October 24, 2017, 5:38 pm
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1 Philippine Peso = 0.07134 UAE Dirham
1 Philippine Peso = 2.20455 Albanian Lek
1 Philippine Peso = 0.03458 Neth Antilles Guilder
1 Philippine Peso = 0.33662 Argentine Peso
1 Philippine Peso = 0.02487 Australian Dollar
1 Philippine Peso = 0.03458 Aruba Florin
1 Philippine Peso = 0.03885 Barbados Dollar
1 Philippine Peso = 1.60625 Bangladesh Taka
1 Philippine Peso = 0.03236 Bulgarian Lev
1 Philippine Peso = 0.00733 Bahraini Dinar
1 Philippine Peso = 33.77953 Burundi Franc
1 Philippine Peso = 0.01943 Bermuda Dollar
1 Philippine Peso = 0.02645 Brunei Dollar
1 Philippine Peso = 0.13326 Bolivian Boliviano
1 Philippine Peso = 0.06247 Brazilian Real
1 Philippine Peso = 0.01943 Bahamian Dollar
1 Philippine Peso = 1.26263 Bhutan Ngultrum
1 Philippine Peso = 0.2012 Botswana Pula
1 Philippine Peso = 388.88889 Belarus Ruble
1 Philippine Peso = 0.03881 Belize Dollar
1 Philippine Peso = 0.02456 Canadian Dollar
1 Philippine Peso = 0.01915 Swiss Franc
1 Philippine Peso = 12.27409 Chilean Peso
1 Philippine Peso = 0.12894 Chinese Yuan
1 Philippine Peso = 57.24748 Colombian Peso
1 Philippine Peso = 10.99748 Costa Rica Colon
1 Philippine Peso = 0.01943 Cuban Peso
1 Philippine Peso = 1.82304 Cape Verde Escudo
1 Philippine Peso = 0.42383 Czech Koruna
1 Philippine Peso = 3.43493 Djibouti Franc
1 Philippine Peso = 0.12305 Danish Krone
1 Philippine Peso = 0.91725 Dominican Peso
1 Philippine Peso = 2.22277 Algerian Dinar
1 Philippine Peso = 0.25859 Estonian Kroon
1 Philippine Peso = 0.34188 Egyptian Pound
1 Philippine Peso = 0.52409 Ethiopian Birr
1 Philippine Peso = 0.01653 Euro
1 Philippine Peso = 0.03972 Fiji Dollar
1 Philippine Peso = 0.01475 Falkland Islands Pound
1 Philippine Peso = 0.01472 British Pound
1 Philippine Peso = 0.08496 Ghanaian Cedi
1 Philippine Peso = 0.91414 Gambian Dalasi
1 Philippine Peso = 174.78632 Guinea Franc
1 Philippine Peso = 0.14265 Guatemala Quetzal
1 Philippine Peso = 3.93765 Guyana Dollar
1 Philippine Peso = 0.15157 Hong Kong Dollar
1 Philippine Peso = 0.45491 Honduras Lempira
1 Philippine Peso = 0.12399 Croatian Kuna
1 Philippine Peso = 1.18939 Haiti Gourde
1 Philippine Peso = 5.08741 Hungarian Forint
1 Philippine Peso = 263.01476 Indonesian Rupiah
1 Philippine Peso = 0.06781 Israeli Shekel
1 Philippine Peso = 1.26296 Indian Rupee
1 Philippine Peso = 22.669 Iraqi Dinar
1 Philippine Peso = 667.07459 Iran Rial
1 Philippine Peso = 2.04662 Iceland Krona
1 Philippine Peso = 2.45552 Jamaican Dollar
1 Philippine Peso = 0.01374 Jordanian Dinar
1 Philippine Peso = 2.20812 Japanese Yen
1 Philippine Peso = 2.00952 Kenyan Shilling
1 Philippine Peso = 1.32896 Kyrgyzstan Som
1 Philippine Peso = 78.1857 Cambodia Riel
1 Philippine Peso = 8.06566 Comoros Franc
1 Philippine Peso = 17.48252 North Korean Won
1 Philippine Peso = 21.95047 Korean Won
1 Philippine Peso = 0.00587 Kuwaiti Dinar
1 Philippine Peso = 0.01593 Cayman Islands Dollar
1 Philippine Peso = 6.52234 Kazakhstan Tenge
1 Philippine Peso = 161.26651 Lao Kip
1 Philippine Peso = 29.24437 Lebanese Pound
1 Philippine Peso = 2.98368 Sri Lanka Rupee
1 Philippine Peso = 2.29817 Liberian Dollar
1 Philippine Peso = 0.267 Lesotho Loti
1 Philippine Peso = 0.05922 Lithuanian Lita
1 Philippine Peso = 0.01205 Latvian Lat
1 Philippine Peso = 0.02654 Libyan Dinar
1 Philippine Peso = 0.18329 Moroccan Dirham
1 Philippine Peso = 0.33557 Moldovan Leu
1 Philippine Peso = 1.00952 Macedonian Denar
1 Philippine Peso = 26.41803 Myanmar Kyat
1 Philippine Peso = 47.5136 Mongolian Tugrik
1 Philippine Peso = 0.15611 Macau Pataca
1 Philippine Peso = 6.8244 Mauritania Ougulya
1 Philippine Peso = 0.65657 Mauritius Rupee
1 Philippine Peso = 0.30245 Maldives Rufiyaa
1 Philippine Peso = 13.91123 Malawi Kwacha
1 Philippine Peso = 0.37068 Mexican Peso
1 Philippine Peso = 0.08228 Malaysian Ringgit
1 Philippine Peso = 0.26663 Namibian Dollar
1 Philippine Peso = 6.91531 Nigerian Naira
1 Philippine Peso = 0.59261 Nicaragua Cordoba
1 Philippine Peso = 0.15522 Norwegian Krone
1 Philippine Peso = 2.01146 Nepalese Rupee
1 Philippine Peso = 0.02786 New Zealand Dollar
1 Philippine Peso = 0.00746 Omani Rial
1 Philippine Peso = 0.01943 Panama Balboa
1 Philippine Peso = 0.06287 Peruvian Nuevo Sol
1 Philippine Peso = 0.06211 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.04157 Pakistani Rupee
1 Philippine Peso = 0.0698 Polish Zloty
1 Philippine Peso = 109.32012 Paraguayan Guarani
1 Philippine Peso = 0.07303 Qatar Rial
1 Philippine Peso = 0.07595 Romanian New Leu
1 Philippine Peso = 1.11692 Russian Rouble
1 Philippine Peso = 16.13209 Rwanda Franc
1 Philippine Peso = 0.07284 Saudi Arabian Riyal
1 Philippine Peso = 0.15112 Solomon Islands Dollar
1 Philippine Peso = 0.25618 Seychelles Rupee
1 Philippine Peso = 0.12937 Sudanese Pound
1 Philippine Peso = 0.15921 Swedish Krona
1 Philippine Peso = 0.02646 Singapore Dollar
1 Philippine Peso = 0.01475 St Helena Pound
1 Philippine Peso = 0.43135 Slovak Koruna
1 Philippine Peso = 148.01865 Sierra Leone Leone
1 Philippine Peso = 10.85859 Somali Shilling
1 Philippine Peso = 405.06606 Sao Tome Dobra
1 Philippine Peso = 0.16997 El Salvador Colon
1 Philippine Peso = 10.0035 Syrian Pound
1 Philippine Peso = 0.26663 Swaziland Lilageni
1 Philippine Peso = 0.64433 Thai Baht
1 Philippine Peso = 0.04839 Tunisian Dinar
1 Philippine Peso = 0.04297 Tongan paʻanga
1 Philippine Peso = 0.07213 Turkish Lira
1 Philippine Peso = 0.12972 Trinidad Tobago Dollar
1 Philippine Peso = 0.58747 Taiwan Dollar
1 Philippine Peso = 43.47319 Tanzanian Shilling
1 Philippine Peso = 0.51593 Ukraine Hryvnia
1 Philippine Peso = 70.94017 Ugandan Shilling
1 Philippine Peso = 0.01943 United States Dollar
1 Philippine Peso = 0.57556 Uruguayan New Peso
1 Philippine Peso = 156.17716 Uzbekistan Sum
1 Philippine Peso = 0.19376 Venezuelan Bolivar
1 Philippine Peso = 441.37529 Vietnam Dong
1 Philippine Peso = 2.06876 Vanuatu Vatu
1 Philippine Peso = 0.04978 Samoa Tala
1 Philippine Peso = 10.83178 CFA Franc (BEAC)
1 Philippine Peso = 0.05245 East Caribbean Dollar
1 Philippine Peso = 10.68376 CFA Franc (BCEAO)
1 Philippine Peso = 1.97222 Pacific Franc
1 Philippine Peso = 4.85431 Yemen Riyal
1 Philippine Peso = 0.26674 South African Rand
1 Philippine Peso = 100.80614 Zambian Kwacha
1 Philippine Peso = 7.02991 Zimbabwe dollar

BSP sees first current account deficit in 15 years

The Philippine central bank has revised its current account balance forecast for this year, predicting a deficit for the first time since 2002, on expectations of surging imports.

The current account is expected to be in deficit by $600 million instead of a surplus of $800 million as the central bank earlier estimated, Zeno Abenoja, a director of the bank, told a news briefing on Friday.

It would be the country’s first current account deficit since 2002, central bank data show.

Imports are having a bigger impact on trade because of the need to sustain economic growth, central bank deputy governor Diwa Guinigundo told the same briefing.

Guinigundo said it is possible for the current account to be continually in deficit going forward, as the Philippine economy, one of Asia’s fastest growing, maintains upward momentum.

Philippine imports had been rising, mostly at double-digit pace, for 13 months through March, driven by shipments of transport equipment, industrial machinery and iron and steel, as the government boosts infrastructure spending.

The forecast for the 2017 balance of payments position was also changed to a deficit of $500 million from the previous forecast of a surplus of $1.0 billion.

The country’s foreign exchange reserves at year end are expected to be $80.5 billion, below the earlier estimate of $84.7 billion. 

The country’s balance of payments (BOP) position posted a deficit of $994 million in first quarter 2017, higher than the $210 million deficit recorded in first quarter 2016. 

The current account reversed to a deficit of $318 million in first quarter 2017 from a $730 million surplus in first quarter 2016, as the trade-in-goods deficit widened on the back of the faster growth in imports. 

Meanwhile, the financial account improved, yielding lower net outflows of $579 million due to net inflows in the other investment, direct investment, and financial derivatives accounts. 

However, this was partly offset by the higher net outflows in the portfolio investment account. Global economic growth remained uneven with slower expansion in the euro area, India and the ASEAN region even as economic activity continued to pick up pace in the United States (US), Japan and China. 

The lingering volatility in the external environment continued to affect the country’s external trade and capital flows. 

The country’s gross international reserves (GIR) leveled at $80.9 billion as of end-March 2017, slightly higher than the $80.7 billion level in December 2016, but lower than the $83 billion in March 2016. 

At this level, reserves could sufficiently cover 8.6 months’ worth of imports of goods and payments of services and income. It is equivalent to 5.4 times the country’s short-term external debt based on original maturity and 4 times based on residual maturity. 

The quarter-on-quarter increase in reserves was due mainly to the inflows arising from the net foreign currency deposits by the National Government and BSP’s investment income, as well as revaluation adjustments on its gold holdings and foreign currency-denominated reserves. 

These were offset by net outflows from foreign exchange operations of the BSP and payments made by the National Government (NG) for its maturing foreign exchange obligations.

The current account registered a deficit of $318 million which is equivalent to 0.4 percent of GDP in first quarter 2017, a reversal from the $730 million surplus posted in first quarter 2016. 

This development emanated from the widening of the trade-in-goods deficit as the growth in imports of goods outpaced that of exports of goods. Higher net receipts in the secondary income, services, and primary income accounts helped offset the increase in the trade-in-goods deficit.

The trade-in-goods deficit increased to $9.8 billion in first quarter 2017 from $7.8 billion in first quarter 2016 due to the faster expansion in imports of goods at 19.2 percent relative to the 14.1 percent growth in exports. 

Exports of goods rose to $11.6 billion in first quarter 2017, higher than the $10.2 billion in first quarter 2016, indicating improved external demand from major trading partners, notably the US, Asia and in the European Union during the quarter. 

Stronger export performance was attributed mainly to increased shipments of manufactures (by 9.2 percent), particularly machinery and transport equipment and garments. 

Shipment of other major commodity groups, notably coconut and mineral products, likewise increased markedly by 132.3 percent and 55.4 percent, respectively, during the quarter fueled by the upturn in global prices of coconut oil and copper metal. 

Imports of goods amounted to $21.5 billion in first quarter 2017, posting a 19.2 percent increment relative to the $18 billion imports in first quarter 2016. 

This developed on account of increased importation across all major commodity groups. 

Growth in total imports was boosted primarily by raw materials and intermediate goods which grew by 25.7 percent to $8.3 billion. 

Imports of consumer goods went up by 15.9 percent, buoyed by growth in durables and non-durables. Capital goods imports rose by 6.9 percent to $5.1 billion, following increased purchases of power generating and specialized machines and land transport equipment, excluding passenger cars and motorized cycle. 

Imports of petroleum crude oil increased by 56.4 percent to $1.1 billion, buoyed by the recent hike in global oil prices.

Net receipts in trade-in-services rose to $2.4 billion in first quarter 2017, exceeding the $2 billion net receipts registered during the same quarter a year ago. 

Export revenues in business process outsourcing (BPO) services totaled $5.5 billion in first quarter 2017, or a growth of 9.9 percent from the $5 billion earnings in the same quarter last year.

The primary income account recorded net receipts of $678 million in first quarter 2017, 5.7 percent higher than the $642 million net receipts in first quarter 2016. 

The improvement was due mainly to the decline in net payments of investment income by 6.3 percent brought about by: a) lower dividends paid to foreign direct investors on their equity and investment fund shares in resident enterprises by 33.1 percent; b) lower net payments of interest on short-term and long-term investments in debt securities by 17.6 percent; and c) lower net payments of interest on other investments by local corporations. 

Increased interest receipts on reserve assets by 20.1 percent also contributed to the growth in the primary income account. However, these gains were partially offset by the 1.9 percent decline in compensation inflows from resident overseas Filipino (OF) workers.

Net receipts in the secondary income account reached $6.5 billion in first quarter 2017, higher by 9.5 percent than the $5.9 billion net receipts in first quarter 2016. 

Growth was driven mainly by receipts of personal transfers, which increased by 10.9 percent to reach $6.2 billion during the quarter. The bulk of these personal transfers about 98 percent were non-resident OF workers’ remittances.

Net receipts in the capital account declined substantially to $9 million in first quarter 2017 from $24 million in first quarter 2016. 

This developed following the reversal to $10 million net payment of the other capital transfers of financial corporations, non-financial corporations, households, and non-profit institutions serving households (NPISHs) in first quarter 2017 from $1 million net receipts in first quarter 2016.  –with Reuters 
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