June 26, 2017, 8:20 am
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1 Philippine Peso = 0.07443 UAE Dirham
1 Philippine Peso = 2.4017 Albanian Lek
1 Philippine Peso = 0.03628 Neth Antilles Guilder
1 Philippine Peso = 0.32436 Argentine Peso
1 Philippine Peso = 0.02723 Australian Dollar
1 Philippine Peso = 0.03626 Aruba Florin
1 Philippine Peso = 0.04054 Barbados Dollar
1 Philippine Peso = 1.63579 Bangladesh Taka
1 Philippine Peso = 0.03534 Bulgarian Lev
1 Philippine Peso = 0.00763 Bahraini Dinar
1 Philippine Peso = 34.60377 Burundi Franc
1 Philippine Peso = 0.02027 Bermuda Dollar
1 Philippine Peso = 0.02797 Brunei Dollar
1 Philippine Peso = 0.13904 Bolivian Boliviano
1 Philippine Peso = 0.06579 Brazilian Real
1 Philippine Peso = 0.02027 Bahamian Dollar
1 Philippine Peso = 1.30624 Bhutan Ngultrum
1 Philippine Peso = 0.20692 Botswana Pula
1 Philippine Peso = 405.75598 Belarus Ruble
1 Philippine Peso = 0.04049 Belize Dollar
1 Philippine Peso = 0.02733 Canadian Dollar
1 Philippine Peso = 0.01952 Swiss Franc
1 Philippine Peso = 13.57175 Chilean Peso
1 Philippine Peso = 0.13799 Chinese Yuan
1 Philippine Peso = 58.59343 Colombian Peso
1 Philippine Peso = 11.43535 Costa Rica Colon
1 Philippine Peso = 0.02027 Cuban Peso
1 Philippine Peso = 1.98075 Cape Verde Escudo
1 Philippine Peso = 0.47231 Czech Koruna
1 Philippine Peso = 3.59951 Djibouti Franc
1 Philippine Peso = 0.13357 Danish Krone
1 Philippine Peso = 0.95278 Dominican Peso
1 Philippine Peso = 2.19181 Algerian Dinar
1 Philippine Peso = 0.28109 Estonian Kroon
1 Philippine Peso = 0.36583 Egyptian Pound
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
1 Philippine Peso = 1.24625 Haiti Gourde
1 Philippine Peso = 5.54195 Hungarian Forint
1 Philippine Peso = 269.57844 Indonesian Rupiah
1 Philippine Peso = 0.07211 Israeli Shekel
1 Philippine Peso = 1.30521 Indian Rupee
1 Philippine Peso = 23.93595 Iraqi Dinar
1 Philippine Peso = 657.62059 Iran Rial
1 Philippine Peso = 1.9771 Iceland Krona
1 Philippine Peso = 2.6139 Jamaican Dollar
1 Philippine Peso = 0.01433 Jordanian Dinar
1 Philippine Peso = 2.23666 Japanese Yen
1 Philippine Peso = 2.0906 Kenyan Shilling
1 Philippine Peso = 1.38113 Kyrgyzstan Som
1 Philippine Peso = 81.57681 Cambodia Riel
1 Philippine Peso = 9.12404 Comoros Franc
1 Philippine Peso = 18.24078 North Korean Won
1 Philippine Peso = 22.6366 Korean Won
1 Philippine Peso = 0.00614 Kuwaiti Dinar
1 Philippine Peso = 0.01662 Cayman Islands Dollar
1 Philippine Peso = 6.364 Kazakhstan Tenge
1 Philippine Peso = 166.08836 Lao Kip
1 Philippine Peso = 30.51277 Lebanese Pound
1 Philippine Peso = 3.08877 Sri Lanka Rupee
1 Philippine Peso = 1.84435 Liberian Dollar
1 Philippine Peso = 0.25922 Lesotho Loti
1 Philippine Peso = 0.06179 Lithuanian Lita
1 Philippine Peso = 0.01258 Latvian Lat
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
1 Philippine Peso = 0.31394 Maldives Rufiyaa
1 Philippine Peso = 14.54094 Malawi Kwacha
1 Philippine Peso = 0.37863 Mexican Peso
1 Philippine Peso = 0.08672 Malaysian Ringgit
1 Philippine Peso = 0.2604 Namibian Dollar
1 Philippine Peso = 6.52615 Nigerian Naira
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
1 Philippine Peso = 0.25921 South African Rand
1 Philippine Peso = 105.17835 Zambian Kwacha
1 Philippine Peso = 7.33482 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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