June 23, 2018, 12:19 am
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1 Philippine Peso = 0.06897 UAE Dirham
1 Philippine Peso = 2.04526 Albanian Lek
1 Philippine Peso = 0.03404 Neth Antilles Guilder
1 Philippine Peso = 0.52113 Argentine Peso
1 Philippine Peso = 0.02544 Australian Dollar
1 Philippine Peso = 0.03343 Aruba Florin
1 Philippine Peso = 0.03756 Barbados Dollar
1 Philippine Peso = 1.57728 Bangladesh Taka
1 Philippine Peso = 0.03184 Bulgarian Lev
1 Philippine Peso = 0.00709 Bahraini Dinar
1 Philippine Peso = 32.88225 Burundi Franc
1 Philippine Peso = 0.01878 Bermuda Dollar
1 Philippine Peso = 0.02522 Brunei Dollar
1 Philippine Peso = 0.12883 Bolivian Boliviano
1 Philippine Peso = 0.07009 Brazilian Real
1 Philippine Peso = 0.01878 Bahamian Dollar
1 Philippine Peso = 1.277 Bhutan Ngultrum
1 Philippine Peso = 0.19573 Botswana Pula
1 Philippine Peso = 375.96244 Belarus Ruble
1 Philippine Peso = 0.03752 Belize Dollar
1 Philippine Peso = 0.02494 Canadian Dollar
1 Philippine Peso = 0.01868 Swiss Franc
1 Philippine Peso = 12.01146 Chilean Peso
1 Philippine Peso = 0.12169 Chinese Yuan
1 Philippine Peso = 54.86948 Colombian Peso
1 Philippine Peso = 10.59718 Costa Rica Colon
1 Philippine Peso = 0.01878 Cuban Peso
1 Philippine Peso = 1.78854 Cape Verde Escudo
1 Philippine Peso = 0.41869 Czech Koruna
1 Philippine Peso = 3.33333 Djibouti Franc
1 Philippine Peso = 0.12088 Danish Krone
1 Philippine Peso = 0.93052 Dominican Peso
1 Philippine Peso = 2.20053 Algerian Dinar
1 Philippine Peso = 0.25367 Estonian Kroon
1 Philippine Peso = 0.33502 Egyptian Pound
1 Philippine Peso = 0.51117 Ethiopian Birr
1 Philippine Peso = 0.01621 Euro
1 Philippine Peso = 0.03897 Fiji Dollar
1 Philippine Peso = 0.01426 Falkland Islands Pound
1 Philippine Peso = 0.01425 British Pound
1 Philippine Peso = 0.08833 Ghanaian Cedi
1 Philippine Peso = 0.87962 Gambian Dalasi
1 Philippine Peso = 169.05164 Guinea Franc
1 Philippine Peso = 0.14052 Guatemala Quetzal
1 Philippine Peso = 3.88526 Guyana Dollar
1 Philippine Peso = 0.14739 Hong Kong Dollar
1 Philippine Peso = 0.44866 Honduras Lempira
1 Philippine Peso = 0.1197 Croatian Kuna
1 Philippine Peso = 1.23812 Haiti Gourde
1 Philippine Peso = 5.22103 Hungarian Forint
1 Philippine Peso = 261.46479 Indonesian Rupiah
1 Philippine Peso = 0.06819 Israeli Shekel
1 Philippine Peso = 1.27817 Indian Rupee
1 Philippine Peso = 22.23474 Iraqi Dinar
1 Philippine Peso = 796.99531 Iran Rial
1 Philippine Peso = 2.05333 Iceland Krona
1 Philippine Peso = 2.4507 Jamaican Dollar
1 Philippine Peso = 0.01331 Jordanian Dinar
1 Philippine Peso = 2.06607 Japanese Yen
1 Philippine Peso = 1.89577 Kenyan Shilling
1 Philippine Peso = 1.28255 Kyrgyzstan Som
1 Philippine Peso = 75.84601 Cambodia Riel
1 Philippine Peso = 7.92488 Comoros Franc
1 Philippine Peso = 16.90141 North Korean Won
1 Philippine Peso = 20.8492 Korean Won
1 Philippine Peso = 0.00568 Kuwaiti Dinar
1 Philippine Peso = 0.0154 Cayman Islands Dollar
1 Philippine Peso = 6.40488 Kazakhstan Tenge
1 Philippine Peso = 157.33333 Lao Kip
1 Philippine Peso = 28.26291 Lebanese Pound
1 Philippine Peso = 3.00282 Sri Lanka Rupee
1 Philippine Peso = 2.66254 Liberian Dollar
1 Philippine Peso = 0.2584 Lesotho Loti
1 Philippine Peso = 0.05725 Lithuanian Lita
1 Philippine Peso = 0.01165 Latvian Lat
1 Philippine Peso = 0.02546 Libyan Dinar
1 Philippine Peso = 0.17921 Moroccan Dirham
1 Philippine Peso = 0.31576 Moldovan Leu
1 Philippine Peso = 0.99324 Macedonian Denar
1 Philippine Peso = 25.69014 Myanmar Kyat
1 Philippine Peso = 45.33333 Mongolian Tugrik
1 Philippine Peso = 0.15181 Macau Pataca
1 Philippine Peso = 6.66667 Mauritania Ougulya
1 Philippine Peso = 0.65765 Mauritius Rupee
1 Philippine Peso = 0.29239 Maldives Rufiyaa
1 Philippine Peso = 13.39812 Malawi Kwacha
1 Philippine Peso = 0.3853 Mexican Peso
1 Philippine Peso = 0.07515 Malaysian Ringgit
1 Philippine Peso = 0.25797 Namibian Dollar
1 Philippine Peso = 6.74178 Nigerian Naira
1 Philippine Peso = 0.59151 Nicaragua Cordoba
1 Philippine Peso = 0.15379 Norwegian Krone
1 Philippine Peso = 2.0385 Nepalese Rupee
1 Philippine Peso = 0.0272 New Zealand Dollar
1 Philippine Peso = 0.00723 Omani Rial
1 Philippine Peso = 0.01878 Panama Balboa
1 Philippine Peso = 0.06164 Peruvian Nuevo Sol
1 Philippine Peso = 0.06142 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.28545 Pakistani Rupee
1 Philippine Peso = 0.06993 Polish Zloty
1 Philippine Peso = 106.70047 Paraguayan Guarani
1 Philippine Peso = 0.06835 Qatar Rial
1 Philippine Peso = 0.07565 Romanian New Leu
1 Philippine Peso = 1.1966 Russian Rouble
1 Philippine Peso = 15.95174 Rwanda Franc
1 Philippine Peso = 0.07042 Saudi Arabian Riyal
1 Philippine Peso = 0.14841 Solomon Islands Dollar
1 Philippine Peso = 0.25277 Seychelles Rupee
1 Philippine Peso = 0.33719 Sudanese Pound
1 Philippine Peso = 0.16718 Swedish Krona
1 Philippine Peso = 0.02548 Singapore Dollar
1 Philippine Peso = 0.01426 St Helena Pound
1 Philippine Peso = 0.41701 Slovak Koruna
1 Philippine Peso = 149.29577 Sierra Leone Leone
1 Philippine Peso = 10.57277 Somali Shilling
1 Philippine Peso = 397.4216 Sao Tome Dobra
1 Philippine Peso = 0.16432 El Salvador Colon
1 Philippine Peso = 9.67099 Syrian Pound
1 Philippine Peso = 0.25817 Swaziland Lilageni
1 Philippine Peso = 0.61446 Thai Baht
1 Philippine Peso = 0.04845 Tunisian Dinar
1 Philippine Peso = 0.04326 Tongan paʻanga
1 Philippine Peso = 0.08905 Turkish Lira
1 Philippine Peso = 0.12487 Trinidad Tobago Dollar
1 Philippine Peso = 0.56648 Taiwan Dollar
1 Philippine Peso = 42.59155 Tanzanian Shilling
1 Philippine Peso = 0.49596 Ukraine Hryvnia
1 Philippine Peso = 72.33803 Ugandan Shilling
1 Philippine Peso = 0.01878 United States Dollar
1 Philippine Peso = 0.59211 Uruguayan New Peso
1 Philippine Peso = 147.69953 Uzbekistan Sum
1 Philippine Peso = 1498.59155 Venezuelan Bolivar
1 Philippine Peso = 429.12676 Vietnam Dong
1 Philippine Peso = 2.02911 Vanuatu Vatu
1 Philippine Peso = 0.04869 Samoa Tala
1 Philippine Peso = 10.62592 CFA Franc (BEAC)
1 Philippine Peso = 0.0507 East Caribbean Dollar
1 Philippine Peso = 10.62592 CFA Franc (BCEAO)
1 Philippine Peso = 1.92432 Pacific Franc
1 Philippine Peso = 4.69202 Yemen Riyal
1 Philippine Peso = 0.25823 South African Rand
1 Philippine Peso = 97.4554 Zambian Kwacha
1 Philippine Peso = 6.79624 Zimbabwe dollar

Perks and a prostitute’s practicality

There is one thing positive about the recent tax reform initiative given its largely negative impact on the economy in the immediate to short term. It is the veto by the president of a zero rated value added tax incentive enjoyed by a special sector that would have perpetuated had not the Palace thumbed it down at the eleventh hour. Specifically, it is an incentive granted to the business process outsourcing sector initially meant to grow the industry.

Now that the tax increases are out there and, in the view of its critics, exponentially escalating costs and prices even among products and services that, at first blush, would seem unaffected by the Taxation Reform for Acceleration and Inclusion (TRAIN) such as parking fees, old stock fuels and warehoused lubricants and the costs of long-purchased inventory of prescription medication, the public is discovering belatedly that insidious vested interests were actually more represented in TRAIN’s legislative drafting than those of the tax-burdened public.

It is not so much the fault of the crafters of TRAIN that had been working on reforms, as it is of a constantly conflicted congress comprised of the cheapest lawmakers lobby money can buy. In our damaged society, even economic perks can be bought.

In fact it is business greed that is now barreling down TRAIN’s tracks, fueling an increase in prices outside the theoretical econometric input-output projections of linked goods affected by TRAIN. While theoretically value chain multipliers such as fuel might account for a benign percentage of costs, where pricing is deregulated, TRAIN offers hidden opportunities for price gouging. That is one of the realities neither an econometric table can measure nor a technocrat can predict. 

The other unfortunate reality is the persistent lobby of vested interest groups.

One sector originally ecstatic about continuing exemptions is the one that provides service inputs within ecozones as part of a business process. Unfortunately, located within zone neighborhoods are others enjoying perks not so much due to export businesses but more to their simple address.

Stupid, right? Especially for a mature industry long-weaned off baby formula. That is the reality of Philippine legislation. Loopholes abound. Some crafted by lawmakers with vested interests.

At first blush exemptions for business process outsourcing from taxes made good horse sense to nurse the industry to maturity. At least in a rather warped manner -- the kind of utilitarian street logic prostitutes justify their trade with. 

Why indeed impose on an endeavor that rakes in millions, is relatively easy to set up, provides jobs for the unemployed, rewards the unskilled and moderately uneducated for specialization largely learned on the job, and provides financial wherewithal that fuels consumerism?

We could, of course, be talking about prostitution. Prostitution rakes in revenues for sex workers who would otherwise be unemployed or working at less viable careers. Prostitution also puts money in pockets and purses and fuels consumerism enabling an underground economy to thrive. Indeed prostitution also qualifies for perks had it been legitimized.

But we are not talking about prostitution. We are talking about a mature industry, its lobby money and controversies stirred when lawmakers attempt to perpetuate its gaping tax loopholes. To our benefit the president saw it fit to correct a long festering anomaly.

When first crafted the intent was to grant incentives to spawn a foreign currency-earning industry that attracted foreign direct investments. Against this seminal objective granting zero-rated VAT within economic enclaves was the ideal infant food.

The criteria however seemed to be based on geography rather on specific natures of businesses. Enterprises within economic zones were entitled to perks even where their linkages to principal export-oriented companies were obscure dotted lines. For as long as they supported exports was a criteria that created confusing parameters where the composition went from the traditional brick and mortar manufacturing and production model, eventually expanded to include services. 

Under traditional paradigms, raw and unprocessed material would come in and be processed into either an intermediate or finished product and are eventually completely exported.

When services such as BPOs were included, no raw materials entered. Processing of soft data were however provided to foreign clients from such services as directory assistance, to order-taking, tele-marketing, on-line counseling, dial-a-friend, legal and medical transcription and the like. Naturally, even urban office space can be considered a geographic ecozone. Soon enough, the legalese granted even non-export enterprises within export processing zones tax incentives.

The presidential veto corrected an aberrant exemption where a mature industry no longer needs nursemaiding. Unfortunately, vested interest groups are working to reinstall their favored status employing the overly simplistic prostitute’s practicality. In a political milieu where laws are for sale, they are likely to get their way.
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