October 18, 2017, 3:28 pm
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1 Philippine Peso = 0.0717 UAE Dirham
1 Philippine Peso = 2.20871 Albanian Lek
1 Philippine Peso = 0.03475 Neth Antilles Guilder
1 Philippine Peso = 0.33813 Argentine Peso
1 Philippine Peso = 0.0248 Australian Dollar
1 Philippine Peso = 0.03475 Aruba Florin
1 Philippine Peso = 0.03905 Barbados Dollar
1 Philippine Peso = 1.57731 Bangladesh Taka
1 Philippine Peso = 0.03233 Bulgarian Lev
1 Philippine Peso = 0.00736 Bahraini Dinar
1 Philippine Peso = 33.79539 Burundi Franc
1 Philippine Peso = 0.01952 Bermuda Dollar
1 Philippine Peso = 0.02637 Brunei Dollar
1 Philippine Peso = 0.13393 Bolivian Boliviano
1 Philippine Peso = 0.0616 Brazilian Real
1 Philippine Peso = 0.01952 Bahamian Dollar
1 Philippine Peso = 1.2666 Bhutan Ngultrum
1 Philippine Peso = 0.19953 Botswana Pula
1 Philippine Peso = 390.86294 Belarus Ruble
1 Philippine Peso = 0.039 Belize Dollar
1 Philippine Peso = 0.02447 Canadian Dollar
1 Philippine Peso = 0.01905 Swiss Franc
1 Philippine Peso = 12.09684 Chilean Peso
1 Philippine Peso = 0.12863 Chinese Yuan
1 Philippine Peso = 57.20812 Colombian Peso
1 Philippine Peso = 11.07243 Costa Rica Colon
1 Philippine Peso = 0.01952 Cuban Peso
1 Philippine Peso = 1.82351 Cape Verde Escudo
1 Philippine Peso = 0.42558 Czech Koruna
1 Philippine Peso = 3.46544 Djibouti Franc
1 Philippine Peso = 0.12309 Danish Krone
1 Philippine Peso = 0.92112 Dominican Peso
1 Philippine Peso = 2.21712 Algerian Dinar
1 Philippine Peso = 0.25865 Estonian Kroon
1 Philippine Peso = 0.3441 Egyptian Pound
1 Philippine Peso = 0.52519 Ethiopian Birr
1 Philippine Peso = 0.01653 Euro
1 Philippine Peso = 0.0399 Fiji Dollar
1 Philippine Peso = 0.01467 Falkland Islands Pound
1 Philippine Peso = 0.01471 British Pound
1 Philippine Peso = 0.08578 Ghanaian Cedi
1 Philippine Peso = 0.91761 Gambian Dalasi
1 Philippine Peso = 173.50644 Guinea Franc
1 Philippine Peso = 0.14337 Guatemala Quetzal
1 Philippine Peso = 3.9752 Guyana Dollar
1 Philippine Peso = 0.15244 Hong Kong Dollar
1 Philippine Peso = 0.45638 Honduras Lempira
1 Philippine Peso = 0.12402 Croatian Kuna
1 Philippine Peso = 1.19621 Haiti Gourde
1 Philippine Peso = 5.08551 Hungarian Forint
1 Philippine Peso = 263.17844 Indonesian Rupiah
1 Philippine Peso = 0.0682 Israeli Shekel
1 Philippine Peso = 1.26328 Indian Rupee
1 Philippine Peso = 22.78407 Iraqi Dinar
1 Philippine Peso = 667.88363 Iran Rial
1 Philippine Peso = 2.04705 Iceland Krona
1 Philippine Peso = 2.48653 Jamaican Dollar
1 Philippine Peso = 0.01381 Jordanian Dinar
1 Philippine Peso = 2.1829 Japanese Yen
1 Philippine Peso = 2.01386 Kenyan Shilling
1 Philippine Peso = 1.33715 Kyrgyzstan Som
1 Philippine Peso = 78.73877 Cambodia Riel
1 Philippine Peso = 8.09352 Comoros Franc
1 Philippine Peso = 17.57126 North Korean Won
1 Philippine Peso = 21.9875 Korean Won
1 Philippine Peso = 0.00589 Kuwaiti Dinar
1 Philippine Peso = 0.01601 Cayman Islands Dollar
1 Philippine Peso = 6.51054 Kazakhstan Tenge
1 Philippine Peso = 161.47403 Lao Kip
1 Philippine Peso = 29.39672 Lebanese Pound
1 Philippine Peso = 2.99785 Sri Lanka Rupee
1 Philippine Peso = 2.29988 Liberian Dollar
1 Philippine Peso = 0.25908 Lesotho Loti
1 Philippine Peso = 0.05952 Lithuanian Lita
1 Philippine Peso = 0.01212 Latvian Lat
1 Philippine Peso = 0.02662 Libyan Dinar
1 Philippine Peso = 0.18372 Moroccan Dirham
1 Philippine Peso = 0.33809 Moldovan Leu
1 Philippine Peso = 1.01269 Macedonian Denar
1 Philippine Peso = 26.59117 Myanmar Kyat
1 Philippine Peso = 47.89145 Mongolian Tugrik
1 Philippine Peso = 0.157 Macau Pataca
1 Philippine Peso = 7.04803 Mauritania Ougulya
1 Philippine Peso = 0.65892 Mauritius Rupee
1 Philippine Peso = 0.3034 Maldives Rufiyaa
1 Philippine Peso = 13.98223 Malawi Kwacha
1 Philippine Peso = 0.37125 Mexican Peso
1 Philippine Peso = 0.0823 Malaysian Ringgit
1 Philippine Peso = 0.25884 Namibian Dollar
1 Philippine Peso = 6.89184 Nigerian Naira
1 Philippine Peso = 0.59176 Nicaragua Cordoba
1 Philippine Peso = 0.15391 Norwegian Krone
1 Philippine Peso = 2.0285 Nepalese Rupee
1 Philippine Peso = 0.02714 New Zealand Dollar
1 Philippine Peso = 0.00751 Omani Rial
1 Philippine Peso = 0.01952 Panama Balboa
1 Philippine Peso = 0.06338 Peruvian Nuevo Sol
1 Philippine Peso = 0.06228 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.05076 Pakistani Rupee
1 Philippine Peso = 0.07005 Polish Zloty
1 Philippine Peso = 109.88871 Paraguayan Guarani
1 Philippine Peso = 0.07106 Qatar Rial
1 Philippine Peso = 0.07576 Romanian New Leu
1 Philippine Peso = 1.11582 Russian Rouble
1 Philippine Peso = 16.21398 Rwanda Franc
1 Philippine Peso = 0.07321 Saudi Arabian Riyal
1 Philippine Peso = 0.15248 Solomon Islands Dollar
1 Philippine Peso = 0.26667 Seychelles Rupee
1 Philippine Peso = 0.13003 Sudanese Pound
1 Philippine Peso = 0.15841 Swedish Krona
1 Philippine Peso = 0.02638 Singapore Dollar
1 Philippine Peso = 0.01468 St Helena Pound
1 Philippine Peso = 0.43354 Slovak Koruna
1 Philippine Peso = 148.77001 Sierra Leone Leone
1 Philippine Peso = 10.91371 Somali Shilling
1 Philippine Peso = 405.15812 Sao Tome Dobra
1 Philippine Peso = 0.17083 El Salvador Colon
1 Philippine Peso = 10.05428 Syrian Pound
1 Philippine Peso = 0.25884 Swaziland Lilageni
1 Philippine Peso = 0.64526 Thai Baht
1 Philippine Peso = 0.04826 Tunisian Dinar
1 Philippine Peso = 0.04364 Tongan paʻanga
1 Philippine Peso = 0.07093 Turkish Lira
1 Philippine Peso = 0.13039 Trinidad Tobago Dollar
1 Philippine Peso = 0.58821 Taiwan Dollar
1 Philippine Peso = 43.69387 Tanzanian Shilling
1 Philippine Peso = 0.51738 Ukraine Hryvnia
1 Philippine Peso = 71.10504 Ugandan Shilling
1 Philippine Peso = 0.01952 United States Dollar
1 Philippine Peso = 0.57321 Uruguayan New Peso
1 Philippine Peso = 156.77469 Uzbekistan Sum
1 Philippine Peso = 0.19475 Venezuelan Bolivar
1 Philippine Peso = 443.49862 Vietnam Dong
1 Philippine Peso = 2.03026 Vanuatu Vatu
1 Philippine Peso = 0.0495 Samoa Tala
1 Philippine Peso = 10.83639 CFA Franc (BEAC)
1 Philippine Peso = 0.05271 East Caribbean Dollar
1 Philippine Peso = 10.75752 CFA Franc (BCEAO)
1 Philippine Peso = 1.96193 Pacific Franc
1 Philippine Peso = 4.87895 Yemen Riyal
1 Philippine Peso = 0.259 South African Rand
1 Philippine Peso = 101.31784 Zambian Kwacha
1 Philippine Peso = 7.0656 Zimbabwe dollar

The economics of a failed revolution

In the first place, maybe what we insisted on calling a revolution never was in the strictest sense. Seeing through the years what we had become -- those of us who reveled in the EDSA Revolution, ecstatic we had deposed a dictatorship with prayers -- the EDSA Revolution might have been, in reality, a dismal failure.

Self-reflection can be painful when what stares back falls short of expectations and in contrast might actually be the reality others see. 

Note how others might view our democracy. 

In 1986 we demonized a despot who choked us employing a dictatorial stranglehold that it took decades for us to grow the gonads to depose him. Since then we reverted, confronted now with the possibility of a diabolic political resurrection.

Since 1986, we’ve had two presidents accused of high crimes enough to jail them. After a few years we not only released them but we’ve reinstalled them in powerful positions.

Our political development actually worsened. Recently we picked a president whose reputation for violence might sit well with the reputations of such authoritarians as Baby Doc Duvalier, Pol Pot, and even Idi Amin.

Now note how others might view our economy.

Since 1986 we’ve failed to industrialize and instead established an economy essentially nothing more than a backroom after-sales office providing telephony support. If what sustained us prior to being a business processes outsourcing (BPO) economy was simply being a raw material supplier, via our dependence on BPO, we effectively remain as raw input suppliers.

Where we think we’ve industrialized, we didn’t. Note where mining is typically a seminal industrial catalyst, despite the  political power mining players wield data shows it contributes little to GDP, enhancing instead offshore industrialized economies while ravaging our forests and food baskets.

More than failed development, the manner we celebrate the EDSA Revolution is perhaps the most painful realization of a self-inflicted wound. Note that our most historically popular president chose not to celebrate EDSA himself. The snub was deliberate. Worse, it felt like a slap. 

It’s ironic. Had EDSA failed to unseat Ferdinand E. Marcos, we would not be enjoying the freedoms we carelessly enjoy. Without deposing the dictatorship Cory Aquino would not have been president. Nor would Estrada, Gloria Arroyo and Cory’s son, Benigno III -- the latter’s weaknesses and failures compelling us to elect Rodrigo R. Duterte. 

The EDSA unseating was successful only where it allowed us to choose according to the depth of our intellect and the sway and swings of our emotions. But was the EDSA Revolution just that, an unseating? 

One view of revolutions is that these result in a profound overturning of ruling classes. The socio-economic structure of the Philippines during the dictatorship years and what it is now are perhaps the best arguments that the revolution we thought we fought either did not take place or had failed miserably. 

Some economic indices bear these out. We are not referring to the disembodied GDP that misses out on critical metrics like the gap between the rich and the poor, hunger and inequity -- those that measure inclusive development. 

GDP improved. Even in the simplest macroeconomic growth graphs GDP eventually travels north powered by technological advancement and the inherent desire to be more efficient. Given three decades since 1986, whether governed by outstanding presidents, or among them, bungling buffoons, growth is assumed and dips, naturally corrected.

Between 1986 and  2016 poverty incidence did indeed fall to between 21 percent to 28 percent under Benigno Aquino III, albeit those mimic Estrada’s target in 2004. GDP growth increased from 3.2 percent to 7.1 percent. External debt fell and interest burdens decreased substantially when, under Arroyo, debts were either paid down or refinanced, eventually leading to the ballyhooed ratings Aquino boasted of when he inherited Arroyo’s economy. Tragically however, per capita GDP remained lowest in the region while coup-cursed Thailand, our economic twin, registered over 2.20 times ours.

Unemployment, also the worst in the region among even lower GDP growth economies, improved from 1986 as the government changed its benchmarks but the bigger problem of underemployment remained substantially between 25 percent to 33 percent. The most alarming however is the labor participation rate under Aquino’s final year. Those looking for work in 2016 were 63.4 percent. In 1986 it averaged lower at 62.9 percent.

Where revolutions impact on inequities EDSA failed miserably. The Gini Coefficient that measures inequality worsened under Aquino registering 43.1 percent compared to 41.04 percent in 1986.

That gap should not have happened. Yet it was allowed to grow by a dispensation that cared little and had no empathy for our poorest subsisting at the bottom rung of the index despite the GDP growth that skirted them. The gap shows  the last presidency that could have and should have resurrected the economic promise of EDSA, simply pampered its upper-crust plutocracy. 

After 1986 we crawled away from a debt-driven economy and GDP grew. But only for the rich. From 1986 the worsening inequity shows how government fails when it prioritizes the interests of cronies in the case of 1986, and in 2016, the “kaklase, kaibigan and kabarilan” coterie under Aquino. If the EDSA celebrations were largely ignored last month it is because the last plutocratic administration hammered the last nail on its coffin.
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