August 23, 2017, 12:27 pm
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1 Philippine Peso = 0.07147 UAE Dirham
1 Philippine Peso = 2.19187 Albanian Lek
1 Philippine Peso = 0.03469 Neth Antilles Guilder
1 Philippine Peso = 0.33668 Argentine Peso
1 Philippine Peso = 0.02451 Australian Dollar
1 Philippine Peso = 0.03464 Aruba Florin
1 Philippine Peso = 0.03892 Barbados Dollar
1 Philippine Peso = 1.5756 Bangladesh Taka
1 Philippine Peso = 0.03242 Bulgarian Lev
1 Philippine Peso = 0.00733 Bahraini Dinar
1 Philippine Peso = 33.60051 Burundi Franc
1 Philippine Peso = 0.01946 Bermuda Dollar
1 Philippine Peso = 0.02651 Brunei Dollar
1 Philippine Peso = 0.13349 Bolivian Boliviano
1 Philippine Peso = 0.06121 Brazilian Real
1 Philippine Peso = 0.01946 Bahamian Dollar
1 Philippine Peso = 1.2483 Bhutan Ngultrum
1 Philippine Peso = 0.19907 Botswana Pula
1 Philippine Peso = 389.56996 Belarus Ruble
1 Philippine Peso = 0.03888 Belize Dollar
1 Philippine Peso = 0.02447 Canadian Dollar
1 Philippine Peso = 0.01877 Swiss Franc
1 Philippine Peso = 12.5721 Chilean Peso
1 Philippine Peso = 0.12979 Chinese Yuan
1 Philippine Peso = 58.11442 Colombian Peso
1 Philippine Peso = 11.13232 Costa Rica Colon
1 Philippine Peso = 0.01946 Cuban Peso
1 Philippine Peso = 1.82448 Cape Verde Escudo
1 Philippine Peso = 0.43076 Czech Koruna
1 Philippine Peso = 3.44814 Djibouti Franc
1 Philippine Peso = 0.1229 Danish Krone
1 Philippine Peso = 0.91224 Dominican Peso
1 Philippine Peso = 2.13275 Algerian Dinar
1 Philippine Peso = 0.25874 Estonian Kroon
1 Philippine Peso = 0.34501 Egyptian Pound
1 Philippine Peso = 0.45257 Ethiopian Birr
1 Philippine Peso = 0.01654 Euro
1 Philippine Peso = 0.03921 Fiji Dollar
1 Philippine Peso = 0.0151 Falkland Islands Pound
1 Philippine Peso = 0.01511 British Pound
1 Philippine Peso = 0.08543 Ghanaian Cedi
1 Philippine Peso = 0.87566 Gambian Dalasi
1 Philippine Peso = 172.07628 Guinea Franc
1 Philippine Peso = 0.14152 Guatemala Quetzal
1 Philippine Peso = 3.97957 Guyana Dollar
1 Philippine Peso = 0.15221 Hong Kong Dollar
1 Philippine Peso = 0.45349 Honduras Lempira
1 Philippine Peso = 0.12172 Croatian Kuna
1 Philippine Peso = 1.20354 Haiti Gourde
1 Philippine Peso = 5.01888 Hungarian Forint
1 Philippine Peso = 259.9533 Indonesian Rupiah
1 Philippine Peso = 0.07033 Israeli Shekel
1 Philippine Peso = 1.2483 Indian Rupee
1 Philippine Peso = 22.7087 Iraqi Dinar
1 Philippine Peso = 640.80562 Iran Rial
1 Philippine Peso = 2.08893 Iceland Krona
1 Philippine Peso = 2.47247 Jamaican Dollar
1 Philippine Peso = 0.01374 Jordanian Dinar
1 Philippine Peso = 2.12376 Japanese Yen
1 Philippine Peso = 2.00234 Kenyan Shilling
1 Philippine Peso = 1.33721 Kyrgyzstan Som
1 Philippine Peso = 79.92995 Cambodia Riel
1 Philippine Peso = 8.16852 Comoros Franc
1 Philippine Peso = 17.51314 North Korean Won
1 Philippine Peso = 22.14964 Korean Won
1 Philippine Peso = 0.00587 Kuwaiti Dinar
1 Philippine Peso = 0.01596 Cayman Islands Dollar
1 Philippine Peso = 6.48297 Kazakhstan Tenge
1 Philippine Peso = 161.09555 Lao Kip
1 Philippine Peso = 29.29364 Lebanese Pound
1 Philippine Peso = 2.98307 Sri Lanka Rupee
1 Philippine Peso = 2.22611 Liberian Dollar
1 Philippine Peso = 0.26095 Lesotho Loti
1 Philippine Peso = 0.05932 Lithuanian Lita
1 Philippine Peso = 0.01208 Latvian Lat
1 Philippine Peso = 0.02661 Libyan Dinar
1 Philippine Peso = 0.1842 Moroccan Dirham
1 Philippine Peso = 0.34588 Moldovan Leu
1 Philippine Peso = 1.01323 Macedonian Denar
1 Philippine Peso = 26.52267 Myanmar Kyat
1 Philippine Peso = 47.3633 Mongolian Tugrik
1 Philippine Peso = 0.15677 Macau Pataca
1 Philippine Peso = 7.02471 Mauritania Ougulya
1 Philippine Peso = 0.64623 Mauritius Rupee
1 Philippine Peso = 0.30142 Maldives Rufiyaa
1 Philippine Peso = 13.93073 Malawi Kwacha
1 Philippine Peso = 0.34414 Mexican Peso
1 Philippine Peso = 0.08344 Malaysian Ringgit
1 Philippine Peso = 0.25604 Namibian Dollar
1 Philippine Peso = 7.1006 Nigerian Naira
1 Philippine Peso = 0.58844 Nicaragua Cordoba
1 Philippine Peso = 0.1538 Norwegian Krone
1 Philippine Peso = 1.99066 Nepalese Rupee
1 Philippine Peso = 0.02661 New Zealand Dollar
1 Philippine Peso = 0.00749 Omani Rial
1 Philippine Peso = 0.01946 Panama Balboa
1 Philippine Peso = 0.06301 Peruvian Nuevo Sol
1 Philippine Peso = 0.06168 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.0504 Pakistani Rupee
1 Philippine Peso = 0.07069 Polish Zloty
1 Philippine Peso = 108.34793 Paraguayan Guarani
1 Philippine Peso = 0.07086 Qatar Rial
1 Philippine Peso = 0.07605 Romanian New Leu
1 Philippine Peso = 1.14343 Russian Rouble
1 Philippine Peso = 16.06149 Rwanda Franc
1 Philippine Peso = 0.07297 Saudi Arabian Riyal
1 Philippine Peso = 0.1508 Solomon Islands Dollar
1 Philippine Peso = 0.26075 Seychelles Rupee
1 Philippine Peso = 0.1296 Sudanese Pound
1 Philippine Peso = 0.15772 Swedish Krona
1 Philippine Peso = 0.02651 Singapore Dollar
1 Philippine Peso = 0.01511 St Helena Pound
1 Philippine Peso = 0.43211 Slovak Koruna
1 Philippine Peso = 145.94279 Sierra Leone Leone
1 Philippine Peso = 10.8776 Somali Shilling
1 Philippine Peso = 405.39601 Sao Tome Dobra
1 Philippine Peso = 0.17027 El Salvador Colon
1 Philippine Peso = 10.02102 Syrian Pound
1 Philippine Peso = 0.25583 Swaziland Lilageni
1 Philippine Peso = 0.64604 Thai Baht
1 Philippine Peso = 0.04749 Tunisian Dinar
1 Philippine Peso = 0.04262 Tongan paʻanga
1 Philippine Peso = 0.06846 Turkish Lira
1 Philippine Peso = 0.13124 Trinidad Tobago Dollar
1 Philippine Peso = 0.58973 Taiwan Dollar
1 Philippine Peso = 43.43258 Tanzanian Shilling
1 Philippine Peso = 0.49523 Ukraine Hryvnia
1 Philippine Peso = 69.99416 Ugandan Shilling
1 Philippine Peso = 0.01946 United States Dollar
1 Philippine Peso = 0.55517 Uruguayan New Peso
1 Philippine Peso = 80.17124 Uzbekistan Sum
1 Philippine Peso = 0.19409 Venezuelan Bolivar
1 Philippine Peso = 442.24558 Vietnam Dong
1 Philippine Peso = 2.01985 Vanuatu Vatu
1 Philippine Peso = 0.04832 Samoa Tala
1 Philippine Peso = 10.84141 CFA Franc (BEAC)
1 Philippine Peso = 0.05254 East Caribbean Dollar
1 Philippine Peso = 10.76455 CFA Franc (BCEAO)
1 Philippine Peso = 1.95213 Pacific Franc
1 Philippine Peso = 4.86379 Yemen Riyal
1 Philippine Peso = 0.25581 South African Rand
1 Philippine Peso = 100.98268 Zambian Kwacha
1 Philippine Peso = 7.04223 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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