January 22, 2018, 2:00 pm
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1 Philippine Peso = 0.07248 UAE Dirham
1 Philippine Peso = 2.15117 Albanian Lek
1 Philippine Peso = 0.03513 Neth Antilles Guilder
1 Philippine Peso = 0.37432 Argentine Peso
1 Philippine Peso = 0.02466 Australian Dollar
1 Philippine Peso = 0.03513 Aruba Florin
1 Philippine Peso = 0.03947 Barbados Dollar
1 Philippine Peso = 1.63391 Bangladesh Taka
1 Philippine Peso = 0.0315 Bulgarian Lev
1 Philippine Peso = 0.00743 Bahraini Dinar
1 Philippine Peso = 34.55654 Burundi Franc
1 Philippine Peso = 0.01974 Bermuda Dollar
1 Philippine Peso = 0.02619 Brunei Dollar
1 Philippine Peso = 0.13539 Bolivian Boliviano
1 Philippine Peso = 0.06307 Brazilian Real
1 Philippine Peso = 0.01974 Bahamian Dollar
1 Philippine Peso = 1.25863 Bhutan Ngultrum
1 Philippine Peso = 0.19114 Botswana Pula
1 Philippine Peso = 395.1056 Belarus Ruble
1 Philippine Peso = 0.03943 Belize Dollar
1 Philippine Peso = 0.02465 Canadian Dollar
1 Philippine Peso = 0.01899 Swiss Franc
1 Philippine Peso = 11.98717 Chilean Peso
1 Philippine Peso = 0.12629 Chinese Yuan
1 Philippine Peso = 56.09039 Colombian Peso
1 Philippine Peso = 11.14821 Costa Rica Colon
1 Philippine Peso = 0.01974 Cuban Peso
1 Philippine Peso = 1.78074 Cape Verde Escudo
1 Philippine Peso = 0.40983 Czech Koruna
1 Philippine Peso = 3.49517 Djibouti Franc
1 Philippine Peso = 0.12017 Danish Krone
1 Philippine Peso = 0.94356 Dominican Peso
1 Philippine Peso = 2.24754 Algerian Dinar
1 Philippine Peso = 0.25256 Estonian Kroon
1 Philippine Peso = 0.34873 Egyptian Pound
1 Philippine Peso = 0.537 Ethiopian Birr
1 Philippine Peso = 0.01614 Euro
1 Philippine Peso = 0.03952 Fiji Dollar
1 Philippine Peso = 0.01423 Falkland Islands Pound
1 Philippine Peso = 0.01424 British Pound
1 Philippine Peso = 0.08955 Ghanaian Cedi
1 Philippine Peso = 0.95481 Gambian Dalasi
1 Philippine Peso = 177.50149 Guinea Franc
1 Philippine Peso = 0.14478 Guatemala Quetzal
1 Philippine Peso = 4.06335 Guyana Dollar
1 Philippine Peso = 0.15424 Hong Kong Dollar
1 Philippine Peso = 0.4645 Honduras Lempira
1 Philippine Peso = 0.11993 Croatian Kuna
1 Philippine Peso = 1.2536 Haiti Gourde
1 Philippine Peso = 4.98796 Hungarian Forint
1 Philippine Peso = 262.6801 Indonesian Rupiah
1 Philippine Peso = 0.06734 Israeli Shekel
1 Philippine Peso = 1.2595 Indian Rupee
1 Philippine Peso = 23.36688 Iraqi Dinar
1 Philippine Peso = 722.49855 Iran Rial
1 Philippine Peso = 2.02684 Iceland Krona
1 Philippine Peso = 2.44306 Jamaican Dollar
1 Philippine Peso = 0.01395 Jordanian Dinar
1 Philippine Peso = 2.18305 Japanese Yen
1 Philippine Peso = 2.02388 Kenyan Shilling
1 Philippine Peso = 1.36803 Kyrgyzstan Som
1 Philippine Peso = 79.05665 Cambodia Riel
1 Philippine Peso = 8.11131 Comoros Franc
1 Philippine Peso = 17.76199 North Korean Won
1 Philippine Peso = 21.05013 Korean Won
1 Philippine Peso = 0.00592 Kuwaiti Dinar
1 Philippine Peso = 0.01618 Cayman Islands Dollar
1 Philippine Peso = 6.40616 Kazakhstan Tenge
1 Philippine Peso = 163.40439 Lao Kip
1 Philippine Peso = 29.70989 Lebanese Pound
1 Philippine Peso = 3.03631 Sri Lanka Rupee
1 Philippine Peso = 2.51372 Liberian Dollar
1 Philippine Peso = 0.24018 Lesotho Loti
1 Philippine Peso = 0.06017 Lithuanian Lita
1 Philippine Peso = 0.01225 Latvian Lat
1 Philippine Peso = 0.02645 Libyan Dinar
1 Philippine Peso = 0.1822 Moroccan Dirham
1 Philippine Peso = 0.33221 Moldovan Leu
1 Philippine Peso = 0.99072 Macedonian Denar
1 Philippine Peso = 26.54431 Myanmar Kyat
1 Philippine Peso = 47.6416 Mongolian Tugrik
1 Philippine Peso = 0.15887 Macau Pataca
1 Philippine Peso = 6.94691 Mauritania Ougulya
1 Philippine Peso = 0.64535 Mauritius Rupee
1 Philippine Peso = 0.3059 Maldives Rufiyaa
1 Philippine Peso = 14.08092 Malawi Kwacha
1 Philippine Peso = 0.36718 Mexican Peso
1 Philippine Peso = 0.07768 Malaysian Ringgit
1 Philippine Peso = 0.24178 Namibian Dollar
1 Philippine Peso = 7.06532 Nigerian Naira
1 Philippine Peso = 0.6045 Nicaragua Cordoba
1 Philippine Peso = 0.15516 Norwegian Krone
1 Philippine Peso = 2.01397 Nepalese Rupee
1 Philippine Peso = 0.02711 New Zealand Dollar
1 Philippine Peso = 0.00759 Omani Rial
1 Philippine Peso = 0.01974 Panama Balboa
1 Philippine Peso = 0.06337 Peruvian Nuevo Sol
1 Philippine Peso = 0.06241 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.17782 Pakistani Rupee
1 Philippine Peso = 0.06737 Polish Zloty
1 Philippine Peso = 110.75588 Paraguayan Guarani
1 Philippine Peso = 0.07183 Qatar Rial
1 Philippine Peso = 0.07523 Romanian New Leu
1 Philippine Peso = 1.11021 Russian Rouble
1 Philippine Peso = 16.49398 Rwanda Franc
1 Philippine Peso = 0.07401 Saudi Arabian Riyal
1 Philippine Peso = 0.15294 Solomon Islands Dollar
1 Philippine Peso = 0.26317 Seychelles Rupee
1 Philippine Peso = 0.13811 Sudanese Pound
1 Philippine Peso = 0.15903 Swedish Krona
1 Philippine Peso = 0.02605 Singapore Dollar
1 Philippine Peso = 0.01423 St Helena Pound
1 Philippine Peso = 0.43825 Slovak Koruna
1 Philippine Peso = 150.5822 Sierra Leone Leone
1 Philippine Peso = 11.09138 Somali Shilling
1 Philippine Peso = 395.67793 Sao Tome Dobra
1 Philippine Peso = 0.17269 El Salvador Colon
1 Philippine Peso = 10.16341 Syrian Pound
1 Philippine Peso = 0.24082 Swaziland Lilageni
1 Philippine Peso = 0.62838 Thai Baht
1 Philippine Peso = 0.04813 Tunisian Dinar
1 Philippine Peso = 0.04392 Tongan paʻanga
1 Philippine Peso = 0.07512 Turkish Lira
1 Philippine Peso = 0.1331 Trinidad Tobago Dollar
1 Philippine Peso = 0.57902 Taiwan Dollar
1 Philippine Peso = 44.22736 Tanzanian Shilling
1 Philippine Peso = 0.56937 Ukraine Hryvnia
1 Philippine Peso = 71.46241 Ugandan Shilling
1 Philippine Peso = 0.01974 United States Dollar
1 Philippine Peso = 0.56325 Uruguayan New Peso
1 Philippine Peso = 160.3513 Uzbekistan Sum
1 Philippine Peso = 0.19686 Venezuelan Bolivar
1 Philippine Peso = 447.97712 Vietnam Dong
1 Philippine Peso = 2.03691 Vanuatu Vatu
1 Philippine Peso = 0.0496 Samoa Tala
1 Philippine Peso = 10.5818 CFA Franc (BEAC)
1 Philippine Peso = 0.05329 East Caribbean Dollar
1 Philippine Peso = 10.49813 CFA Franc (BCEAO)
1 Philippine Peso = 1.92441 Pacific Franc
1 Philippine Peso = 4.9329 Yemen Riyal
1 Philippine Peso = 0.24034 South African Rand
1 Philippine Peso = 102.41761 Zambian Kwacha
1 Philippine Peso = 7.14229 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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