September 23, 2017, 12:08 pm
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.07205 UAE Dirham
1 Philippine Peso = 2.19737 Albanian Lek
1 Philippine Peso = 0.03473 Neth Antilles Guilder
1 Philippine Peso = 0.33883 Argentine Peso
1 Philippine Peso = 0.02472 Australian Dollar
1 Philippine Peso = 0.03508 Aruba Florin
1 Philippine Peso = 0.03924 Barbados Dollar
1 Philippine Peso = 1.60624 Bangladesh Taka
1 Philippine Peso = 0.03223 Bulgarian Lev
1 Philippine Peso = 0.0074 Bahraini Dinar
1 Philippine Peso = 34.03414 Burundi Franc
1 Philippine Peso = 0.01962 Bermuda Dollar
1 Philippine Peso = 0.02647 Brunei Dollar
1 Philippine Peso = 0.13537 Bolivian Boliviano
1 Philippine Peso = 0.06149 Brazilian Real
1 Philippine Peso = 0.01962 Bahamian Dollar
1 Philippine Peso = 1.26104 Bhutan Ngultrum
1 Philippine Peso = 0.20051 Botswana Pula
1 Philippine Peso = 392.78006 Belarus Ruble
1 Philippine Peso = 0.03919 Belize Dollar
1 Philippine Peso = 0.02419 Canadian Dollar
1 Philippine Peso = 0.01905 Swiss Franc
1 Philippine Peso = 12.25231 Chilean Peso
1 Philippine Peso = 0.12921 Chinese Yuan
1 Philippine Peso = 57.14342 Colombian Peso
1 Philippine Peso = 11.22072 Costa Rica Colon
1 Philippine Peso = 0.01962 Cuban Peso
1 Philippine Peso = 1.81263 Cape Verde Escudo
1 Philippine Peso = 0.42857 Czech Koruna
1 Philippine Peso = 3.49225 Djibouti Franc
1 Philippine Peso = 0.12231 Danish Krone
1 Philippine Peso = 0.92211 Dominican Peso
1 Philippine Peso = 2.19774 Algerian Dinar
1 Philippine Peso = 0.25715 Estonian Kroon
1 Philippine Peso = 0.34589 Egyptian Pound
1 Philippine Peso = 0.45831 Ethiopian Birr
1 Philippine Peso = 0.01644 Euro
1 Philippine Peso = 0.03953 Fiji Dollar
1 Philippine Peso = 0.01454 Falkland Islands Pound
1 Philippine Peso = 0.01447 British Pound
1 Philippine Peso = 0.08679 Ghanaian Cedi
1 Philippine Peso = 0.87895 Gambian Dalasi
1 Philippine Peso = 174.63213 Guinea Franc
1 Philippine Peso = 0.14311 Guatemala Quetzal
1 Philippine Peso = 3.97705 Guyana Dollar
1 Philippine Peso = 0.15314 Hong Kong Dollar
1 Philippine Peso = 0.45756 Honduras Lempira
1 Philippine Peso = 0.12286 Croatian Kuna
1 Philippine Peso = 1.19973 Haiti Gourde
1 Philippine Peso = 5.08986 Hungarian Forint
1 Philippine Peso = 260.48656 Indonesian Rupiah
1 Philippine Peso = 0.0688 Israeli Shekel
1 Philippine Peso = 1.27132 Indian Rupee
1 Philippine Peso = 22.89582 Iraqi Dinar
1 Philippine Peso = 658.62271 Iran Rial
1 Philippine Peso = 2.10712 Iceland Krona
1 Philippine Peso = 2.56229 Jamaican Dollar
1 Philippine Peso = 0.01388 Jordanian Dinar
1 Philippine Peso = 2.20489 Japanese Yen
1 Philippine Peso = 2.02178 Kenyan Shilling
1 Philippine Peso = 1.3433 Kyrgyzstan Som
1 Philippine Peso = 79.4585 Cambodia Riel
1 Philippine Peso = 8.05435 Comoros Franc
1 Philippine Peso = 17.65745 North Korean Won
1 Philippine Peso = 22.18972 Korean Won
1 Philippine Peso = 0.00592 Kuwaiti Dinar
1 Philippine Peso = 0.01609 Cayman Islands Dollar
1 Philippine Peso = 6.67785 Kazakhstan Tenge
1 Philippine Peso = 162.84088 Lao Kip
1 Philippine Peso = 29.53698 Lebanese Pound
1 Philippine Peso = 2.99588 Sri Lanka Rupee
1 Philippine Peso = 2.29351 Liberian Dollar
1 Philippine Peso = 0.26015 Lesotho Loti
1 Philippine Peso = 0.05981 Lithuanian Lita
1 Philippine Peso = 0.01217 Latvian Lat
1 Philippine Peso = 0.02654 Libyan Dinar
1 Philippine Peso = 0.18329 Moroccan Dirham
1 Philippine Peso = 0.34501 Moldovan Leu
1 Philippine Peso = 1.00647 Macedonian Denar
1 Philippine Peso = 26.68236 Myanmar Kyat
1 Philippine Peso = 48.14597 Mongolian Tugrik
1 Philippine Peso = 0.15773 Macau Pataca
1 Philippine Peso = 7.0826 Mauritania Ougulya
1 Philippine Peso = 0.65097 Mauritius Rupee
1 Philippine Peso = 0.30135 Maldives Rufiyaa
1 Philippine Peso = 14.05376 Malawi Kwacha
1 Philippine Peso = 0.34969 Mexican Peso
1 Philippine Peso = 0.08232 Malaysian Ringgit
1 Philippine Peso = 0.2598 Namibian Dollar
1 Philippine Peso = 6.92564 Nigerian Naira
1 Philippine Peso = 0.58623 Nicaragua Cordoba
1 Philippine Peso = 0.15332 Norwegian Krone
1 Philippine Peso = 2.01197 Nepalese Rupee
1 Philippine Peso = 0.02683 New Zealand Dollar
1 Philippine Peso = 0.00755 Omani Rial
1 Philippine Peso = 0.01962 Panama Balboa
1 Philippine Peso = 0.06369 Peruvian Nuevo Sol
1 Philippine Peso = 0.06268 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.06494 Pakistani Rupee
1 Philippine Peso = 0.07028 Polish Zloty
1 Philippine Peso = 111.25171 Paraguayan Guarani
1 Philippine Peso = 0.07269 Qatar Rial
1 Philippine Peso = 0.0755 Romanian New Leu
1 Philippine Peso = 1.13354 Russian Rouble
1 Philippine Peso = 16.2576 Rwanda Franc
1 Philippine Peso = 0.07357 Saudi Arabian Riyal
1 Philippine Peso = 0.15204 Solomon Islands Dollar
1 Philippine Peso = 0.2669 Seychelles Rupee
1 Philippine Peso = 0.13067 Sudanese Pound
1 Philippine Peso = 0.15655 Swedish Krona
1 Philippine Peso = 0.02649 Singapore Dollar
1 Philippine Peso = 0.01455 St Helena Pound
1 Philippine Peso = 0.43567 Slovak Koruna
1 Philippine Peso = 147.14538 Sierra Leone Leone
1 Philippine Peso = 10.928 Somali Shilling
1 Philippine Peso = 402.77613 Sao Tome Dobra
1 Philippine Peso = 0.17167 El Salvador Colon
1 Philippine Peso = 10.10359 Syrian Pound
1 Philippine Peso = 0.2598 Swaziland Lilageni
1 Philippine Peso = 0.64921 Thai Baht
1 Philippine Peso = 0.04791 Tunisian Dinar
1 Philippine Peso = 0.0432 Tongan paʻanga
1 Philippine Peso = 0.06876 Turkish Lira
1 Philippine Peso = 0.13239 Trinidad Tobago Dollar
1 Philippine Peso = 0.59217 Taiwan Dollar
1 Philippine Peso = 43.90818 Tanzanian Shilling
1 Philippine Peso = 0.51422 Ukraine Hryvnia
1 Philippine Peso = 70.57092 Ugandan Shilling
1 Philippine Peso = 0.01962 United States Dollar
1 Philippine Peso = 0.56582 Uruguayan New Peso
1 Philippine Peso = 158.34804 Uzbekistan Sum
1 Philippine Peso = 0.19569 Venezuelan Bolivar
1 Philippine Peso = 445.73278 Vietnam Dong
1 Philippine Peso = 2.0155 Vanuatu Vatu
1 Philippine Peso = 0.04907 Samoa Tala
1 Philippine Peso = 10.773 CFA Franc (BEAC)
1 Philippine Peso = 0.05297 East Caribbean Dollar
1 Philippine Peso = 10.75142 CFA Franc (BCEAO)
1 Philippine Peso = 1.95017 Pacific Franc
1 Philippine Peso = 4.90386 Yemen Riyal
1 Philippine Peso = 0.25991 South African Rand
1 Philippine Peso = 101.81479 Zambian Kwacha
1 Philippine Peso = 7.10025 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

Barbaric fraternities (2)

By DAHLI ASPILLERA | September 22,2017
‘An added crime of the guilty is their scheme to plant the death of Atio to the police tokhang. Only asinine paranoid oppositionists believe all sidewalk killings are the Administration’s.’

Opinion of the Day

Conspiracy

By DODY LACUNA | September 22, 2017
‘Of course, the dean of the UST Faculty of Civil Law knew hazing was taking place.’