May 22, 2018, 12:19 pm
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1 Philippine Peso = 0.07022 UAE Dirham
1 Philippine Peso = 2.04971 Albanian Lek
1 Philippine Peso = 0.03427 Neth Antilles Guilder
1 Philippine Peso = 0.46553 Argentine Peso
1 Philippine Peso = 0.02521 Australian Dollar
1 Philippine Peso = 0.03403 Aruba Florin
1 Philippine Peso = 0.03824 Barbados Dollar
1 Philippine Peso = 1.6174 Bangladesh Taka
1 Philippine Peso = 0.0318 Bulgarian Lev
1 Philippine Peso = 0.00722 Bahraini Dinar
1 Philippine Peso = 33.47954 Burundi Franc
1 Philippine Peso = 0.01912 Bermuda Dollar
1 Philippine Peso = 0.02536 Brunei Dollar
1 Philippine Peso = 0.13117 Bolivian Boliviano
1 Philippine Peso = 0.07028 Brazilian Real
1 Philippine Peso = 0.01912 Bahamian Dollar
1 Philippine Peso = 1.30067 Bhutan Ngultrum
1 Philippine Peso = 0.19226 Botswana Pula
1 Philippine Peso = 382.79159 Belarus Ruble
1 Philippine Peso = 0.0382 Belize Dollar
1 Philippine Peso = 0.02445 Canadian Dollar
1 Philippine Peso = 0.01907 Swiss Franc
1 Philippine Peso = 12.17151 Chilean Peso
1 Philippine Peso = 0.12202 Chinese Yuan
1 Philippine Peso = 54.9522 Colombian Peso
1 Philippine Peso = 10.70612 Costa Rica Colon
1 Philippine Peso = 0.01912 Cuban Peso
1 Philippine Peso = 1.78834 Cape Verde Escudo
1 Philippine Peso = 0.41644 Czech Koruna
1 Philippine Peso = 3.3891 Djibouti Franc
1 Philippine Peso = 0.12076 Danish Krone
1 Philippine Peso = 0.94646 Dominican Peso
1 Philippine Peso = 2.21398 Algerian Dinar
1 Philippine Peso = 0.25367 Estonian Kroon
1 Philippine Peso = 0.34149 Egyptian Pound
1 Philippine Peso = 0.52008 Ethiopian Birr
1 Philippine Peso = 0.01621 Euro
1 Philippine Peso = 0.03927 Fiji Dollar
1 Philippine Peso = 0.01423 Falkland Islands Pound
1 Philippine Peso = 0.01423 British Pound
1 Philippine Peso = 0.08859 Ghanaian Cedi
1 Philippine Peso = 0.89503 Gambian Dalasi
1 Philippine Peso = 172.06501 Guinea Franc
1 Philippine Peso = 0.14027 Guatemala Quetzal
1 Philippine Peso = 3.93289 Guyana Dollar
1 Philippine Peso = 0.15004 Hong Kong Dollar
1 Philippine Peso = 0.45428 Honduras Lempira
1 Philippine Peso = 0.11999 Croatian Kuna
1 Philippine Peso = 1.19751 Haiti Gourde
1 Philippine Peso = 5.1499 Hungarian Forint
1 Philippine Peso = 271.08987 Indonesian Rupiah
1 Philippine Peso = 0.06827 Israeli Shekel
1 Philippine Peso = 1.30228 Indian Rupee
1 Philippine Peso = 22.63862 Iraqi Dinar
1 Philippine Peso = 804.0153 Iran Rial
1 Philippine Peso = 1.99809 Iceland Krona
1 Philippine Peso = 2.38145 Jamaican Dollar
1 Philippine Peso = 0.0135 Jordanian Dinar
1 Philippine Peso = 2.12293 Japanese Yen
1 Philippine Peso = 1.91587 Kenyan Shilling
1 Philippine Peso = 1.30863 Kyrgyzstan Som
1 Philippine Peso = 77.2065 Cambodia Riel
1 Philippine Peso = 7.91109 Comoros Franc
1 Philippine Peso = 17.20841 North Korean Won
1 Philippine Peso = 20.57725 Korean Won
1 Philippine Peso = 0.00577 Kuwaiti Dinar
1 Philippine Peso = 0.01568 Cayman Islands Dollar
1 Philippine Peso = 6.29369 Kazakhstan Tenge
1 Philippine Peso = 159.08222 Lao Kip
1 Philippine Peso = 28.77629 Lebanese Pound
1 Philippine Peso = 3.0153 Sri Lanka Rupee
1 Philippine Peso = 2.55793 Liberian Dollar
1 Philippine Peso = 0.24207 Lesotho Loti
1 Philippine Peso = 0.05829 Lithuanian Lita
1 Philippine Peso = 0.01187 Latvian Lat
1 Philippine Peso = 0.02595 Libyan Dinar
1 Philippine Peso = 0.18017 Moroccan Dirham
1 Philippine Peso = 0.31807 Moldovan Leu
1 Philippine Peso = 0.99293 Macedonian Denar
1 Philippine Peso = 25.85086 Myanmar Kyat
1 Philippine Peso = 45.83174 Mongolian Tugrik
1 Philippine Peso = 0.15455 Macau Pataca
1 Philippine Peso = 6.76864 Mauritania Ougulya
1 Philippine Peso = 0.65679 Mauritius Rupee
1 Philippine Peso = 0.29771 Maldives Rufiyaa
1 Philippine Peso = 13.64149 Malawi Kwacha
1 Philippine Peso = 0.37878 Mexican Peso
1 Philippine Peso = 0.07606 Malaysian Ringgit
1 Philippine Peso = 0.24208 Namibian Dollar
1 Philippine Peso = 6.88337 Nigerian Naira
1 Philippine Peso = 0.59598 Nicaragua Cordoba
1 Philippine Peso = 0.15388 Norwegian Krone
1 Philippine Peso = 2.08185 Nepalese Rupee
1 Philippine Peso = 0.02752 New Zealand Dollar
1 Philippine Peso = 0.00735 Omani Rial
1 Philippine Peso = 0.01912 Panama Balboa
1 Philippine Peso = 0.0627 Peruvian Nuevo Sol
1 Philippine Peso = 0.06117 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.20841 Pakistani Rupee
1 Philippine Peso = 0.06955 Polish Zloty
1 Philippine Peso = 107.60994 Paraguayan Guarani
1 Philippine Peso = 0.06959 Qatar Rial
1 Philippine Peso = 0.07495 Romanian New Leu
1 Philippine Peso = 1.17737 Russian Rouble
1 Philippine Peso = 16.18375 Rwanda Franc
1 Philippine Peso = 0.0717 Saudi Arabian Riyal
1 Philippine Peso = 0.15039 Solomon Islands Dollar
1 Philippine Peso = 0.26023 Seychelles Rupee
1 Philippine Peso = 0.34331 Sudanese Pound
1 Philippine Peso = 0.16581 Swedish Krona
1 Philippine Peso = 0.02562 Singapore Dollar
1 Philippine Peso = 0.01424 St Helena Pound
1 Philippine Peso = 0.42459 Slovak Koruna
1 Philippine Peso = 149.13958 Sierra Leone Leone
1 Philippine Peso = 10.7457 Somali Shilling
1 Philippine Peso = 397.36138 Sao Tome Dobra
1 Philippine Peso = 0.1673 El Salvador Colon
1 Philippine Peso = 9.84665 Syrian Pound
1 Philippine Peso = 0.24215 Swaziland Lilageni
1 Philippine Peso = 0.61434 Thai Baht
1 Philippine Peso = 0.04906 Tunisian Dinar
1 Philippine Peso = 0.04426 Tongan paʻanga
1 Philippine Peso = 0.08746 Turkish Lira
1 Philippine Peso = 0.12714 Trinidad Tobago Dollar
1 Philippine Peso = 0.57119 Taiwan Dollar
1 Philippine Peso = 43.51816 Tanzanian Shilling
1 Philippine Peso = 0.49847 Ukraine Hryvnia
1 Philippine Peso = 71.12811 Ugandan Shilling
1 Philippine Peso = 0.01912 United States Dollar
1 Philippine Peso = 0.59981 Uruguayan New Peso
1 Philippine Peso = 152.58126 Uzbekistan Sum
1 Philippine Peso = 1501.96941 Venezuelan Bolivar
1 Philippine Peso = 435.35373 Vietnam Dong
1 Philippine Peso = 2.08088 Vanuatu Vatu
1 Philippine Peso = 0.0494 Samoa Tala
1 Philippine Peso = 10.62849 CFA Franc (BEAC)
1 Philippine Peso = 0.05163 East Caribbean Dollar
1 Philippine Peso = 10.62849 CFA Franc (BCEAO)
1 Philippine Peso = 1.92218 Pacific Franc
1 Philippine Peso = 4.7782 Yemen Riyal
1 Philippine Peso = 0.24216 South African Rand
1 Philippine Peso = 99.22562 Zambian Kwacha
1 Philippine Peso = 6.91969 Zimbabwe dollar

2017 VEHICLE FORECAST: More taxes, less vehicle sales, but traffic the same

Vehicles and still more vehicles.

In 2017, the Philippine automotive industry will feed around 500,000 cars  into the already crowded metropolises of the country, with the National Capital Region receiving anywhere from 78 to 82 percent of the new car sales. This figure extrapolates from the combined end-of-year sales estimates of both the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Association of Vehicle Importers and Distributors (AVID).

On one hand, CAMPI’s president Rommel Gutierrez said during the 2016 Philippine International Motor Show, that his organization would reach the targeted 370,000 units sales by end of 2016. Final sales reports show the number may actually be exceeded due to aggressive 4th quarter performance.

AVID, on the other hand has already practically delivered on its sales target registering a 103 percent sales increase from its members. By the 3rd quarter of the year the organization reported a 27% growth from the previous quarter with a total of 68,746 vehicles sold. Industry experts are confident the group can exceed the fourth quarter and thus the total annual sales because of the massive financing deals from led by Ford, Suzuki and Hyundai. 

It is thus safe to say that if the sales trend continued at the same momentum as it did towards the end of the 3rd quarter, total industry sales combined, would mean about 450,000 new cars, SUV and commercial vehicles crowding into the already tight city streets, oftentimes with no garages to properly park in.

Combine that number with the expected over 1 million motorcycle sales the top 5 brands comprising the Motorcycle Development Program Participants Association (MDPPA)—Honda Philippines Inc., Kawasaki Motors Philippines Inc., Yamaha Motor Philippines Inc., Suzuki Philippines Inc., and Kymco Philippines Inc. expect to achieve this year. In 2015, the MDPPA already sold 850,509 and an estimated 27 percent growth means 1,080,146 sales for 2016.

And the industry is growing and the major players are shifting the playing field. 

The Comprehensive Automotive Resurgence Strategy (CARS) program launched towards the end of the Aquino Government is seen by many industry experts as a step that will only boost the competitiveness of the country’s automotive industry by increasing local production volumes.

The updated CARS program now has Toyota Motor Philippines, Inc. (TMPI) joining Mitsubishi Motors Philippines Corporation’s (MMPC) in assembling specific vehicles that will benefit from some P27 billion worth of fiscal and non-fiscal support to both automakers and parts suppliers. 

CARS requires companies who join to produce a total of 200,000 units of a particular vehicle model over a period of six years. Factor in the production volumes by all possible carmakers who apply for the program will mean passenger car production numbers to average 16 to 20 percent over the next five years.

Hyundai Automotive Resources Inc. (HARI) already submitted an application to the Board of Investments (BOI) for a completely knockdown (CKD) kit assembly under the new rules of the Korea and ASEAN Free Trade Agreement (Korea+AFTA) to exported auto components from various sources, including Korea. Sources from HARI have not confirmed the finalization of this assembly but it has already started the prototyping of its vehicle assembly at its Star Motors Manufacturing Corp. plant in Sta. Rosa, Laguna.

Malaya Business Insight saw delivery of the popular Eon CKD on the assembly area of Star Motors is owned by Universal Motors Group of which HARI is also part of.  The plant used to assemble Nissan pick-ups and diesel SUVs. 

Insiders at Star Motors have said a totally new line is being installed and the plant has been retooled to put together a yet-to-be confirmed line of Hyundai models beginning with the 800 cc. Eon.

Hyundai Motor, in wire report confirmed HARI’s plan to install a line capable of assembling in between 5,000 and 6,000 vehicle units annually. Experienced engineers from Star Motors will run the assembly that will eventually hit annual production of 40,000 units. It is unclear with HARI will apply for the benefits available in the CARS program. However, if it does increase its production to the 40,000 unit target it can meet the 200,000 volume requirement.

Industry research experts BMI predict that passenger car sales in the will grow an average 24 percent annually throughout the 2017-2020 period. It also expects the local passenger car market to outperform other ASEAN countries over the same period.

Consumer led growth in the Philippines will be supported by subdued inflationary pressures, and attractive borrowing rates and the research firm’s Country Risk team expects inflation to remain within the Central Bank’s 2 to 4 percent target range through to 2020. This boost to consumer spending power also converts to more car sales, with access to cheap credit, with steady interest rates at an average 3 percent over the 2017-2020 period.

But here is where the congestion stops the growth.

Proposals by the Duterte administration to reform the taxes on vehicles will lead to slower car sales after any tax change is made. Carmakers see the proposed auto tax reforms as a downside risk to vehicle sales due to the significant increase in retail prices.

The increased taxes will create an artificial sale increase before any announcement of implementing rules and regulations and car dealers are already making sales preparations and promotions with banks and financing institutions to rush into aggressive sales programs to avert the expected sales slow down. 

This imposition of new excise taxes on brand new vehicle purchases is aimed at raising revenues and to manage vehicle volume on major roads. But the tax would raise costs of up to P400,000 to P600,000.

The Board of Investments (BOI) expects the negative impact on the growth of the country’s booming automotive industry and is studying measures on how to create the necessary balance between the meeting the government’s tax objectives and the progress delivered by automakers.

Deputy Speaker Raneo Abu of Batangas’ “Proof of Parking Space Act” is also expected to impact on vehicle sales because of the cost of building a garage for both new and currently owned vehicles. Though the proposal was made to drastically reduce the number of vehicles on the road, the garage law also wants to free roads of obstructions that only cause traffic gridlock. The law is applicable only in Metro Manila, Cebu, Davao and other highly urbanized cities.
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