February 21, 2017, 8:45 pm
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.07293 UAE Dirham
1 Philippine Peso = 2.52581 Albanian Lek
1 Philippine Peso = 0.03515 Neth Antilles Guilder
1 Philippine Peso = 0.30481 Argentine Peso
1 Philippine Peso = 0.02586 Australian Dollar
1 Philippine Peso = 0.03554 Aruba Florin
1 Philippine Peso = 0.03971 Barbados Dollar
1 Philippine Peso = 1.57506 Bangladesh Taka
1 Philippine Peso = 0.03647 Bulgarian Lev
1 Philippine Peso = 0.00748 Bahraini Dinar
1 Philippine Peso = 33.46168 Burundi Franc
1 Philippine Peso = 0.01986 Bermuda Dollar
1 Philippine Peso = 0.02815 Brunei Dollar
1 Philippine Peso = 0.13622 Bolivian Boliviano
1 Philippine Peso = 0.06162 Brazilian Real
1 Philippine Peso = 0.01986 Bahamian Dollar
1 Philippine Peso = 1.33042 Bhutan Ngultrum
1 Philippine Peso = 0.20696 Botswana Pula
1 Philippine Peso = 397.53772 Belarus Ruble
1 Philippine Peso = 0.03967 Belize Dollar
1 Philippine Peso = 0.02601 Canadian Dollar
1 Philippine Peso = 0.01991 Swiss Franc
1 Philippine Peso = 12.67752 Chilean Peso
1 Philippine Peso = 0.13655 Chinese Yuan
1 Philippine Peso = 57.2776 Colombian Peso
1 Philippine Peso = 10.95115 Costa Rica Colon
1 Philippine Peso = 0.01986 Cuban Peso
1 Philippine Peso = 2.06136 Cape Verde Escudo
1 Philippine Peso = 0.50503 Czech Koruna
1 Philippine Peso = 3.53197 Djibouti Franc
1 Philippine Peso = 0.13894 Danish Krone
1 Philippine Peso = 0.92534 Dominican Peso
1 Philippine Peso = 2.18034 Algerian Dinar
1 Philippine Peso = 0.29236 Estonian Kroon
1 Philippine Peso = 0.31315 Egyptian Pound
1 Philippine Peso = 0.44698 Ethiopian Birr
1 Philippine Peso = 0.01869 Euro
1 Philippine Peso = 0.04092 Fiji Dollar
1 Philippine Peso = 0.01598 Falkland Islands Pound
1 Philippine Peso = 0.01592 British Pound
1 Philippine Peso = 0.08694 Ghanaian Cedi
1 Philippine Peso = 0.86338 Gambian Dalasi
1 Philippine Peso = 184.72001 Guinea Franc
1 Philippine Peso = 0.14677 Guatemala Quetzal
1 Philippine Peso = 4.05262 Guyana Dollar
1 Philippine Peso = 0.15408 Hong Kong Dollar
1 Philippine Peso = 0.46652 Honduras Lempira
1 Philippine Peso = 0.13837 Croatian Kuna
1 Philippine Peso = 1.28535 Haiti Gourde
1 Philippine Peso = 5.75973 Hungarian Forint
1 Philippine Peso = 265.01191 Indonesian Rupiah
1 Philippine Peso = 0.07353 Israeli Shekel
1 Philippine Peso = 1.32923 Indian Rupee
1 Philippine Peso = 23.45115 Iraqi Dinar
1 Philippine Peso = 643.20888 Iran Rial
1 Philippine Peso = 2.18924 Iceland Krona
1 Philippine Peso = 2.54845 Jamaican Dollar
1 Philippine Peso = 0.01407 Jordanian Dinar
1 Philippine Peso = 2.24728 Japanese Yen
1 Philippine Peso = 2.05322 Kenyan Shilling
1 Philippine Peso = 1.37172 Kyrgyzstan Som
1 Philippine Peso = 79.01906 Cambodia Riel
1 Philippine Peso = 9.15965 Comoros Franc
1 Philippine Peso = 17.87133 North Korean Won
1 Philippine Peso = 22.76807 Korean Won
1 Philippine Peso = 0.00605 Kuwaiti Dinar
1 Philippine Peso = 0.01628 Cayman Islands Dollar
1 Philippine Peso = 6.33439 Kazakhstan Tenge
1 Philippine Peso = 162.45035 Lao Kip
1 Philippine Peso = 29.86497 Lebanese Pound
1 Philippine Peso = 2.98749 Sri Lanka Rupee
1 Philippine Peso = 1.78713 Liberian Dollar
1 Philippine Peso = 0.25715 Lesotho Loti
1 Philippine Peso = 0.06054 Lithuanian Lita
1 Philippine Peso = 0.01232 Latvian Lat
1 Philippine Peso = 0.02826 Libyan Dinar
1 Philippine Peso = 0.19979 Moroccan Dirham
1 Philippine Peso = 0.39525 Moldovan Leu
1 Philippine Peso = 1.14496 Macedonian Denar
1 Philippine Peso = 26.88642 Myanmar Kyat
1 Philippine Peso = 49.14615 Mongolian Tugrik
1 Philippine Peso = 0.15873 Macau Pataca
1 Philippine Peso = 7.05322 Mauritania Ougulya
1 Philippine Peso = 0.70234 Mauritius Rupee
1 Philippine Peso = 0.30421 Maldives Rufiyaa
1 Philippine Peso = 14.29706 Malawi Kwacha
1 Philippine Peso = 0.40758 Mexican Peso
1 Philippine Peso = 0.08849 Malaysian Ringgit
1 Philippine Peso = 0.26128 Namibian Dollar
1 Philippine Peso = 6.25496 Nigerian Naira
1 Philippine Peso = 0.58627 Nicaragua Cordoba
1 Philippine Peso = 0.16555 Norwegian Krone
1 Philippine Peso = 2.15647 Nepalese Rupee
1 Philippine Peso = 0.02763 New Zealand Dollar
1 Philippine Peso = 0.00764 Omani Rial
1 Philippine Peso = 0.01986 Panama Balboa
1 Philippine Peso = 0.06476 Peruvian Nuevo Sol
1 Philippine Peso = 0.06296 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.08122 Pakistani Rupee
1 Philippine Peso = 0.08074 Polish Zloty
1 Philippine Peso = 114.24742 Paraguayan Guarani
1 Philippine Peso = 0.07229 Qatar Rial
1 Philippine Peso = 0.08451 Romanian New Leu
1 Philippine Peso = 1.15249 Russian Rouble
1 Philippine Peso = 16.1811 Rwanda Franc
1 Philippine Peso = 0.07447 Saudi Arabian Riyal
1 Philippine Peso = 0.15448 Solomon Islands Dollar
1 Philippine Peso = 0.26803 Seychelles Rupee
1 Philippine Peso = 0.13238 Sudanese Pound
1 Philippine Peso = 0.17685 Swedish Krona
1 Philippine Peso = 0.02815 Singapore Dollar
1 Philippine Peso = 0.01598 St Helena Pound
1 Philippine Peso = 0.44095 Slovak Koruna
1 Philippine Peso = 145.88959 Sierra Leone Leone
1 Philippine Peso = 10.90151 Somali Shilling
1 Philippine Peso = 458.00835 Sao Tome Dobra
1 Philippine Peso = 0.1732 El Salvador Colon
1 Philippine Peso = 10.22597 Syrian Pound
1 Philippine Peso = 0.26146 Swaziland Lilageni
1 Philippine Peso = 0.69519 Thai Baht
1 Philippine Peso = 0.04538 Tunisian Dinar
1 Philippine Peso = 0.0447 Tongan paʻanga
1 Philippine Peso = 0.07189 Turkish Lira
1 Philippine Peso = 0.13343 Trinidad Tobago Dollar
1 Philippine Peso = 0.6112 Taiwan Dollar
1 Philippine Peso = 44.24146 Tanzanian Shilling
1 Philippine Peso = 0.53981 Ukraine Hryvnia
1 Philippine Peso = 71.20731 Ugandan Shilling
1 Philippine Peso = 0.01986 United States Dollar
1 Philippine Peso = 0.56195 Uruguayan New Peso
1 Philippine Peso = 65.62748 Uzbekistan Sum
1 Philippine Peso = 0.19806 Venezuelan Bolivar
1 Philippine Peso = 452.9984 Vietnam Dong
1 Philippine Peso = 2.10346 Vanuatu Vatu
1 Philippine Peso = 0.05044 Samoa Tala
1 Philippine Peso = 12.2498 CFA Franc (BEAC)
1 Philippine Peso = 0.05361 East Caribbean Dollar
1 Philippine Peso = 12.39515 CFA Franc (BCEAO)
1 Philippine Peso = 2.22379 Pacific Franc
1 Philippine Peso = 4.96823 Yemen Riyal
1 Philippine Peso = 0.26052 South African Rand
1 Philippine Peso = 103.04805 Zambian Kwacha
1 Philippine Peso = 7.18626 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)
Twitter icon
Facebook icon
Google icon
LinkedIn icon
Pinterest icon
Reddit icon
Yahoo! icon
e-mail icon

Column of the Day

Duterte flirting with martial law

By NESTOR MATA | February 21,2017
548 View(s) 0 Comment(s)
‘The popular president is evoking memories of Marcos.’

Opinion of the Day

Justice in South Korea

By REY O. ARCILLA | February 21, 2017
514 View(s) 0 Comment(s)
‘Lady Justice in South Korea is truly blindfolded in that she makes no distinction between the rich and the poor.’