February 25, 2018, 5:32 pm
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1 Philippine Peso = 0.0709 UAE Dirham
1 Philippine Peso = 2.0666 Albanian Lek
1 Philippine Peso = 0.03436 Neth Antilles Guilder
1 Philippine Peso = 0.38512 Argentine Peso
1 Philippine Peso = 0.0246 Australian Dollar
1 Philippine Peso = 0.03436 Aruba Florin
1 Philippine Peso = 0.03861 Barbados Dollar
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1 Philippine Peso = 0.01931 Bermuda Dollar
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1 Philippine Peso = 0.13243 Bolivian Boliviano
1 Philippine Peso = 0.06249 Brazilian Real
1 Philippine Peso = 0.01931 Bahamian Dollar
1 Philippine Peso = 1.24035 Bhutan Ngultrum
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1 Philippine Peso = 0.12225 Chinese Yuan
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1 Philippine Peso = 2.19764 Algerian Dinar
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1 Philippine Peso = 0.5251 Ethiopian Birr
1 Philippine Peso = 0.0157 Euro
1 Philippine Peso = 0.03853 Fiji Dollar
1 Philippine Peso = 0.01381 Falkland Islands Pound
1 Philippine Peso = 0.01382 British Pound
1 Philippine Peso = 0.08607 Ghanaian Cedi
1 Philippine Peso = 0.90347 Gambian Dalasi
1 Philippine Peso = 173.55213 Guinea Franc
1 Philippine Peso = 0.14162 Guatemala Quetzal
1 Philippine Peso = 3.93494 Guyana Dollar
1 Philippine Peso = 0.15101 Hong Kong Dollar
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1 Philippine Peso = 1.23243 Haiti Gourde
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1 Philippine Peso = 1.25268 Indian Rupee
1 Philippine Peso = 22.85714 Iraqi Dinar
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1 Philippine Peso = 2.4222 Jamaican Dollar
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1 Philippine Peso = 2.0617 Japanese Yen
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1 Philippine Peso = 1.311 Kyrgyzstan Som
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1 Philippine Peso = 20.76255 Korean Won
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1 Philippine Peso = 159.87839 Lao Kip
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1 Philippine Peso = 2.99421 Sri Lanka Rupee
1 Philippine Peso = 2.50386 Liberian Dollar
1 Philippine Peso = 0.22268 Lesotho Loti
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1 Philippine Peso = 0.01198 Latvian Lat
1 Philippine Peso = 0.0257 Libyan Dinar
1 Philippine Peso = 0.1777 Moroccan Dirham
1 Philippine Peso = 0.32037 Moldovan Leu
1 Philippine Peso = 0.96332 Macedonian Denar
1 Philippine Peso = 25.79151 Myanmar Kyat
1 Philippine Peso = 46.1583 Mongolian Tugrik
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1 Philippine Peso = 6.75676 Mauritania Ougulya
1 Philippine Peso = 0.63514 Mauritius Rupee
1 Philippine Peso = 0.29614 Maldives Rufiyaa
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1 Philippine Peso = 0.35764 Mexican Peso
1 Philippine Peso = 0.07562 Malaysian Ringgit
1 Philippine Peso = 0.22261 Namibian Dollar
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1 Philippine Peso = 0.15133 Norwegian Krone
1 Philippine Peso = 1.99853 Nepalese Rupee
1 Philippine Peso = 0.02647 New Zealand Dollar
1 Philippine Peso = 0.00743 Omani Rial
1 Philippine Peso = 0.01931 Panama Balboa
1 Philippine Peso = 0.06266 Peruvian Nuevo Sol
1 Philippine Peso = 0.06071 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.13127 Pakistani Rupee
1 Philippine Peso = 0.06552 Polish Zloty
1 Philippine Peso = 107.39382 Paraguayan Guarani
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1 Philippine Peso = 0.07302 Romanian New Leu
1 Philippine Peso = 1.08832 Russian Rouble
1 Philippine Peso = 16.23803 Rwanda Franc
1 Philippine Peso = 0.07239 Saudi Arabian Riyal
1 Philippine Peso = 0.14989 Solomon Islands Dollar
1 Philippine Peso = 0.25792 Seychelles Rupee
1 Philippine Peso = 0.34575 Sudanese Pound
1 Philippine Peso = 0.15762 Swedish Krona
1 Philippine Peso = 0.02545 Singapore Dollar
1 Philippine Peso = 0.01382 St Helena Pound
1 Philippine Peso = 0.42869 Slovak Koruna
1 Philippine Peso = 147.2973 Sierra Leone Leone
1 Philippine Peso = 10.84942 Somali Shilling
1 Philippine Peso = 384.74904 Sao Tome Dobra
1 Philippine Peso = 0.16892 El Salvador Colon
1 Philippine Peso = 9.9417 Syrian Pound
1 Philippine Peso = 0.22262 Swaziland Lilageni
1 Philippine Peso = 0.60579 Thai Baht
1 Philippine Peso = 0.04633 Tunisian Dinar
1 Philippine Peso = 0.04271 Tongan paʻanga
1 Philippine Peso = 0.07317 Turkish Lira
1 Philippine Peso = 0.12974 Trinidad Tobago Dollar
1 Philippine Peso = 0.56444 Taiwan Dollar
1 Philippine Peso = 43.35907 Tanzanian Shilling
1 Philippine Peso = 0.52008 Ukraine Hryvnia
1 Philippine Peso = 70.40541 Ugandan Shilling
1 Philippine Peso = 0.01931 United States Dollar
1 Philippine Peso = 0.54923 Uruguayan New Peso
1 Philippine Peso = 157.72201 Uzbekistan Sum
1 Philippine Peso = 558.39769 Venezuelan Bolivar
1 Philippine Peso = 438.97684 Vietnam Dong
1 Philippine Peso = 2.05502 Vanuatu Vatu
1 Philippine Peso = 0.04818 Samoa Tala
1 Philippine Peso = 10.28822 CFA Franc (BEAC)
1 Philippine Peso = 0.05212 East Caribbean Dollar
1 Philippine Peso = 10.28822 CFA Franc (BCEAO)
1 Philippine Peso = 1.87297 Pacific Franc
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1 Philippine Peso = 6.98649 Zimbabwe dollar

China cracks down on online micro-lending firms with new rules

BEIJING- China’s financial regulators on Friday circulated new rules to local governments targeting fast-growing online micro-lenders, part of a campaign to rein in a rapidly developing financial sector.

Under the new rules, unlicensed organizations and individuals are not allowed to conduct a lending business, according to the notice.

Lending institutions are also not allowed to give loans to borrowers who have no source of income or to mislead consumers into over-borrowing, according to the notice.

The rules were devised by a multi-ministry body, tasked by the central government with bringing risks in internet finance under control. Beijing has zeroed in on the loosely regulated market for small, unsecured “cash loans”, which can be issued by mobile phone apps and have come under criticism for exaggerated advertising and aggressive debt collection.

“Amid the rapid development of cash loans - while they have played a role in meeting the normal credit needs of some groups problems such as over-lending, repeat borrowing, improper collection, abnormally high interest rates, and privacy violations have become prominent,” the multi-ministry group said in a statement.

“This has led to relatively big hidden financial and social risks.”

Companies providing micro-loans have expanded rapidly in the past year, partly due to loose government rules. The rush to supply credit has also led Chinese micro-loan firms such as Ant Financial-backed Qudian Inc, China Rapid Finance and PPDai to raise funds in New York.

However, shares of micro-lenders listed on US stock markets have slumped in recent weeks. Regulators were widely expected to issue new rules to clean up the sector, estimated to be worth 1 trillion yuan ($151.5 billion) with thousands of players.

Shares of China Rapid Finance plunged 18.9 percent on Friday while PPDai shares dropped 8.3 percent. Qudian shares rose 1.3 percent after it said it endorsed the new rules and announced a $300 million share buyback.

The notice on Friday said institutions were forbidden from charging interest rates that do not comply with the law and from conducting violent debt collection.

All-in interest rates - which include upfront fees charged for loans - must be within the legally allowed annualized interest rate for loans, the notice said, and terms and conditions of loans must be clearly communicated to borrowers.

The maximum allowed legal rate in China is 36 percent annualized.

Firms must fully and continually assess the creditworthiness of borrowers and their ability to repay debt. Online micro-loans may not be used to speculate in the stock market or make down payments on property, the notice said.

The maximum number of times a loan can be extended is “generally” two times, the notice said, without explaining what if any exceptions there were.

It is not clear what impact the regulations will have on the industry. Online lender PPDai said in its listing prospectus, filed in October, that borrowers of its short-term cash loan products can extend their loans up to three times.

China Rapid Finance does not allow any loan extensions, the company told Reuters.

“Borrowers may only borrow new loans after prior loans have been fully repaid without delinquency. Among (our) 3.7 million borrowers to date, none have received loan extensions and all have repaid past loans in full prior to receiving new loans,” said Dr. Zane Wang, Chairman and CEO of China Rapid Finance.

The government also said institutions were not allowed to steal, leak or sell clients’ private information.

The notice confirmed previous reports that regulators had suspended approval for new internet micro-lenders. Nor will they grant new approvals to micro-loan firms to conduct lending across regions.

Banks were also restricted from providing funding to unlicensed institutions, the notice said. Their asset-management products were not allowed to invest in asset-backed securitization products backed by cash loans, campus loans or property downpayment loans, the notice said.

Financial regulators are responsible for cleaning up micro-loan problems in their own regions, the notice said.

Institutions should increase risk control and are not allowed to hide non-performing assets, according to the notice.

Online consumer lending in China, of which cash loans are a significant portion, dwarfs similar activity in the rest of the world combined, accounting for more than 85 percent of all such activity globally last year, according to the Cambridge Centre for Alternative Finance.

The boom in micro-lending comes as lenders seek to cash in on rising incomes in a country where credit card penetration remains at about one-third of the population, according to data from the central bank, which says about half a billion consumers do not have a credit score.

The online cash loan sector is projected to reach 2.3 trillion yuan by 2020, according to the research firm iResearch. – Reuters 
 
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