February 26, 2018, 5:33 am
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.0709 UAE Dirham
1 Philippine Peso = 2.0666 Albanian Lek
1 Philippine Peso = 0.03436 Neth Antilles Guilder
1 Philippine Peso = 0.38512 Argentine Peso
1 Philippine Peso = 0.0246 Australian Dollar
1 Philippine Peso = 0.03436 Aruba Florin
1 Philippine Peso = 0.03861 Barbados Dollar
1 Philippine Peso = 1.59981 Bangladesh Taka
1 Philippine Peso = 0.0307 Bulgarian Lev
1 Philippine Peso = 0.00727 Bahraini Dinar
1 Philippine Peso = 33.8027 Burundi Franc
1 Philippine Peso = 0.01931 Bermuda Dollar
1 Philippine Peso = 0.02544 Brunei Dollar
1 Philippine Peso = 0.13243 Bolivian Boliviano
1 Philippine Peso = 0.06249 Brazilian Real
1 Philippine Peso = 0.01931 Bahamian Dollar
1 Philippine Peso = 1.24035 Bhutan Ngultrum
1 Philippine Peso = 0.18341 Botswana Pula
1 Philippine Peso = 386.48649 Belarus Ruble
1 Philippine Peso = 0.03857 Belize Dollar
1 Philippine Peso = 0.02437 Canadian Dollar
1 Philippine Peso = 0.01807 Swiss Franc
1 Philippine Peso = 11.38996 Chilean Peso
1 Philippine Peso = 0.12225 Chinese Yuan
1 Philippine Peso = 54.88417 Colombian Peso
1 Philippine Peso = 10.92317 Costa Rica Colon
1 Philippine Peso = 0.01931 Cuban Peso
1 Philippine Peso = 1.73147 Cape Verde Escudo
1 Philippine Peso = 0.39788 Czech Koruna
1 Philippine Peso = 3.41371 Djibouti Franc
1 Philippine Peso = 0.11689 Danish Krone
1 Philippine Peso = 0.94363 Dominican Peso
1 Philippine Peso = 2.19764 Algerian Dinar
1 Philippine Peso = 0.24563 Estonian Kroon
1 Philippine Peso = 0.34054 Egyptian Pound
1 Philippine Peso = 0.5251 Ethiopian Birr
1 Philippine Peso = 0.0157 Euro
1 Philippine Peso = 0.03853 Fiji Dollar
1 Philippine Peso = 0.01381 Falkland Islands Pound
1 Philippine Peso = 0.01382 British Pound
1 Philippine Peso = 0.08607 Ghanaian Cedi
1 Philippine Peso = 0.90347 Gambian Dalasi
1 Philippine Peso = 173.55213 Guinea Franc
1 Philippine Peso = 0.14162 Guatemala Quetzal
1 Philippine Peso = 3.93494 Guyana Dollar
1 Philippine Peso = 0.15101 Hong Kong Dollar
1 Philippine Peso = 0.45448 Honduras Lempira
1 Philippine Peso = 0.11653 Croatian Kuna
1 Philippine Peso = 1.23243 Haiti Gourde
1 Philippine Peso = 4.90965 Hungarian Forint
1 Philippine Peso = 263.76448 Indonesian Rupiah
1 Philippine Peso = 0.06723 Israeli Shekel
1 Philippine Peso = 1.25268 Indian Rupee
1 Philippine Peso = 22.85714 Iraqi Dinar
1 Philippine Peso = 718.33978 Iran Rial
1 Philippine Peso = 1.93822 Iceland Krona
1 Philippine Peso = 2.4222 Jamaican Dollar
1 Philippine Peso = 0.01364 Jordanian Dinar
1 Philippine Peso = 2.0617 Japanese Yen
1 Philippine Peso = 1.96236 Kenyan Shilling
1 Philippine Peso = 1.311 Kyrgyzstan Som
1 Philippine Peso = 76.94981 Cambodia Riel
1 Philippine Peso = 7.70077 Comoros Franc
1 Philippine Peso = 17.37452 North Korean Won
1 Philippine Peso = 20.76255 Korean Won
1 Philippine Peso = 0.00578 Kuwaiti Dinar
1 Philippine Peso = 0.01583 Cayman Islands Dollar
1 Philippine Peso = 6.1749 Kazakhstan Tenge
1 Philippine Peso = 159.87839 Lao Kip
1 Philippine Peso = 29.06178 Lebanese Pound
1 Philippine Peso = 2.99421 Sri Lanka Rupee
1 Philippine Peso = 2.50386 Liberian Dollar
1 Philippine Peso = 0.22268 Lesotho Loti
1 Philippine Peso = 0.05886 Lithuanian Lita
1 Philippine Peso = 0.01198 Latvian Lat
1 Philippine Peso = 0.0257 Libyan Dinar
1 Philippine Peso = 0.1777 Moroccan Dirham
1 Philippine Peso = 0.32037 Moldovan Leu
1 Philippine Peso = 0.96332 Macedonian Denar
1 Philippine Peso = 25.79151 Myanmar Kyat
1 Philippine Peso = 46.1583 Mongolian Tugrik
1 Philippine Peso = 0.15547 Macau Pataca
1 Philippine Peso = 6.75676 Mauritania Ougulya
1 Philippine Peso = 0.63514 Mauritius Rupee
1 Philippine Peso = 0.29614 Maldives Rufiyaa
1 Philippine Peso = 13.77317 Malawi Kwacha
1 Philippine Peso = 0.35764 Mexican Peso
1 Philippine Peso = 0.07562 Malaysian Ringgit
1 Philippine Peso = 0.22261 Namibian Dollar
1 Philippine Peso = 6.9112 Nigerian Naira
1 Philippine Peso = 0.59556 Nicaragua Cordoba
1 Philippine Peso = 0.15133 Norwegian Krone
1 Philippine Peso = 1.99853 Nepalese Rupee
1 Philippine Peso = 0.02647 New Zealand Dollar
1 Philippine Peso = 0.00743 Omani Rial
1 Philippine Peso = 0.01931 Panama Balboa
1 Philippine Peso = 0.06266 Peruvian Nuevo Sol
1 Philippine Peso = 0.06071 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.13127 Pakistani Rupee
1 Philippine Peso = 0.06552 Polish Zloty
1 Philippine Peso = 107.39382 Paraguayan Guarani
1 Philippine Peso = 0.07027 Qatar Rial
1 Philippine Peso = 0.07302 Romanian New Leu
1 Philippine Peso = 1.08832 Russian Rouble
1 Philippine Peso = 16.23803 Rwanda Franc
1 Philippine Peso = 0.07239 Saudi Arabian Riyal
1 Philippine Peso = 0.14989 Solomon Islands Dollar
1 Philippine Peso = 0.25792 Seychelles Rupee
1 Philippine Peso = 0.34575 Sudanese Pound
1 Philippine Peso = 0.15762 Swedish Krona
1 Philippine Peso = 0.02545 Singapore Dollar
1 Philippine Peso = 0.01382 St Helena Pound
1 Philippine Peso = 0.42869 Slovak Koruna
1 Philippine Peso = 147.2973 Sierra Leone Leone
1 Philippine Peso = 10.84942 Somali Shilling
1 Philippine Peso = 384.74904 Sao Tome Dobra
1 Philippine Peso = 0.16892 El Salvador Colon
1 Philippine Peso = 9.9417 Syrian Pound
1 Philippine Peso = 0.22262 Swaziland Lilageni
1 Philippine Peso = 0.60579 Thai Baht
1 Philippine Peso = 0.04633 Tunisian Dinar
1 Philippine Peso = 0.04271 Tongan paʻanga
1 Philippine Peso = 0.07317 Turkish Lira
1 Philippine Peso = 0.12974 Trinidad Tobago Dollar
1 Philippine Peso = 0.56444 Taiwan Dollar
1 Philippine Peso = 43.35907 Tanzanian Shilling
1 Philippine Peso = 0.52008 Ukraine Hryvnia
1 Philippine Peso = 70.40541 Ugandan Shilling
1 Philippine Peso = 0.01931 United States Dollar
1 Philippine Peso = 0.54923 Uruguayan New Peso
1 Philippine Peso = 157.72201 Uzbekistan Sum
1 Philippine Peso = 558.39769 Venezuelan Bolivar
1 Philippine Peso = 438.97684 Vietnam Dong
1 Philippine Peso = 2.05502 Vanuatu Vatu
1 Philippine Peso = 0.04818 Samoa Tala
1 Philippine Peso = 10.28822 CFA Franc (BEAC)
1 Philippine Peso = 0.05212 East Caribbean Dollar
1 Philippine Peso = 10.28822 CFA Franc (BCEAO)
1 Philippine Peso = 1.87297 Pacific Franc
1 Philippine Peso = 4.82336 Yemen Riyal
1 Philippine Peso = 0.22278 South African Rand
1 Philippine Peso = 100.1834 Zambian Kwacha
1 Philippine Peso = 6.98649 Zimbabwe dollar

Iceland’s resilient independence

REYKJAVIK, Iceland - Iceland is a fantastically resilient nation literally forged in fire and ice, and hardened into jagged rock and burned black lava. The landscape is unearthly. Within an hour it can be windblown and gusty, scorched by the sun and drenched by freezing rain all in one place. Its mountains are capped by pristine glaciers slowly cascading down magnificent crisscrossing waterfalls that cut through the great continental crack separating the Eurasian tectonic plates from the North American. Here, trees are sparse, replaced by gigantic boulders of hardened lava with thin coats of green and white moss. The rock-scape is interrupted only where powerful geysers break through spewing skyscraper-high fountains of steam from bedrock pockmarked by huge craters of bubbling and boiling earth and mud.

Iceland is perhaps the most beautiful island nation created when time began by nature’s most violent forces.

Its people, descended from the Vikings, are likewise, but they are today blessed with extraordinary warmth and pleasantness. While fundamentally resilient as are Filipinos, in some ways Icelanders did not descend into apathetic callousness. They have found a way to resurrect, learn, and, avoid undisciplined, incessant and repetitive self-inflicted folly.

They are survivors albeit victims of greed and politics as are we. If Filipinos can be described as resilient bamboo reeds, today’s Icelanders are metaphorically magnificent Viking Ulfberht swords -- sharp and hardened -- hammered from the 2008 global financial crisis that saw Iceland fall from the weight of its national debt, and then desperately seeking bankruptcy relief.

The Icelanders are, however, not the only phoenixes resurrected from modern day folly. Had partisan politics not brazenly interfered and then quickly supplanted by military adventurism and martial law where parliaments and judiciaries might characteristically be rubber stamps, Thailand’s economic recovery might have been more productive. 

It’s been a decade since Bangkok in July, 1997. The then Thai economy succumbed to attacks from marauding currency speculators as well as imploded from humongous debt hinged on artificially propped baht values consistent with the Asian miracle at the time. 

After a devastating crash that quickly travelled to as far away as Argentina Thailand’s creditors went to work. Their default palliative was a cocktail of fiscal impositions mixed with additional credit -- a prescription that has yet to work on its own through repeated applications in other economies from Iceland to Greece.

The Thais were forced to contract even more debt made exponentially expensive after 1997 by a hollowed out baht. Given the Thai economy is a Philippine doppelgänger, curiously the baht has not only recovered but is now stronger than the peso. Simply track its steep rise relative to the peso in the last 180 days. Mysteriously, as the US dollar rationalized, all other currencies strengthened save for the Philippine peso.

Encounters with Thai businessmen, whether a tuk-tuk operator or an investment banker, reveal their secret. Thais washed their bitter medicine down with mega-doses of hard work. Imagine how much more they might have achieved had they not fallen into the toxic pit of martial law.

Iceland’s experience is even more awe-inspiring. Declaring bankruptcy after investing heavily in collateralized debt obligations (CDO) largely comprised of the US midwestern debts pooled by American investment bankers from toxic assets and marketed to economies as Iceland’s, the eventual crash in CDO values left Iceland in tatters.

Investment banking spawned from private banking that financed Iceland’s fishing fleets exposed Iceland to globalization. Succumbing to imported asset-backed securities was a one-off mistake. The country is fiercely independent and since 2008 Icelanders rediscovered they should never be beholden to anyone.

Determined to get out of a rut, Icelanders worked hard, raised taxes and prices on everything, assured these had real value to consumers and, to the extent possible, ensured products and services were all local. 

Independence is at the core of Iceland’s resilience, especially critical because of their harsh but majestic environment. Vegetables and fruits are grown in greenhouses due to the thin layer of soil and sparseness of trees. Underneath are molten rock so water comes from mountaintop glaciers. Thus Icelanders are fiercely protective against pollution and global warming. So there are no fossil-fired power plants.

Fishing is their principal industry so the Icelanders recognize the criticality of keeping surrounding waters clean.

Iceland’s youth continues to pay for previous mistakes but they accept the necessity of the highest taxes on the planet. VAT is 24 percent. Personal ITR, up to 46.30 percent. Rather than whine they aggressively boost the economy by secretly working as early as 15  to propel consumerism and ensure jobs remain local. Iceland’s 15 to 24-year old unemployment rate is 7.1 percent. Its total unemployed is amazingly 2.4 percent. 

On trade and industry, Icelanders take it seriously that both labor and goods are totally Icelandic thus avoiding forex exposures and the predatory kindness of strangers.

Exemplified through Halldor Laxness’s 1955 Nobel prize-winning book “Independent People” on the story of Bjartur, an Icelandic shepherd and his daughter, each struggling to be un-beholden, Iceland’s is not resilience based on a lazy happiness index, surrender or undisciplined albeit contented complacency. There is neither learning nor growth from those. Laxness wrote, “The history of the centuries is the history of an independent man who grapples with a spectre which bears a new and ever newer name.” Iceland’s amazing resilience is based on independence, discipline, true-grit and hard work.
Rating: 
Average: 5 (3 votes)

Column of the Day

Is democracy in recession?

By JOSE BAYANI BAYLON | February 26,2018
‘Populists tend to deny the legitimacy of established parties, attacking them as undemocratic and even unpatriotic.’

Opinion of the Day

New, better dengue vaccines

By DAHLI ASPILLERA | February 26, 2018
‘Sanofi’s setbacks from its rush to market; careless oversights, could lead to better future dengue vaccines from other pharmaceuticals.’