June 25, 2017, 1:29 pm
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1 Philippine Peso = 0.07443 UAE Dirham
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1 Philippine Peso = 0.03628 Neth Antilles Guilder
1 Philippine Peso = 0.32436 Argentine Peso
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1 Philippine Peso = 0.46433 Ethiopian Birr
1 Philippine Peso = 0.01797 Euro
1 Philippine Peso = 0.04244 Fiji Dollar
1 Philippine Peso = 0.01573 Falkland Islands Pound
1 Philippine Peso = 0.01572 British Pound
1 Philippine Peso = 0.08685 Ghanaian Cedi
1 Philippine Peso = 0.91021 Gambian Dalasi
1 Philippine Peso = 182.75233 Guinea Franc
1 Philippine Peso = 0.1491 Guatemala Quetzal
1 Philippine Peso = 4.14512 Guyana Dollar
1 Philippine Peso = 0.15784 Hong Kong Dollar
1 Philippine Peso = 0.47422 Honduras Lempira
1 Philippine Peso = 0.13229 Croatian Kuna
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1 Philippine Peso = 1.30521 Indian Rupee
1 Philippine Peso = 23.93595 Iraqi Dinar
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1 Philippine Peso = 2.6139 Jamaican Dollar
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1 Philippine Peso = 22.6366 Korean Won
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1 Philippine Peso = 6.364 Kazakhstan Tenge
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1 Philippine Peso = 0.25922 Lesotho Loti
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1 Philippine Peso = 0.02821 Libyan Dinar
1 Philippine Peso = 0.19642 Moroccan Dirham
1 Philippine Peso = 0.36735 Moldovan Leu
1 Philippine Peso = 1.09972 Macedonian Denar
1 Philippine Peso = 27.52331 Myanmar Kyat
1 Philippine Peso = 48.27726 Mongolian Tugrik
1 Philippine Peso = 0.16258 Macau Pataca
1 Philippine Peso = 7.25578 Mauritania Ougulya
1 Philippine Peso = 0.70024 Mauritius Rupee
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1 Philippine Peso = 0.37863 Mexican Peso
1 Philippine Peso = 0.08672 Malaysian Ringgit
1 Philippine Peso = 0.2604 Namibian Dollar
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1 Philippine Peso = 0.59972 Nicaragua Cordoba
1 Philippine Peso = 0.17055 Norwegian Krone
1 Philippine Peso = 2.08654 Nepalese Rupee
1 Philippine Peso = 0.02835 New Zealand Dollar
1 Philippine Peso = 0.00779 Omani Rial
1 Philippine Peso = 0.02027 Panama Balboa
1 Philippine Peso = 0.06622 Peruvian Nuevo Sol
1 Philippine Peso = 0.06654 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.11897 Pakistani Rupee
1 Philippine Peso = 0.0753 Polish Zloty
1 Philippine Peso = 112.82935 Paraguayan Guarani
1 Philippine Peso = 0.0738 Qatar Rial
1 Philippine Peso = 0.08196 Romanian New Leu
1 Philippine Peso = 1.14766 Russian Rouble
1 Philippine Peso = 16.61897 Rwanda Franc
1 Philippine Peso = 0.076 Saudi Arabian Riyal
1 Philippine Peso = 0.16004 Solomon Islands Dollar
1 Philippine Peso = 0.26836 Seychelles Rupee
1 Philippine Peso = 0.13498 Sudanese Pound
1 Philippine Peso = 0.17451 Swedish Krona
1 Philippine Peso = 0.02797 Singapore Dollar
1 Philippine Peso = 0.01573 St Helena Pound
1 Philippine Peso = 0.45006 Slovak Koruna
1 Philippine Peso = 152.00649 Sierra Leone Leone
1 Philippine Peso = 11.08634 Somali Shilling
1 Philippine Peso = 435.85326 Sao Tome Dobra
1 Philippine Peso = 0.17678 El Salvador Colon
1 Philippine Peso = 10.43737 Syrian Pound
1 Philippine Peso = 0.26014 Swaziland Lilageni
1 Philippine Peso = 0.6897 Thai Baht
1 Philippine Peso = 0.04917 Tunisian Dinar
1 Philippine Peso = 0.04647 Tongan paʻanga
1 Philippine Peso = 0.0711 Turkish Lira
1 Philippine Peso = 0.13537 Trinidad Tobago Dollar
1 Philippine Peso = 0.61011 Taiwan Dollar
1 Philippine Peso = 45.17633 Tanzanian Shilling
1 Philippine Peso = 0.53223 Ukraine Hryvnia
1 Philippine Peso = 72.78071 Ugandan Shilling
1 Philippine Peso = 0.02027 United States Dollar
1 Philippine Peso = 0.57377 Uruguayan New Peso
1 Philippine Peso = 77.82732 Uzbekistan Sum
1 Philippine Peso = 0.20216 Venezuelan Bolivar
1 Philippine Peso = 459.54601 Vietnam Dong
1 Philippine Peso = 2.18241 Vanuatu Vatu
1 Philippine Peso = 0.05201 Samoa Tala
1 Philippine Peso = 11.77483 CFA Franc (BEAC)
1 Philippine Peso = 0.05472 East Caribbean Dollar
1 Philippine Peso = 11.82205 CFA Franc (BCEAO)
1 Philippine Peso = 2.13174 Pacific Franc
1 Philippine Peso = 5.06546 Yemen Riyal
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Triple military spending required for defense, Ateneo economist says

CEBU CITY. – The Philippines needs to invest as much as P411.6 billion on military spending, including for the defense of its maritime resources, an economist said on Wednesday.

The amount is a ballpark figure three times the current P137.2 billion budget of the military and is on the wish list of Dr. Ronald U. Mendoza, dean of Ateneo de Manila University’s School of Government.

The present defense budget is 1 percent of GDP, and Defense Secretary Delfin N. Lorenzana reportedly wants it pegged at 2.5 percent of GDP. Mendoza rounded that up to 3 percent of GDP, putting the ideal defense spending at P411.6 billion.

That much is needed to defend the country, including its maritime resources that are worth a conservative $970 billion in monetary value, contributing up to $1.5 trillion per annum to the economy, he said.

“We want more investments on national defense, not because we want to be militaristic but because we want to protect our resources,” said Mendoza, a member of the Multi-Sector Governance Council, the military’s good governance watchdog.

The national budget for 2017 is P3.35 trillion or around $70 billion, the highest in history. While that is an improvement, he said, “it’s only a minimal increase” – P137.2 billion allocated for defense this year over the P117.5 billion defense budget in 2016.

“We need proper investment on our Armed Forces so we can defend our resources,” he told the Visayas Regional Scientific Conference convened by the National Academy of Science and Technology, the country’s highest science policy body.

Other countries will use the country’s natural resources, with its high monetary value, if the Philippines doesn’t invest on defense, said Mendoza, an associate professor at Ateneo and formerly an associate professor of Economics at the Asian Institute of Management and a senior economist with the United Nations in New York.

“Marine ecosystems can contribute a conservative monetary value of about $970 billion up to US$1.5 trillion per annum to the economy. Total monetary value associated with coral reefs, seagrasses and mangroves is estimated to be $98.298 billion or P1.553 trillion, which is almost at par with the contribution of the manufacturing sector to the country’s nominal GDP in 2007.”

Mendoza said the Philippines is the world’s second largest archipelagic country with the fifth longest coastline (36,289 kilometers), longer than that of China, the United States and Japan. The country ranks 10th in the world fishing industry; fisheries contribute 1.8 percent to the total GDP.

Most or 70 percent of the Coral Triangle are within its border; the Triangle is the global center of marine diversity where 76 percent of the world’s coral species live and home to least 2,228 species of reef fish.

“Philippine resources in the maritime sector include 138 million barrels of oil and 3.48 trillion cubic feet of natural gas reserves,” Mendoza said.

“Some of these territories are contested. The challenge is to manage the resources even as they are contested,” he said, pointing out that because future generations of contesting countries stand to benefit, “contradictions should not stand in the way… it’s possible to do without weakening or giving up claims.” 

Cooperation between contesting countries should be spearhead not by the military but by scientists, Mendoza said.

That doesn’t negate the need for the Philippine military to improve its arsenal and hardware complemented by improvements in science, technology and human resources, including scientists, engineers and managers, he said in an interview.

“It’s not business as usual with the modern military which needs a lot of things,” he said, pointing to the use of drones in surveillance and attacks as well as cyberwarfare, “not just weapons but other science.”
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