May 28, 2018, 1:23 am
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1 Philippine Peso = 0.06987 UAE Dirham
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1 Philippine Peso = 0.51779 Ethiopian Birr
1 Philippine Peso = 0.01623 Euro
1 Philippine Peso = 0.03907 Fiji Dollar
1 Philippine Peso = 0.01422 Falkland Islands Pound
1 Philippine Peso = 0.01425 British Pound
1 Philippine Peso = 0.08823 Ghanaian Cedi
1 Philippine Peso = 0.89024 Gambian Dalasi
1 Philippine Peso = 171.23835 Guinea Franc
1 Philippine Peso = 0.13955 Guatemala Quetzal
1 Philippine Peso = 3.93875 Guyana Dollar
1 Philippine Peso = 0.14924 Hong Kong Dollar
1 Philippine Peso = 0.45305 Honduras Lempira
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1 Philippine Peso = 1.23264 Haiti Gourde
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1 Philippine Peso = 22.52235 Iraqi Dinar
1 Philippine Peso = 800.64676 Iran Rial
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1 Philippine Peso = 2.38368 Jamaican Dollar
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1 Philippine Peso = 2.08195 Japanese Yen
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1 Philippine Peso = 17.12003 North Korean Won
1 Philippine Peso = 20.46376 Korean Won
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1 Philippine Peso = 0.31929 Moldovan Leu
1 Philippine Peso = 0.99391 Macedonian Denar
1 Philippine Peso = 25.77516 Myanmar Kyat
1 Philippine Peso = 45.76412 Mongolian Tugrik
1 Philippine Peso = 0.15373 Macau Pataca
1 Philippine Peso = 6.73388 Mauritania Ougulya
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1 Philippine Peso = 0.37196 Mexican Peso
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1 Philippine Peso = 0.23683 Namibian Dollar
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1 Philippine Peso = 0.59717 Nicaragua Cordoba
1 Philippine Peso = 0.15404 Norwegian Krone
1 Philippine Peso = 2.06962 Nepalese Rupee
1 Philippine Peso = 0.02745 New Zealand Dollar
1 Philippine Peso = 0.00732 Omani Rial
1 Philippine Peso = 0.01902 Panama Balboa
1 Philippine Peso = 0.0621 Peruvian Nuevo Sol
1 Philippine Peso = 0.06201 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.19897 Pakistani Rupee
1 Philippine Peso = 0.06975 Polish Zloty
1 Philippine Peso = 108.10348 Paraguayan Guarani
1 Philippine Peso = 0.06924 Qatar Rial
1 Philippine Peso = 0.0751 Romanian New Leu
1 Philippine Peso = 1.17631 Russian Rouble
1 Philippine Peso = 16.13468 Rwanda Franc
1 Philippine Peso = 0.07134 Saudi Arabian Riyal
1 Philippine Peso = 0.15092 Solomon Islands Dollar
1 Philippine Peso = 0.25547 Seychelles Rupee
1 Philippine Peso = 0.34155 Sudanese Pound
1 Philippine Peso = 0.16566 Swedish Krona
1 Philippine Peso = 0.02546 Singapore Dollar
1 Philippine Peso = 0.01422 St Helena Pound
1 Philippine Peso = 0.42241 Slovak Koruna
1 Philippine Peso = 149.32471 Sierra Leone Leone
1 Philippine Peso = 10.69051 Somali Shilling
1 Philippine Peso = 397.78391 Sao Tome Dobra
1 Philippine Peso = 0.16644 El Salvador Colon
1 Philippine Peso = 9.79608 Syrian Pound
1 Philippine Peso = 0.23678 Swaziland Lilageni
1 Philippine Peso = 0.60662 Thai Baht
1 Philippine Peso = 0.0483 Tunisian Dinar
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1 Philippine Peso = 0.08961 Turkish Lira
1 Philippine Peso = 0.1286 Trinidad Tobago Dollar
1 Philippine Peso = 0.56886 Taiwan Dollar
1 Philippine Peso = 43.27563 Tanzanian Shilling
1 Philippine Peso = 0.49705 Ukraine Hryvnia
1 Philippine Peso = 71.0291 Ugandan Shilling
1 Philippine Peso = 0.01902 United States Dollar
1 Philippine Peso = 0.5933 Uruguayan New Peso
1 Philippine Peso = 151.83565 Uzbekistan Sum
1 Philippine Peso = 1494.25528 Venezuelan Bolivar
1 Philippine Peso = 433.30797 Vietnam Dong
1 Philippine Peso = 2.03595 Vanuatu Vatu
1 Philippine Peso = 0.04914 Samoa Tala
1 Philippine Peso = 10.63667 CFA Franc (BEAC)
1 Philippine Peso = 0.05136 East Caribbean Dollar
1 Philippine Peso = 10.63667 CFA Franc (BCEAO)
1 Philippine Peso = 1.926 Pacific Franc
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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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