December 12, 2017, 8:14 pm
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1 Philippine Peso = 0.07286 UAE Dirham
1 Philippine Peso = 2.2371 Albanian Lek
1 Philippine Peso = 0.03532 Neth Antilles Guilder
1 Philippine Peso = 0.34185 Argentine Peso
1 Philippine Peso = 0.02619 Australian Dollar
1 Philippine Peso = 0.03532 Aruba Florin
1 Philippine Peso = 0.03968 Barbados Dollar
1 Philippine Peso = 1.64127 Bangladesh Taka
1 Philippine Peso = 0.0329 Bulgarian Lev
1 Philippine Peso = 0.00748 Bahraini Dinar
1 Philippine Peso = 34.73174 Burundi Franc
1 Philippine Peso = 0.01984 Bermuda Dollar
1 Philippine Peso = 0.0268 Brunei Dollar
1 Philippine Peso = 0.13611 Bolivian Boliviano
1 Philippine Peso = 0.06556 Brazilian Real
1 Philippine Peso = 0.01984 Bahamian Dollar
1 Philippine Peso = 1.27679 Bhutan Ngultrum
1 Philippine Peso = 0.20509 Botswana Pula
1 Philippine Peso = 397.22221 Belarus Ruble
1 Philippine Peso = 0.03964 Belize Dollar
1 Philippine Peso = 0.02545 Canadian Dollar
1 Philippine Peso = 0.01965 Swiss Franc
1 Philippine Peso = 13.01091 Chilean Peso
1 Philippine Peso = 0.13129 Chinese Yuan
1 Philippine Peso = 59.76786 Colombian Peso
1 Philippine Peso = 11.15079 Costa Rica Colon
1 Philippine Peso = 0.01984 Cuban Peso
1 Philippine Peso = 1.85774 Cape Verde Escudo
1 Philippine Peso = 0.43159 Czech Koruna
1 Philippine Peso = 3.50853 Djibouti Franc
1 Philippine Peso = 0.12539 Danish Krone
1 Philippine Peso = 0.95833 Dominican Peso
1 Philippine Peso = 2.2829 Algerian Dinar
1 Philippine Peso = 0.26354 Estonian Kroon
1 Philippine Peso = 0.35337 Egyptian Pound
1 Philippine Peso = 0.53936 Ethiopian Birr
1 Philippine Peso = 0.01684 Euro
1 Philippine Peso = 0.04169 Fiji Dollar
1 Philippine Peso = 0.01486 Falkland Islands Pound
1 Philippine Peso = 0.01487 British Pound
1 Philippine Peso = 0.08926 Ghanaian Cedi
1 Philippine Peso = 0.93552 Gambian Dalasi
1 Philippine Peso = 178.63095 Guinea Franc
1 Philippine Peso = 0.14558 Guatemala Quetzal
1 Philippine Peso = 4.02202 Guyana Dollar
1 Philippine Peso = 0.1549 Hong Kong Dollar
1 Philippine Peso = 0.46552 Honduras Lempira
1 Philippine Peso = 0.12694 Croatian Kuna
1 Philippine Peso = 1.24167 Haiti Gourde
1 Philippine Peso = 5.29563 Hungarian Forint
1 Philippine Peso = 269.1865 Indonesian Rupiah
1 Philippine Peso = 0.07009 Israeli Shekel
1 Philippine Peso = 1.27806 Indian Rupee
1 Philippine Peso = 23.49306 Iraqi Dinar
1 Philippine Peso = 705.13886 Iran Rial
1 Philippine Peso = 2.06944 Iceland Krona
1 Philippine Peso = 2.47282 Jamaican Dollar
1 Philippine Peso = 0.01405 Jordanian Dinar
1 Philippine Peso = 2.25091 Japanese Yen
1 Philippine Peso = 2.04067 Kenyan Shilling
1 Philippine Peso = 1.38333 Kyrgyzstan Som
1 Philippine Peso = 79.98016 Cambodia Riel
1 Philippine Peso = 8.15476 Comoros Franc
1 Philippine Peso = 17.85714 North Korean Won
1 Philippine Peso = 21.5879 Korean Won
1 Philippine Peso = 0.00599 Kuwaiti Dinar
1 Philippine Peso = 0.01627 Cayman Islands Dollar
1 Philippine Peso = 6.64028 Kazakhstan Tenge
1 Philippine Peso = 164.68253 Lao Kip
1 Philippine Peso = 29.98016 Lebanese Pound
1 Philippine Peso = 3.0371 Sri Lanka Rupee
1 Philippine Peso = 2.48373 Liberian Dollar
1 Philippine Peso = 0.26984 Lesotho Loti
1 Philippine Peso = 0.06049 Lithuanian Lita
1 Philippine Peso = 0.01231 Latvian Lat
1 Philippine Peso = 0.02708 Libyan Dinar
1 Philippine Peso = 0.18758 Moroccan Dirham
1 Philippine Peso = 0.34038 Moldovan Leu
1 Philippine Peso = 1.03175 Macedonian Denar
1 Philippine Peso = 27.00397 Myanmar Kyat
1 Philippine Peso = 48.25754 Mongolian Tugrik
1 Philippine Peso = 0.15954 Macau Pataca
1 Philippine Peso = 6.97619 Mauritania Ougulya
1 Philippine Peso = 0.67083 Mauritius Rupee
1 Philippine Peso = 0.30893 Maldives Rufiyaa
1 Philippine Peso = 14.20853 Malawi Kwacha
1 Philippine Peso = 0.37825 Mexican Peso
1 Philippine Peso = 0.08082 Malaysian Ringgit
1 Philippine Peso = 0.26978 Namibian Dollar
1 Philippine Peso = 7.06349 Nigerian Naira
1 Philippine Peso = 0.60937 Nicaragua Cordoba
1 Philippine Peso = 0.16524 Norwegian Krone
1 Philippine Peso = 2.0454 Nepalese Rupee
1 Philippine Peso = 0.02854 New Zealand Dollar
1 Philippine Peso = 0.00763 Omani Rial
1 Philippine Peso = 0.01984 Panama Balboa
1 Philippine Peso = 0.06416 Peruvian Nuevo Sol
1 Philippine Peso = 0.06375 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.16171 Pakistani Rupee
1 Philippine Peso = 0.07086 Polish Zloty
1 Philippine Peso = 111.49603 Paraguayan Guarani
1 Philippine Peso = 0.07223 Qatar Rial
1 Philippine Peso = 0.07805 Romanian New Leu
1 Philippine Peso = 1.16704 Russian Rouble
1 Philippine Peso = 16.57698 Rwanda Franc
1 Philippine Peso = 0.0744 Saudi Arabian Riyal
1 Philippine Peso = 0.15376 Solomon Islands Dollar
1 Philippine Peso = 0.26488 Seychelles Rupee
1 Philippine Peso = 0.13228 Sudanese Pound
1 Philippine Peso = 0.16689 Swedish Krona
1 Philippine Peso = 0.02681 Singapore Dollar
1 Philippine Peso = 0.01487 St Helena Pound
1 Philippine Peso = 0.4406 Slovak Koruna
1 Philippine Peso = 151.38888 Sierra Leone Leone
1 Philippine Peso = 11.05159 Somali Shilling
1 Philippine Peso = 412.7976 Sao Tome Dobra
1 Philippine Peso = 0.17361 El Salvador Colon
1 Philippine Peso = 10.21786 Syrian Pound
1 Philippine Peso = 0.26978 Swaziland Lilageni
1 Philippine Peso = 0.64663 Thai Baht
1 Philippine Peso = 0.0499 Tunisian Dinar
1 Philippine Peso = 0.04555 Tongan paʻanga
1 Philippine Peso = 0.07593 Turkish Lira
1 Philippine Peso = 0.13154 Trinidad Tobago Dollar
1 Philippine Peso = 0.59567 Taiwan Dollar
1 Philippine Peso = 44.30555 Tanzanian Shilling
1 Philippine Peso = 0.53914 Ukraine Hryvnia
1 Philippine Peso = 71.66666 Ugandan Shilling
1 Philippine Peso = 0.01984 United States Dollar
1 Philippine Peso = 0.57401 Uruguayan New Peso
1 Philippine Peso = 160.53571 Uzbekistan Sum
1 Philippine Peso = 0.19792 Venezuelan Bolivar
1 Philippine Peso = 450.57538 Vietnam Dong
1 Philippine Peso = 2.11786 Vanuatu Vatu
1 Philippine Peso = 0.05142 Samoa Tala
1 Philippine Peso = 11.04186 CFA Franc (BEAC)
1 Philippine Peso = 0.05357 East Caribbean Dollar
1 Philippine Peso = 11.51528 CFA Franc (BCEAO)
1 Philippine Peso = 1.99881 Pacific Franc
1 Philippine Peso = 4.95933 Yemen Riyal
1 Philippine Peso = 0.26986 South African Rand
1 Philippine Peso = 102.96627 Zambian Kwacha
1 Philippine Peso = 7.18056 Zimbabwe dollar

Business confidence outlook rises

Business outlook on the economy turned more upbeat for Q4 2017, with the overall confidence index (CI) rising to 43.3 percent from 37.9 percent for Q3 2017, the Bangko Sentral ng Pilipinas said.

This means that the number of optimists increased and continued to be greater than the number of pessimists during the quarter. 

This quarter’s confidence level is also higher compared to its year-ago level. 

Respondents cited the following factors behind their more buoyant outlook during the fourth quarter: (a) expected increase  in orders and consumer purchases during the Christmas holidays, (b) increasing number and expansion of businesses, (c) higher disbursements for the government’s infrastructure and other development projects, (d) favorable macroeconomic conditions in the country, particularly manageable inflation and low interest rates, and (e) expansion of export markets and stronger demand for Philippine products.

BSP said the sentiment of businesses in the Philippines mirrored the more bullish business outlook in Australia, Canada, Germany, and Indonesia, but was in contrast to the less favorable views of those in the US, UK, Hong Kong, South Korea, New Zealand and Thailand, and steady outlook in France.

For the quarter ahead (Q1 2018), business outlook turned less optimistic, with the next quarter CI declining to 39.7 percent from 51.3 percent in the previous quarter’s survey results. Respondents attributed their less positive outlook mainly to the usual slowdown of demand after the holiday season. 

Other reasons cited by firms were lag in business transactions at the beginning of the year (e.g., delay in renewal of contracts and drydock season for the shipping industry), stiffer business competition, concerns on the effect of the new excise tax rates to the automobile industry, and higher inflation.

The sentiment of businesses across trading types was mixed for Q4 2017. 

Among business types, exporters were the most bullish, maintaining a record-high confidence level for the second consecutive quarter (at 50 percent). Likewise, domestic-oriented firms as well as importers were more optimistic. 

However, the outlook of  dual-activity firms was less upbeat. For the quarter ahead (Q1 2018), the sentiment across different types of businesses was less optimistic.

Business sentiment across sectors was also mixed for Q4 2017. 

Business confidence was highest in the services sector, followed by wholesale and retail trade while those in the industry and construction sectors were less favorable. 

Firms’ sentiment across sectors was less optimistic for Q1 2018 due largely to the usual slack in demand after the holiday season, except that for the construction sector which turned bullish.

Sentiment was high across the services sub-sectors, with hotels and restaurants posting the highest confidence index, reaching a two-year record-high at 73 percent. 

The positive sentiment of the wholesale and retail trade firms was driven by expectations of generally more robust demand during Christmas and main harvest seasons. 

Meanwhile, in the industry sector, the pessimism of firms in the manufacturing and mining and quarrying   sub-sectors outweighed the more optimistic outlook of firms in the agriculture, fishery and forestry, and electricity, gas and water supply sub-sectors. 

Likewise, construction firms’ outlook for the current quarter was less favorable as firms take their cue from the government’s rollout of infrastructure projects.

The outlook of firms about their own business operations improved for Q4 2017 compared to that a quarter ago. 

The sectoral outlook of firms on the volume of business activity and total orders booked was consistent with those at the national level—more bullish for the services and wholesale and retail trade sectors but less upbeat for industry and construction.  

The employment outlook index for the next quarter declined to 24.7 percent from 27.3 percent in the last quarter’s survey.  

This indicates that more firms will continue to hire new employees than those that indicated otherwise even as the number of firms with hiring intentions declined relative to a quarter ago.

The percentage of businesses with expansion plans in the industry sector for Q1 2018 decreased to 31.1 percent from 32.8 percent in the previous quarter. 

Meanwhile, the average capacity utilization (in the industry and construction sectors) for Q4 2017 was slightly lower at 76 percent (from 76.7 percent in Q3 2017).

The financial conditions index remained in negative territory at -0.9 percent for Q4 2017 from -1 percent in the previous quarter. 

This means that firms that expected tighter financial conditions continued to outnumber those that said otherwise. 

However, firms were of the view that their financing requirements could be met through available credit as respondents reported easy access to credit.

The survey results showed that businesses anticipated inflation to increase but to remain within target, peso to depreciate, and interest rates to go up for the current and next quarters. 

Respondents who expected inflation to go up continued to outnumber those that held the opposite view for the current and next quarters. 

The number of respondents with views of higher inflation increased for Q4 2017 but declined for Q1 2018 relative to the previous quarter’s survey results. 

Businesses anticipated the rate of increase in commodity prices to stay within the government’s 2 to 4 percent inflation target range for 2017 and 2018, at 3.1 percent for Q4 2017 and   3.2 percent for Q1 2018.

Respondents also anticipated the peso to depreciate for Q4 2017 and Q1 2018. Meanwhile, the percentage of respondents that expected higher interest rates increased compared to those in the previous quarter’s survey.

The Q4 2017 BES was conducted during the period 2 October - 20 November 2017. 

There were 1,473 firms surveyed nationwide. The survey response rate for this quarter was higher at 84.0 percent from 83.6 percent in the previous quarter. 
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