February 23, 2018, 10:12 pm
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1 Philippine Peso = 0.07045 UAE Dirham
1 Philippine Peso = 2.04297 Albanian Lek
1 Philippine Peso = 0.03415 Neth Antilles Guilder
1 Philippine Peso = 0.38059 Argentine Peso
1 Philippine Peso = 0.02443 Australian Dollar
1 Philippine Peso = 0.03415 Aruba Florin
1 Philippine Peso = 0.03837 Barbados Dollar
1 Philippine Peso = 1.59409 Bangladesh Taka
1 Philippine Peso = 0.0304 Bulgarian Lev
1 Philippine Peso = 0.00723 Bahraini Dinar
1 Philippine Peso = 33.58872 Burundi Franc
1 Philippine Peso = 0.01918 Bermuda Dollar
1 Philippine Peso = 0.02533 Brunei Dollar
1 Philippine Peso = 0.13159 Bolivian Boliviano
1 Philippine Peso = 0.06235 Brazilian Real
1 Philippine Peso = 0.01918 Bahamian Dollar
1 Philippine Peso = 1.2325 Bhutan Ngultrum
1 Philippine Peso = 0.18295 Botswana Pula
1 Philippine Peso = 384.03989 Belarus Ruble
1 Philippine Peso = 0.03832 Belize Dollar
1 Philippine Peso = 0.02429 Canadian Dollar
1 Philippine Peso = 0.018 Swiss Franc
1 Philippine Peso = 11.42605 Chilean Peso
1 Philippine Peso = 0.12152 Chinese Yuan
1 Philippine Peso = 54.88202 Colombian Peso
1 Philippine Peso = 10.87186 Costa Rica Colon
1 Philippine Peso = 0.01918 Cuban Peso
1 Philippine Peso = 1.71801 Cape Verde Escudo
1 Philippine Peso = 0.39493 Czech Koruna
1 Philippine Peso = 3.3921 Djibouti Franc
1 Philippine Peso = 0.11601 Danish Krone
1 Philippine Peso = 0.94226 Dominican Peso
1 Philippine Peso = 2.17652 Algerian Dinar
1 Philippine Peso = 0.24369 Estonian Kroon
1 Philippine Peso = 0.33858 Egyptian Pound
1 Philippine Peso = 0.52177 Ethiopian Birr
1 Philippine Peso = 0.01557 Euro
1 Philippine Peso = 0.03825 Fiji Dollar
1 Philippine Peso = 0.01371 Falkland Islands Pound
1 Philippine Peso = 0.01377 British Pound
1 Philippine Peso = 0.08533 Ghanaian Cedi
1 Philippine Peso = 0.89967 Gambian Dalasi
1 Philippine Peso = 172.74122 Guinea Franc
1 Philippine Peso = 0.14073 Guatemala Quetzal
1 Philippine Peso = 3.9296 Guyana Dollar
1 Philippine Peso = 0.15011 Hong Kong Dollar
1 Philippine Peso = 0.45024 Honduras Lempira
1 Philippine Peso = 0.11584 Croatian Kuna
1 Philippine Peso = 1.216 Haiti Gourde
1 Philippine Peso = 4.85824 Hungarian Forint
1 Philippine Peso = 261.23153 Indonesian Rupiah
1 Philippine Peso = 0.06714 Israeli Shekel
1 Philippine Peso = 1.24329 Indian Rupee
1 Philippine Peso = 22.71245 Iraqi Dinar
1 Philippine Peso = 713.12103 Iran Rial
1 Philippine Peso = 1.9248 Iceland Krona
1 Philippine Peso = 2.40936 Jamaican Dollar
1 Philippine Peso = 0.01359 Jordanian Dinar
1 Philippine Peso = 2.0619 Japanese Yen
1 Philippine Peso = 1.9413 Kenyan Shilling
1 Philippine Peso = 1.3061 Kyrgyzstan Som
1 Philippine Peso = 77.09572 Cambodia Riel
1 Philippine Peso = 7.62709 Comoros Franc
1 Philippine Peso = 17.26453 North Korean Won
1 Philippine Peso = 20.55496 Korean Won
1 Philippine Peso = 0.00575 Kuwaiti Dinar
1 Philippine Peso = 0.01573 Cayman Islands Dollar
1 Philippine Peso = 6.12565 Kazakhstan Tenge
1 Philippine Peso = 158.52676 Lao Kip
1 Philippine Peso = 28.96605 Lebanese Pound
1 Philippine Peso = 2.97621 Sri Lanka Rupee
1 Philippine Peso = 2.45904 Liberian Dollar
1 Philippine Peso = 0.22463 Lesotho Loti
1 Philippine Peso = 0.05848 Lithuanian Lita
1 Philippine Peso = 0.0119 Latvian Lat
1 Philippine Peso = 0.02544 Libyan Dinar
1 Philippine Peso = 0.17647 Moroccan Dirham
1 Philippine Peso = 0.31853 Moldovan Leu
1 Philippine Peso = 0.95396 Macedonian Denar
1 Philippine Peso = 25.47477 Myanmar Kyat
1 Philippine Peso = 45.90946 Mongolian Tugrik
1 Philippine Peso = 0.15451 Macau Pataca
1 Philippine Peso = 6.71398 Mauritania Ougulya
1 Philippine Peso = 0.62536 Mauritius Rupee
1 Philippine Peso = 0.29868 Maldives Rufiyaa
1 Philippine Peso = 13.76098 Malawi Kwacha
1 Philippine Peso = 0.35911 Mexican Peso
1 Philippine Peso = 0.07494 Malaysian Ringgit
1 Philippine Peso = 0.22327 Namibian Dollar
1 Philippine Peso = 6.88663 Nigerian Naira
1 Philippine Peso = 0.59477 Nicaragua Cordoba
1 Philippine Peso = 0.15035 Norwegian Krone
1 Philippine Peso = 1.98703 Nepalese Rupee
1 Philippine Peso = 0.02611 New Zealand Dollar
1 Philippine Peso = 0.00738 Omani Rial
1 Philippine Peso = 0.01918 Panama Balboa
1 Philippine Peso = 0.06229 Peruvian Nuevo Sol
1 Philippine Peso = 0.0629 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.11989 Pakistani Rupee
1 Philippine Peso = 0.06472 Polish Zloty
1 Philippine Peso = 106.82716 Paraguayan Guarani
1 Philippine Peso = 0.06982 Qatar Rial
1 Philippine Peso = 0.07256 Romanian New Leu
1 Philippine Peso = 1.0862 Russian Rouble
1 Philippine Peso = 16.12737 Rwanda Franc
1 Philippine Peso = 0.07193 Saudi Arabian Riyal
1 Philippine Peso = 0.14866 Solomon Islands Dollar
1 Philippine Peso = 0.2582 Seychelles Rupee
1 Philippine Peso = 0.34501 Sudanese Pound
1 Philippine Peso = 0.15536 Swedish Krona
1 Philippine Peso = 0.02534 Singapore Dollar
1 Philippine Peso = 0.01372 St Helena Pound
1 Philippine Peso = 0.42597 Slovak Koruna
1 Philippine Peso = 146.36485 Sierra Leone Leone
1 Philippine Peso = 10.78074 Somali Shilling
1 Philippine Peso = 381.75523 Sao Tome Dobra
1 Philippine Peso = 0.16785 El Salvador Colon
1 Philippine Peso = 9.87876 Syrian Pound
1 Philippine Peso = 0.22325 Swaziland Lilageni
1 Philippine Peso = 0.60368 Thai Baht
1 Philippine Peso = 0.04586 Tunisian Dinar
1 Philippine Peso = 0.0428 Tongan paʻanga
1 Philippine Peso = 0.07262 Turkish Lira
1 Philippine Peso = 0.12717 Trinidad Tobago Dollar
1 Philippine Peso = 0.55966 Taiwan Dollar
1 Philippine Peso = 43.06541 Tanzanian Shilling
1 Philippine Peso = 0.51746 Ukraine Hryvnia
1 Philippine Peso = 69.67197 Ugandan Shilling
1 Philippine Peso = 0.01918 United States Dollar
1 Philippine Peso = 0.54556 Uruguayan New Peso
1 Philippine Peso = 156.62766 Uzbekistan Sum
1 Philippine Peso = 478.3426 Venezuelan Bolivar
1 Philippine Peso = 435.71839 Vietnam Dong
1 Philippine Peso = 1.98465 Vanuatu Vatu
1 Philippine Peso = 0.04817 Samoa Tala
1 Philippine Peso = 10.20986 CFA Franc (BEAC)
1 Philippine Peso = 0.05179 East Caribbean Dollar
1 Philippine Peso = 10.20986 CFA Franc (BCEAO)
1 Philippine Peso = 1.85248 Pacific Franc
1 Philippine Peso = 4.79474 Yemen Riyal
1 Philippine Peso = 0.22325 South African Rand
1 Philippine Peso = 99.5492 Zambian Kwacha
1 Philippine Peso = 6.94226 Zimbabwe dollar

Taxing taxes

It is what people in power do and as the crusted cliche goes it is how they justify what they do by declaring their privilege and impunity as the reason they are in power. “What are we in power for?” - the rhetorical albeit delusional question is in itself authoritarian and madly self-indulgent.

Despite a highly liquid economy coming from the previous administration, and more important, despite greatly alleviated fiscal deficits partly due to anemic infrastructure spending that characterized a whole six-year term, the current administration deliberately decided it would bulk up on surpluses and raise systemic taxes. The aggressive TRAIN (Taxation Reform for Acceleration and Inclusion) taxation tsunami they envisioned however reveals a level of callousness that rivaled the lack of empathy they readily accuse the previous administration of having.

The taxation callousness is however nothing new. Our lawmakers are either the worst development economists on the planet or they just simply cannot get off squeezing the public dry simply to perpetuate their own. Let us review a few long standing examples of taxation anomalies that the authorities must by now know are wrong and yet continue to keep on in the books simply because these fatten the take.

During the notorious exercises of executive impunity during the Arroyo administration the authorities imposed then and, to this day, maintains a heavy tax based on toll road fees. Taxing toll fees is effectively taxing a tax on road use - the latter, a special and specific charge for maintenance and operations. The effect of this on food and product prices transported both from the north and south tollways and eventually delivered in Manila is exponential. It not only increases transport costs directly, but food prices indirectly.

For daily commuters it diminishes take home pay unnecessarily, reduces purchasing power and compels urbanization where the metropolis is already bursting at the seams.

Another form of taxation callousness and un-emphatic indifference was when, despite legal opinion and petitions to the contrary, government, for the longest time, had insisted on slapping value added taxes (VAT) on electricity subsidies and transmission and distribution line losses.

While the latter had only been recently rationalized, the taxation burden had gone on for so long resulting in billions in tax takes based on conceptually flawed tax bases.

For one, while subsidies are recorded as business expenses on one end, and a net inflow on the beneficiary end, these have the character of a tax on consumers, adding burdens that they would naturally prefer not to shoulder had these not been compelled. To apply a VAT on a subsidy is tantamount to taxing what is effectively a tax.

On the question of line losses charged on final consumers by transmission and distribution companies, again these not only are characteristically taxes but have the rather ludicrous effect of slapping a charge on an immeasurable item that is most definitively a negative value both to the company charging these and the consumer on whom these are inflicted.

If we were to line-audit each of the items which are charged a VAT, we might certainly discover more that not only diminish our purchasing power but effectively bloat inflationary aggregate prices to the detriment of a consumer-driven economy, albeit effectively stealing for government humongous amounts added to the normal and legitimate tax take. 

Such anomalies continue unmitigated in other forms and guises. Their repressive effects are multiplied severalfold when applied to critical multipliers in the value chain such as the VAT on petroleum products that are a central feature of TRAIN recently passed by the Philippine congress and signed into law by the president.

Let us cite one example brazenly displayed by a gas station as they tried to defensively explain to customers the continuing increases in pump prices due to TRAIN.

On the week that TRAIN had begun worming its way into the value chain one general circulation broadsheet featured a photograph of a gas station poster detailing the incremental excise tax impact at the pump level. The poster showed an initial increase of Php 2.26 per liter of diesel fuel with a total VAT increase due to TRAIN of as much as Php 0.32 per liter where 14.16% of VAT was directly applied on the added excise tax. 

This is fundamentally wrong. Both excise taxes and VAT are taxes. Like the controversial VAT on a toll and on subsidies, the VAT on excises in this instance is a tax on a tax. Worse, a VAT should only be applied on values added to the product. TRAIN’s incremental excise adds nothing of the sort. No value, whether a product input nor additional labor or process has been added to the fuel that justifies a “value added” tax increment.

As in previous instances, this is just another example of repressive taxation.
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