executives and risky investments to the private sector.”

Partido Manggagawa chairman Renato Magtubo said there are other ways for the SSS to generate additional income to provide increase in pension.

Kilusang Mayo Uno chairman Elmer Labog said government should also consider subsidizing the SSS fund to ensure that the pension hike is sustainable. – With Gerard Naval and Jocelyn Montemayor
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Security treaty with China

Rey O. Arcilla's picture
By REY O. ARCILLA | May 22,2018
‘I cannot think of a more opportune time to forge a security treaty with China. If China balks, Digong may have to re-think and re-assess his foreign policy thrust.’

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Poisoning the well

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‘The Marcoses are clearly grasping at straws at this point, with the electoral contest taking longer than they expected.’