June 25, 2017, 1:08 pm
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.07443 UAE Dirham
1 Philippine Peso = 2.4017 Albanian Lek
1 Philippine Peso = 0.03628 Neth Antilles Guilder
1 Philippine Peso = 0.32436 Argentine Peso
1 Philippine Peso = 0.02723 Australian Dollar
1 Philippine Peso = 0.03626 Aruba Florin
1 Philippine Peso = 0.04054 Barbados Dollar
1 Philippine Peso = 1.63579 Bangladesh Taka
1 Philippine Peso = 0.03534 Bulgarian Lev
1 Philippine Peso = 0.00763 Bahraini Dinar
1 Philippine Peso = 34.60377 Burundi Franc
1 Philippine Peso = 0.02027 Bermuda Dollar
1 Philippine Peso = 0.02797 Brunei Dollar
1 Philippine Peso = 0.13904 Bolivian Boliviano
1 Philippine Peso = 0.06579 Brazilian Real
1 Philippine Peso = 0.02027 Bahamian Dollar
1 Philippine Peso = 1.30624 Bhutan Ngultrum
1 Philippine Peso = 0.20692 Botswana Pula
1 Philippine Peso = 405.75598 Belarus Ruble
1 Philippine Peso = 0.04049 Belize Dollar
1 Philippine Peso = 0.02733 Canadian Dollar
1 Philippine Peso = 0.01952 Swiss Franc
1 Philippine Peso = 13.57175 Chilean Peso
1 Philippine Peso = 0.13799 Chinese Yuan
1 Philippine Peso = 58.59343 Colombian Peso
1 Philippine Peso = 11.43535 Costa Rica Colon
1 Philippine Peso = 0.02027 Cuban Peso
1 Philippine Peso = 1.98075 Cape Verde Escudo
1 Philippine Peso = 0.47231 Czech Koruna
1 Philippine Peso = 3.59951 Djibouti Franc
1 Philippine Peso = 0.13357 Danish Krone
1 Philippine Peso = 0.95278 Dominican Peso
1 Philippine Peso = 2.19181 Algerian Dinar
1 Philippine Peso = 0.28109 Estonian Kroon
1 Philippine Peso = 0.36583 Egyptian Pound
1 Philippine Peso = 0.46433 Ethiopian Birr
1 Philippine Peso = 0.01797 Euro
1 Philippine Peso = 0.04244 Fiji Dollar
1 Philippine Peso = 0.01573 Falkland Islands Pound
1 Philippine Peso = 0.01572 British Pound
1 Philippine Peso = 0.08685 Ghanaian Cedi
1 Philippine Peso = 0.91021 Gambian Dalasi
1 Philippine Peso = 182.75233 Guinea Franc
1 Philippine Peso = 0.1491 Guatemala Quetzal
1 Philippine Peso = 4.14512 Guyana Dollar
1 Philippine Peso = 0.15784 Hong Kong Dollar
1 Philippine Peso = 0.47422 Honduras Lempira
1 Philippine Peso = 0.13229 Croatian Kuna
1 Philippine Peso = 1.24625 Haiti Gourde
1 Philippine Peso = 5.54195 Hungarian Forint
1 Philippine Peso = 269.57844 Indonesian Rupiah
1 Philippine Peso = 0.07211 Israeli Shekel
1 Philippine Peso = 1.30521 Indian Rupee
1 Philippine Peso = 23.93595 Iraqi Dinar
1 Philippine Peso = 657.62059 Iran Rial
1 Philippine Peso = 1.9771 Iceland Krona
1 Philippine Peso = 2.6139 Jamaican Dollar
1 Philippine Peso = 0.01433 Jordanian Dinar
1 Philippine Peso = 2.23666 Japanese Yen
1 Philippine Peso = 2.0906 Kenyan Shilling
1 Philippine Peso = 1.38113 Kyrgyzstan Som
1 Philippine Peso = 81.57681 Cambodia Riel
1 Philippine Peso = 9.12404 Comoros Franc
1 Philippine Peso = 18.24078 North Korean Won
1 Philippine Peso = 22.6366 Korean Won
1 Philippine Peso = 0.00614 Kuwaiti Dinar
1 Philippine Peso = 0.01662 Cayman Islands Dollar
1 Philippine Peso = 6.364 Kazakhstan Tenge
1 Philippine Peso = 166.08836 Lao Kip
1 Philippine Peso = 30.51277 Lebanese Pound
1 Philippine Peso = 3.08877 Sri Lanka Rupee
1 Philippine Peso = 1.84435 Liberian Dollar
1 Philippine Peso = 0.25922 Lesotho Loti
1 Philippine Peso = 0.06179 Lithuanian Lita
1 Philippine Peso = 0.01258 Latvian Lat
1 Philippine Peso = 0.02821 Libyan Dinar
1 Philippine Peso = 0.19642 Moroccan Dirham
1 Philippine Peso = 0.36735 Moldovan Leu
1 Philippine Peso = 1.09972 Macedonian Denar
1 Philippine Peso = 27.52331 Myanmar Kyat
1 Philippine Peso = 48.27726 Mongolian Tugrik
1 Philippine Peso = 0.16258 Macau Pataca
1 Philippine Peso = 7.25578 Mauritania Ougulya
1 Philippine Peso = 0.70024 Mauritius Rupee
1 Philippine Peso = 0.31394 Maldives Rufiyaa
1 Philippine Peso = 14.54094 Malawi Kwacha
1 Philippine Peso = 0.37863 Mexican Peso
1 Philippine Peso = 0.08672 Malaysian Ringgit
1 Philippine Peso = 0.2604 Namibian Dollar
1 Philippine Peso = 6.52615 Nigerian Naira
1 Philippine Peso = 0.59972 Nicaragua Cordoba
1 Philippine Peso = 0.17055 Norwegian Krone
1 Philippine Peso = 2.08654 Nepalese Rupee
1 Philippine Peso = 0.02835 New Zealand Dollar
1 Philippine Peso = 0.00779 Omani Rial
1 Philippine Peso = 0.02027 Panama Balboa
1 Philippine Peso = 0.06622 Peruvian Nuevo Sol
1 Philippine Peso = 0.06654 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.11897 Pakistani Rupee
1 Philippine Peso = 0.0753 Polish Zloty
1 Philippine Peso = 112.82935 Paraguayan Guarani
1 Philippine Peso = 0.0738 Qatar Rial
1 Philippine Peso = 0.08196 Romanian New Leu
1 Philippine Peso = 1.14766 Russian Rouble
1 Philippine Peso = 16.61897 Rwanda Franc
1 Philippine Peso = 0.076 Saudi Arabian Riyal
1 Philippine Peso = 0.16004 Solomon Islands Dollar
1 Philippine Peso = 0.26836 Seychelles Rupee
1 Philippine Peso = 0.13498 Sudanese Pound
1 Philippine Peso = 0.17451 Swedish Krona
1 Philippine Peso = 0.02797 Singapore Dollar
1 Philippine Peso = 0.01573 St Helena Pound
1 Philippine Peso = 0.45006 Slovak Koruna
1 Philippine Peso = 152.00649 Sierra Leone Leone
1 Philippine Peso = 11.08634 Somali Shilling
1 Philippine Peso = 435.85326 Sao Tome Dobra
1 Philippine Peso = 0.17678 El Salvador Colon
1 Philippine Peso = 10.43737 Syrian Pound
1 Philippine Peso = 0.26014 Swaziland Lilageni
1 Philippine Peso = 0.6897 Thai Baht
1 Philippine Peso = 0.04917 Tunisian Dinar
1 Philippine Peso = 0.04647 Tongan paʻanga
1 Philippine Peso = 0.0711 Turkish Lira
1 Philippine Peso = 0.13537 Trinidad Tobago Dollar
1 Philippine Peso = 0.61011 Taiwan Dollar
1 Philippine Peso = 45.17633 Tanzanian Shilling
1 Philippine Peso = 0.53223 Ukraine Hryvnia
1 Philippine Peso = 72.78071 Ugandan Shilling
1 Philippine Peso = 0.02027 United States Dollar
1 Philippine Peso = 0.57377 Uruguayan New Peso
1 Philippine Peso = 77.82732 Uzbekistan Sum
1 Philippine Peso = 0.20216 Venezuelan Bolivar
1 Philippine Peso = 459.54601 Vietnam Dong
1 Philippine Peso = 2.18241 Vanuatu Vatu
1 Philippine Peso = 0.05201 Samoa Tala
1 Philippine Peso = 11.77483 CFA Franc (BEAC)
1 Philippine Peso = 0.05472 East Caribbean Dollar
1 Philippine Peso = 11.82205 CFA Franc (BCEAO)
1 Philippine Peso = 2.13174 Pacific Franc
1 Philippine Peso = 5.06546 Yemen Riyal
1 Philippine Peso = 0.25921 South African Rand
1 Philippine Peso = 105.17835 Zambian Kwacha
1 Philippine Peso = 7.33482 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 
Rating: 
No votes yet

Column of the Day

The hidden danger in Marawi

By JOSE BAYANI BAYLON | June 23,2017
‘What was supposed to be a simple police action has turned out to be the most serious military operation to date in the Duterte administration.’

Opinion of the Day

Metabolism: Why dieting fails

By DAHLI ASPILLERA | June 23, 2017
‘My doctor said that both hands lifting a gallon-size pail up to shoulder height daily can help my body’s fat-burning ability.’