January 23, 2018, 10:16 pm
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1 Philippine Peso = 0.07248 UAE Dirham
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1 Philippine Peso = 0.01614 Euro
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1 Philippine Peso = 0.01423 Falkland Islands Pound
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1 Philippine Peso = 0.95481 Gambian Dalasi
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1 Philippine Peso = 0.14478 Guatemala Quetzal
1 Philippine Peso = 4.06335 Guyana Dollar
1 Philippine Peso = 0.15424 Hong Kong Dollar
1 Philippine Peso = 0.4645 Honduras Lempira
1 Philippine Peso = 0.11993 Croatian Kuna
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1 Philippine Peso = 262.6801 Indonesian Rupiah
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1 Philippine Peso = 1.2595 Indian Rupee
1 Philippine Peso = 23.36688 Iraqi Dinar
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1 Philippine Peso = 2.18305 Japanese Yen
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1 Philippine Peso = 21.05013 Korean Won
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1 Philippine Peso = 0.24018 Lesotho Loti
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1 Philippine Peso = 0.1822 Moroccan Dirham
1 Philippine Peso = 0.33221 Moldovan Leu
1 Philippine Peso = 0.99072 Macedonian Denar
1 Philippine Peso = 26.54431 Myanmar Kyat
1 Philippine Peso = 47.6416 Mongolian Tugrik
1 Philippine Peso = 0.15887 Macau Pataca
1 Philippine Peso = 6.94691 Mauritania Ougulya
1 Philippine Peso = 0.64535 Mauritius Rupee
1 Philippine Peso = 0.3059 Maldives Rufiyaa
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1 Philippine Peso = 0.36718 Mexican Peso
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1 Philippine Peso = 0.24178 Namibian Dollar
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1 Philippine Peso = 0.6045 Nicaragua Cordoba
1 Philippine Peso = 0.15516 Norwegian Krone
1 Philippine Peso = 2.01397 Nepalese Rupee
1 Philippine Peso = 0.02711 New Zealand Dollar
1 Philippine Peso = 0.00759 Omani Rial
1 Philippine Peso = 0.01974 Panama Balboa
1 Philippine Peso = 0.06337 Peruvian Nuevo Sol
1 Philippine Peso = 0.06241 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.17782 Pakistani Rupee
1 Philippine Peso = 0.06737 Polish Zloty
1 Philippine Peso = 110.75588 Paraguayan Guarani
1 Philippine Peso = 0.07183 Qatar Rial
1 Philippine Peso = 0.07523 Romanian New Leu
1 Philippine Peso = 1.11021 Russian Rouble
1 Philippine Peso = 16.49398 Rwanda Franc
1 Philippine Peso = 0.07401 Saudi Arabian Riyal
1 Philippine Peso = 0.15294 Solomon Islands Dollar
1 Philippine Peso = 0.26317 Seychelles Rupee
1 Philippine Peso = 0.13811 Sudanese Pound
1 Philippine Peso = 0.15903 Swedish Krona
1 Philippine Peso = 0.02605 Singapore Dollar
1 Philippine Peso = 0.01423 St Helena Pound
1 Philippine Peso = 0.43825 Slovak Koruna
1 Philippine Peso = 150.5822 Sierra Leone Leone
1 Philippine Peso = 11.09138 Somali Shilling
1 Philippine Peso = 395.67793 Sao Tome Dobra
1 Philippine Peso = 0.17269 El Salvador Colon
1 Philippine Peso = 10.16341 Syrian Pound
1 Philippine Peso = 0.24082 Swaziland Lilageni
1 Philippine Peso = 0.62838 Thai Baht
1 Philippine Peso = 0.04813 Tunisian Dinar
1 Philippine Peso = 0.04392 Tongan paʻanga
1 Philippine Peso = 0.07512 Turkish Lira
1 Philippine Peso = 0.1331 Trinidad Tobago Dollar
1 Philippine Peso = 0.57902 Taiwan Dollar
1 Philippine Peso = 44.22736 Tanzanian Shilling
1 Philippine Peso = 0.56937 Ukraine Hryvnia
1 Philippine Peso = 71.46241 Ugandan Shilling
1 Philippine Peso = 0.01974 United States Dollar
1 Philippine Peso = 0.56325 Uruguayan New Peso
1 Philippine Peso = 160.3513 Uzbekistan Sum
1 Philippine Peso = 0.19686 Venezuelan Bolivar
1 Philippine Peso = 447.97712 Vietnam Dong
1 Philippine Peso = 2.03691 Vanuatu Vatu
1 Philippine Peso = 0.0496 Samoa Tala
1 Philippine Peso = 10.5818 CFA Franc (BEAC)
1 Philippine Peso = 0.05329 East Caribbean Dollar
1 Philippine Peso = 10.49813 CFA Franc (BCEAO)
1 Philippine Peso = 1.92441 Pacific Franc
1 Philippine Peso = 4.9329 Yemen Riyal
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Six heirs of a Filipino-Chinese billionaire

EVER since President Rodrigo Roa Duterte’s foreign policy shift towards Beijing, China, heirs of a retail and property mogul behind Southeast Asia’s largest fortune “may have found a jackpot of their own.”

They’re building a supermall in China that is almost the size of the Pentagon in Washington, D.C. Their project signals increased exposure to the world’s biggest consumer market, according to Blake Schmidt in an article for Bloomberg Billionaires Index.

Investors have come around to President Duterte since his election last May 2016, supporting a rally for Philippine equities and a surge for the stocks owned by Henry Sy’s SM Investments Corp as the company undergoes a generational shift. That’s made billionaires of his six children.

“Henry Sy was one of the more forward-looking tycoons in the Philippines in that he paid attention to succession issues probably better than most,” said Alejandro Reyes, a Manila-born visiting professor at University of Hong Kong’s politics department. “The Philippines is an oligarchy where you have a limited number of families who benefit when the economy is doing very well, and who control an inordinate amount of the economy.”

The heirs collectively have direct stakes of around 44 percent of SM, which has holdings in retail, property development, banking and logistics. The siblings -- Teresita, Elizabeth, Henry Jr., Hans, Herbert, and Harley -- have a combined net worth of $10.7 billion. Henry Sy, 92, is credited with the remainder of the clan’s share of the conglomerate, held directly, with his wife and through family-owned holding companies.

The family’s $17.6 billion fortune amounts to more than 5 percent of the island nation’s annual GDP and has risen more than $3 billion since Duterte’s victory, more than any in Southeast Asia.

The conglomerate is viewed by investors as a proxy for the fast-growing Philippines economy, according to Frederic DyBuncio, who assumed the presidency of SM Investments in April. 

Indeed, logistics company 2GO Group Inc., which counts Sy’s group among its largest stakeholders, has tripled in the past year, while property company SM Prime Holdings Inc., lender BDO Unibank Inc. and holding company SM Investments are each up more than 19 percent.

Teresita Sy-Coson, the eldest of the heirs, lauded Duterte in a recent interview with CNBC for his laissez-faire approach to the economy. She and her brother Hans have been in delegations that went with President Duterte to China for talks with President Xi Jinping, a sign that the descendants of the conglomerate’s China-born founder are well-positioned to benefit from the detente. 

Visits from Chinese tourists grew by more than one-third last year, a boon for the Sys’ tenant at the City of Dreams Manila casino resort.

Seven of the group’s more than 60 malls are in China. The conglomerate is building a residential project in Chengdu, with plans for Xiamen and Jinjiang, the latter being the birthplace of Henry Sy, who spearheaded the group’s push into China. A supermall in the works in Tianjin would have more than 500,000 square meters of floor space, rivalling that of the Pentagon. It was designed like a blossoming flower to symbolize growth and new opportunities, according to the company’s website. Still, China only accounts for about 2 percent of the group’s total revenue.

The expansion in China brings the fortune back to the founder’s homeland, and comes as Henry Sy attempts to execute an orderly handover of his wealth to a new generation, which includes the appointing of professional managers from outside the family. 

By involving all of his children as managers and giving them an ownership stake, he’s been more proactive than some -- even if he hasn’t publicly designated a successor.

***

Quote of the Day: “Be a Filipino always, but an educated Filipino.” – Anon.
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