May 26, 2018, 10:08 am
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.06987 UAE Dirham
1 Philippine Peso = 2.04394 Albanian Lek
1 Philippine Peso = 0.03405 Neth Antilles Guilder
1 Philippine Peso = 0.46707 Argentine Peso
1 Philippine Peso = 0.02507 Australian Dollar
1 Philippine Peso = 0.03386 Aruba Florin
1 Philippine Peso = 0.03804 Barbados Dollar
1 Philippine Peso = 1.58684 Bangladesh Taka
1 Philippine Peso = 0.03178 Bulgarian Lev
1 Philippine Peso = 0.00718 Bahraini Dinar
1 Philippine Peso = 33.30759 Burundi Franc
1 Philippine Peso = 0.01902 Bermuda Dollar
1 Philippine Peso = 0.02521 Brunei Dollar
1 Philippine Peso = 0.13049 Bolivian Boliviano
1 Philippine Peso = 0.06941 Brazilian Real
1 Philippine Peso = 0.01902 Bahamian Dollar
1 Philippine Peso = 1.2997 Bhutan Ngultrum
1 Philippine Peso = 0.18862 Botswana Pula
1 Philippine Peso = 380.82557 Belarus Ruble
1 Philippine Peso = 0.038 Belize Dollar
1 Philippine Peso = 0.02456 Canadian Dollar
1 Philippine Peso = 0.01888 Swiss Franc
1 Philippine Peso = 11.92087 Chilean Peso
1 Philippine Peso = 0.1215 Chinese Yuan
1 Philippine Peso = 54.23245 Colombian Peso
1 Philippine Peso = 10.69241 Costa Rica Colon
1 Philippine Peso = 0.01902 Cuban Peso
1 Philippine Peso = 1.79018 Cape Verde Escudo
1 Philippine Peso = 0.41871 Czech Koruna
1 Philippine Peso = 3.37645 Djibouti Franc
1 Philippine Peso = 0.12092 Danish Krone
1 Philippine Peso = 0.9416 Dominican Peso
1 Philippine Peso = 2.20987 Algerian Dinar
1 Philippine Peso = 0.25394 Estonian Kroon
1 Philippine Peso = 0.33993 Egyptian Pound
1 Philippine Peso = 0.51779 Ethiopian Birr
1 Philippine Peso = 0.01623 Euro
1 Philippine Peso = 0.03907 Fiji Dollar
1 Philippine Peso = 0.01422 Falkland Islands Pound
1 Philippine Peso = 0.01425 British Pound
1 Philippine Peso = 0.08823 Ghanaian Cedi
1 Philippine Peso = 0.89024 Gambian Dalasi
1 Philippine Peso = 171.23835 Guinea Franc
1 Philippine Peso = 0.13955 Guatemala Quetzal
1 Philippine Peso = 3.93875 Guyana Dollar
1 Philippine Peso = 0.14924 Hong Kong Dollar
1 Philippine Peso = 0.45305 Honduras Lempira
1 Philippine Peso = 0.11993 Croatian Kuna
1 Philippine Peso = 1.23264 Haiti Gourde
1 Philippine Peso = 5.18261 Hungarian Forint
1 Philippine Peso = 268.49914 Indonesian Rupiah
1 Philippine Peso = 0.06761 Israeli Shekel
1 Philippine Peso = 1.28921 Indian Rupee
1 Philippine Peso = 22.52235 Iraqi Dinar
1 Philippine Peso = 800.64676 Iran Rial
1 Philippine Peso = 2.00476 Iceland Krona
1 Philippine Peso = 2.38368 Jamaican Dollar
1 Philippine Peso = 0.01348 Jordanian Dinar
1 Philippine Peso = 2.08195 Japanese Yen
1 Philippine Peso = 1.91839 Kenyan Shilling
1 Philippine Peso = 1.2975 Kyrgyzstan Som
1 Philippine Peso = 77.23036 Cambodia Riel
1 Philippine Peso = 7.96595 Comoros Franc
1 Philippine Peso = 17.12003 North Korean Won
1 Philippine Peso = 20.46376 Korean Won
1 Philippine Peso = 0.00575 Kuwaiti Dinar
1 Philippine Peso = 0.0156 Cayman Islands Dollar
1 Philippine Peso = 6.24805 Kazakhstan Tenge
1 Philippine Peso = 158.41735 Lao Kip
1 Philippine Peso = 28.6285 Lebanese Pound
1 Philippine Peso = 3.00552 Sri Lanka Rupee
1 Philippine Peso = 2.59102 Liberian Dollar
1 Philippine Peso = 0.23569 Lesotho Loti
1 Philippine Peso = 0.05799 Lithuanian Lita
1 Philippine Peso = 0.0118 Latvian Lat
1 Philippine Peso = 0.02586 Libyan Dinar
1 Philippine Peso = 0.18008 Moroccan Dirham
1 Philippine Peso = 0.31929 Moldovan Leu
1 Philippine Peso = 0.99391 Macedonian Denar
1 Philippine Peso = 25.77516 Myanmar Kyat
1 Philippine Peso = 45.76412 Mongolian Tugrik
1 Philippine Peso = 0.15373 Macau Pataca
1 Philippine Peso = 6.73388 Mauritania Ougulya
1 Philippine Peso = 0.65627 Mauritius Rupee
1 Philippine Peso = 0.29618 Maldives Rufiyaa
1 Philippine Peso = 13.63553 Malawi Kwacha
1 Philippine Peso = 0.37196 Mexican Peso
1 Philippine Peso = 0.07566 Malaysian Ringgit
1 Philippine Peso = 0.23683 Namibian Dollar
1 Philippine Peso = 6.82899 Nigerian Naira
1 Philippine Peso = 0.59717 Nicaragua Cordoba
1 Philippine Peso = 0.15404 Norwegian Krone
1 Philippine Peso = 2.06962 Nepalese Rupee
1 Philippine Peso = 0.02745 New Zealand Dollar
1 Philippine Peso = 0.00732 Omani Rial
1 Philippine Peso = 0.01902 Panama Balboa
1 Philippine Peso = 0.0621 Peruvian Nuevo Sol
1 Philippine Peso = 0.06201 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.19897 Pakistani Rupee
1 Philippine Peso = 0.06975 Polish Zloty
1 Philippine Peso = 108.10348 Paraguayan Guarani
1 Philippine Peso = 0.06924 Qatar Rial
1 Philippine Peso = 0.0751 Romanian New Leu
1 Philippine Peso = 1.17631 Russian Rouble
1 Philippine Peso = 16.13468 Rwanda Franc
1 Philippine Peso = 0.07134 Saudi Arabian Riyal
1 Philippine Peso = 0.15092 Solomon Islands Dollar
1 Philippine Peso = 0.25547 Seychelles Rupee
1 Philippine Peso = 0.34155 Sudanese Pound
1 Philippine Peso = 0.16566 Swedish Krona
1 Philippine Peso = 0.02546 Singapore Dollar
1 Philippine Peso = 0.01422 St Helena Pound
1 Philippine Peso = 0.42241 Slovak Koruna
1 Philippine Peso = 149.32471 Sierra Leone Leone
1 Philippine Peso = 10.69051 Somali Shilling
1 Philippine Peso = 397.78391 Sao Tome Dobra
1 Philippine Peso = 0.16644 El Salvador Colon
1 Philippine Peso = 9.79608 Syrian Pound
1 Philippine Peso = 0.23678 Swaziland Lilageni
1 Philippine Peso = 0.60662 Thai Baht
1 Philippine Peso = 0.0483 Tunisian Dinar
1 Philippine Peso = 0.04363 Tongan paʻanga
1 Philippine Peso = 0.08961 Turkish Lira
1 Philippine Peso = 0.1286 Trinidad Tobago Dollar
1 Philippine Peso = 0.56886 Taiwan Dollar
1 Philippine Peso = 43.27563 Tanzanian Shilling
1 Philippine Peso = 0.49705 Ukraine Hryvnia
1 Philippine Peso = 71.0291 Ugandan Shilling
1 Philippine Peso = 0.01902 United States Dollar
1 Philippine Peso = 0.5933 Uruguayan New Peso
1 Philippine Peso = 151.83565 Uzbekistan Sum
1 Philippine Peso = 1494.25528 Venezuelan Bolivar
1 Philippine Peso = 433.30797 Vietnam Dong
1 Philippine Peso = 2.03595 Vanuatu Vatu
1 Philippine Peso = 0.04914 Samoa Tala
1 Philippine Peso = 10.63667 CFA Franc (BEAC)
1 Philippine Peso = 0.05136 East Caribbean Dollar
1 Philippine Peso = 10.63667 CFA Franc (BCEAO)
1 Philippine Peso = 1.926 Pacific Franc
1 Philippine Peso = 4.75366 Yemen Riyal
1 Philippine Peso = 0.23681 South African Rand
1 Philippine Peso = 98.716 Zambian Kwacha
1 Philippine Peso = 6.88415 Zimbabwe dollar

Populism’s globalization polemics

We were  in between millennia and as we crossed over nearly everyone had heard of the book that would inextricably define Joseph Stieglitz.  “Globalization and its Discontents” introduced us to the paradigm that would realign the world economic order, transform free enterprise and compel monolithic conglomerates to consider breaking down their internal processes and redistribute these across different parts of the planet.

Globalization was operationalized  through various combinations and permutations metamorphosed from the traditional and had resulted in diverse and novel forms that ranged from business process outsourcing to relocating manufacturing operations to economies that offered the most optimal chemistry among revenues, costs and tax structures.

Whether one was on the supply or the demand side, the old demarcations no longer mattered. Globalization is Aldous Huxley’s “Brave New World -Revisited”. It is technology-driven and does not respect political borders.

Satellites can warn motorists of hidden policeman lurking behind corners in gridlocked Pasay City. Saudi oil transported via Panamanian Petromax tankers are sold, bought and traded several times in the high seas simply by tapping on a touch screen while commuting on an app-enabled Uber limousine . Volkswagen’s Santana is built in China alongside the VW Phaedon in a country that openly abhors luxury goods.  American jeans are sewn in Shanghai by Murjani, a company founded in India.

Technical customer service calls for woolen fleece-lined coats sold at pre-winter Black Friday weekend sales are answered in a Cebu suburb by local call center agents who’ve never seen a snowflake.

Globalization had also led to the various trade agreements, pacts and unions that govern the global economy today, each forcing domestic enterprises, no matter how small, to play by rules and regulations written and enforced by third parties.

Stieglitz had seen systemic stigma in globalization despite its inevitable development long before the very first protest by its discontents. While capital roamed the globe unhampered by physical and statutory barriers, debited and credited worldwide by clicks on keypads, less developed economies still relied on stationary brick and mortar and human capital.

While investments travelled at the speed of an internet connection thus reducing margins and optimizing costs, human assets from labor-exporting economies like the Philippines had to plod through a labyrinthine bureaucracy pockmarked and potholed by petty corruption that effectively increases costs and burdens these on those who could least afford them.

Globalization offered tremendous opportunities but its prospects for equitable development were not always inclusive. It robbed labor from old industrial towns in Michigan and transferred these to a Mexican barrio. It decimated the margins earned by American farmers when the Chinese devalued the Renminbi and made American products less competitive and more expensive. 

It wrenched away highly educated Filipinos from technical schools, created a class of drop-outs and offered them higher hourly wages in call centers whose only requisite was a proficiency in the mid western accents they mimicked.

Those in the upper-crust economy earned the widest margins. Unfortunately, those who remain merely as cogs along a globalized value chain often paid the highest social prices. 

Coffee bean farmers in the Ivory Coast are paid the equivalent of a dixie cup relative to the fantastic margins earned in a nicely appointed cafe. Exported labor broke families up and left children un-parented. 

Call center hours led to aberrant cultures if not dysfunctional social behavior. Education became utilitarian and focused on short term dead-end careers and contractual labor.

From the globalization petri dish grew the latent populism we now see. The “Have nots” in Venezuela, Brazil, South Korea and even among the glens of the United Kingdom and the “Forgotten Men” in the Rust Belt surrounding the Great Lakes in the United States, all are rebelling.

Note the numbers behind socialist presidential contender Bernie Sanders and the thousands behind the Brexit referendum. Analyze Donald Trump’s phenomenal mandate founded on building barriers, disengaging from global trade pacts and focusing on the American parochial.

Populism’s global polemic, its isolationist and anti-establishment DNA, is spawned by the gnawing failure of globalization to provide for its discontents inclusive equitable growth. Indeed the poor remain poor as opposed to the rich who’ve gotten richer. Analyze the rejection of both Hillary Clinton and Mar Roxas where both represented elitism’s continuity and the failure to recognize William Graham Sumner’s “Forgotten Man”.

Where the Occupy Wall Street protests have failed, this latent global wave of populism threatens with a vengeance. And indeed, vengeance is the most appropriate word.
Rating: 
Average: 5 (2 votes)

Column of the Day

Frat hazing time again...

Dahli Aspillera's picture
By DAHLI ASPILLERA | May 25,2018
‘Schools will be opening in a few weeks. Drunken sprees at hazing sites!’

Opinion of the Day

Wasted first two years

Ellen Tordesillas's picture
By ELLEN TORDESILLAS | May 25, 2018
‘Malacañang spins these firings of officials to show that Duterte is a no-nonsense, decisive chief executive. Sorry, but that’s not how we see it.’