June 20, 2018, 1:17 pm
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1 Philippine Peso = 0.06897 UAE Dirham
1 Philippine Peso = 2.04526 Albanian Lek
1 Philippine Peso = 0.03404 Neth Antilles Guilder
1 Philippine Peso = 0.52113 Argentine Peso
1 Philippine Peso = 0.02544 Australian Dollar
1 Philippine Peso = 0.03343 Aruba Florin
1 Philippine Peso = 0.03756 Barbados Dollar
1 Philippine Peso = 1.57728 Bangladesh Taka
1 Philippine Peso = 0.03184 Bulgarian Lev
1 Philippine Peso = 0.00709 Bahraini Dinar
1 Philippine Peso = 32.88225 Burundi Franc
1 Philippine Peso = 0.01878 Bermuda Dollar
1 Philippine Peso = 0.02522 Brunei Dollar
1 Philippine Peso = 0.12883 Bolivian Boliviano
1 Philippine Peso = 0.07009 Brazilian Real
1 Philippine Peso = 0.01878 Bahamian Dollar
1 Philippine Peso = 1.277 Bhutan Ngultrum
1 Philippine Peso = 0.19573 Botswana Pula
1 Philippine Peso = 375.96244 Belarus Ruble
1 Philippine Peso = 0.03752 Belize Dollar
1 Philippine Peso = 0.02494 Canadian Dollar
1 Philippine Peso = 0.01868 Swiss Franc
1 Philippine Peso = 12.01146 Chilean Peso
1 Philippine Peso = 0.12169 Chinese Yuan
1 Philippine Peso = 54.86948 Colombian Peso
1 Philippine Peso = 10.59718 Costa Rica Colon
1 Philippine Peso = 0.01878 Cuban Peso
1 Philippine Peso = 1.78854 Cape Verde Escudo
1 Philippine Peso = 0.41869 Czech Koruna
1 Philippine Peso = 3.33333 Djibouti Franc
1 Philippine Peso = 0.12088 Danish Krone
1 Philippine Peso = 0.93052 Dominican Peso
1 Philippine Peso = 2.20053 Algerian Dinar
1 Philippine Peso = 0.25367 Estonian Kroon
1 Philippine Peso = 0.33502 Egyptian Pound
1 Philippine Peso = 0.51117 Ethiopian Birr
1 Philippine Peso = 0.01621 Euro
1 Philippine Peso = 0.03897 Fiji Dollar
1 Philippine Peso = 0.01426 Falkland Islands Pound
1 Philippine Peso = 0.01425 British Pound
1 Philippine Peso = 0.08833 Ghanaian Cedi
1 Philippine Peso = 0.87962 Gambian Dalasi
1 Philippine Peso = 169.05164 Guinea Franc
1 Philippine Peso = 0.14052 Guatemala Quetzal
1 Philippine Peso = 3.88526 Guyana Dollar
1 Philippine Peso = 0.14739 Hong Kong Dollar
1 Philippine Peso = 0.44866 Honduras Lempira
1 Philippine Peso = 0.1197 Croatian Kuna
1 Philippine Peso = 1.23812 Haiti Gourde
1 Philippine Peso = 5.22103 Hungarian Forint
1 Philippine Peso = 261.46479 Indonesian Rupiah
1 Philippine Peso = 0.06819 Israeli Shekel
1 Philippine Peso = 1.27817 Indian Rupee
1 Philippine Peso = 22.23474 Iraqi Dinar
1 Philippine Peso = 796.99531 Iran Rial
1 Philippine Peso = 2.05333 Iceland Krona
1 Philippine Peso = 2.4507 Jamaican Dollar
1 Philippine Peso = 0.01331 Jordanian Dinar
1 Philippine Peso = 2.06607 Japanese Yen
1 Philippine Peso = 1.89577 Kenyan Shilling
1 Philippine Peso = 1.28255 Kyrgyzstan Som
1 Philippine Peso = 75.84601 Cambodia Riel
1 Philippine Peso = 7.92488 Comoros Franc
1 Philippine Peso = 16.90141 North Korean Won
1 Philippine Peso = 20.8492 Korean Won
1 Philippine Peso = 0.00568 Kuwaiti Dinar
1 Philippine Peso = 0.0154 Cayman Islands Dollar
1 Philippine Peso = 6.40488 Kazakhstan Tenge
1 Philippine Peso = 157.33333 Lao Kip
1 Philippine Peso = 28.26291 Lebanese Pound
1 Philippine Peso = 3.00282 Sri Lanka Rupee
1 Philippine Peso = 2.66254 Liberian Dollar
1 Philippine Peso = 0.2584 Lesotho Loti
1 Philippine Peso = 0.05725 Lithuanian Lita
1 Philippine Peso = 0.01165 Latvian Lat
1 Philippine Peso = 0.02546 Libyan Dinar
1 Philippine Peso = 0.17921 Moroccan Dirham
1 Philippine Peso = 0.31576 Moldovan Leu
1 Philippine Peso = 0.99324 Macedonian Denar
1 Philippine Peso = 25.69014 Myanmar Kyat
1 Philippine Peso = 45.33333 Mongolian Tugrik
1 Philippine Peso = 0.15181 Macau Pataca
1 Philippine Peso = 6.66667 Mauritania Ougulya
1 Philippine Peso = 0.65765 Mauritius Rupee
1 Philippine Peso = 0.29239 Maldives Rufiyaa
1 Philippine Peso = 13.39812 Malawi Kwacha
1 Philippine Peso = 0.3853 Mexican Peso
1 Philippine Peso = 0.07515 Malaysian Ringgit
1 Philippine Peso = 0.25797 Namibian Dollar
1 Philippine Peso = 6.74178 Nigerian Naira
1 Philippine Peso = 0.59151 Nicaragua Cordoba
1 Philippine Peso = 0.15379 Norwegian Krone
1 Philippine Peso = 2.0385 Nepalese Rupee
1 Philippine Peso = 0.0272 New Zealand Dollar
1 Philippine Peso = 0.00723 Omani Rial
1 Philippine Peso = 0.01878 Panama Balboa
1 Philippine Peso = 0.06164 Peruvian Nuevo Sol
1 Philippine Peso = 0.06142 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.28545 Pakistani Rupee
1 Philippine Peso = 0.06993 Polish Zloty
1 Philippine Peso = 106.70047 Paraguayan Guarani
1 Philippine Peso = 0.06835 Qatar Rial
1 Philippine Peso = 0.07565 Romanian New Leu
1 Philippine Peso = 1.1966 Russian Rouble
1 Philippine Peso = 15.95174 Rwanda Franc
1 Philippine Peso = 0.07042 Saudi Arabian Riyal
1 Philippine Peso = 0.14841 Solomon Islands Dollar
1 Philippine Peso = 0.25277 Seychelles Rupee
1 Philippine Peso = 0.33719 Sudanese Pound
1 Philippine Peso = 0.16718 Swedish Krona
1 Philippine Peso = 0.02548 Singapore Dollar
1 Philippine Peso = 0.01426 St Helena Pound
1 Philippine Peso = 0.41701 Slovak Koruna
1 Philippine Peso = 149.29577 Sierra Leone Leone
1 Philippine Peso = 10.57277 Somali Shilling
1 Philippine Peso = 397.4216 Sao Tome Dobra
1 Philippine Peso = 0.16432 El Salvador Colon
1 Philippine Peso = 9.67099 Syrian Pound
1 Philippine Peso = 0.25817 Swaziland Lilageni
1 Philippine Peso = 0.61446 Thai Baht
1 Philippine Peso = 0.04845 Tunisian Dinar
1 Philippine Peso = 0.04326 Tongan paʻanga
1 Philippine Peso = 0.08905 Turkish Lira
1 Philippine Peso = 0.12487 Trinidad Tobago Dollar
1 Philippine Peso = 0.56648 Taiwan Dollar
1 Philippine Peso = 42.59155 Tanzanian Shilling
1 Philippine Peso = 0.49596 Ukraine Hryvnia
1 Philippine Peso = 72.33803 Ugandan Shilling
1 Philippine Peso = 0.01878 United States Dollar
1 Philippine Peso = 0.59211 Uruguayan New Peso
1 Philippine Peso = 147.69953 Uzbekistan Sum
1 Philippine Peso = 1498.59155 Venezuelan Bolivar
1 Philippine Peso = 429.12676 Vietnam Dong
1 Philippine Peso = 2.02911 Vanuatu Vatu
1 Philippine Peso = 0.04869 Samoa Tala
1 Philippine Peso = 10.62592 CFA Franc (BEAC)
1 Philippine Peso = 0.0507 East Caribbean Dollar
1 Philippine Peso = 10.62592 CFA Franc (BCEAO)
1 Philippine Peso = 1.92432 Pacific Franc
1 Philippine Peso = 4.69202 Yemen Riyal
1 Philippine Peso = 0.25823 South African Rand
1 Philippine Peso = 97.4554 Zambian Kwacha
1 Philippine Peso = 6.79624 Zimbabwe dollar

Current account remains in surplus

For the 14th consecutive year, the country’s current account recorded a surplus, bringing the balance of payments position for full year 2016 to a deficit of $420 million, a reversal of the $2.6 billion surplus registered in 2015.

The $601 million current account surplus in 2016, representing 0.2 percent of GDP, however, was 91.7 percent lower than the $7.3 billion or 2.5 percent of GDP surplus in 2015. 

The decline in the current account surplus was due primarily to the widening deficit in the trade-in-goods account.

The trade-in-goods deficit for full year 2016 widened to $34.1 billion. 

This was 46.2 percent higher than the $23.3 billion deficit in 2015. 

Imports recorded double-digit growth at 16.6 percent while exports grew marginally by 0.6 percent. 

Exports of goods totaled $43.4 billion, a modest increase from the $43.2 billion recorded in 2015. 

This developed as the decline in shipments of manufactured goods and mineral products negated the growth in exports of sugar products, fruits and vegetables and coconut products. 

Imports of goods increased to $77.5 billion in 2016 from the year-ago level of $66.5 billion. 

The expansion in total imports was driven mainly by increases in purchases of capital goods by 41.6 percent and raw materials and intermediate goods by 16.8 percent. 

These accounted for 15.5 percentage points of the 16.6 percent aggregate growth in imports, pointing to the continued expansion in the domestic economy’s capital formation and production.

Net receipts in the trade-in-services account grew by 30.6 percent to $7.1 billion in 2016, compared to the $5.5 billion net receipts recorded in 2015. 

Higher net receipts were posted in computer, and technical, trade-related and other business services, which more than offset the higher net payments for insurance and pension, transport, financial, and government goods and services. 

Export earnings in business process outsourcing services amounted to $20.2 billion in 2016, higher by 12.8 percent than the $17.9 billion recorded in 2015.

The primary income account registered net receipts of $2.6 billion, higher than the $1.9 billion net receipts posted in 2015. 

The 39.7 percent increment stemmed from reduced net payments of investment income by 17.8 percent, notably dividend payments to foreign direct and portfolio investors on their equity and investment fund shares in resident enterprises by 15.6 percent and 12.6 percent, respectively.

Residents’ interest payments on foreign portfolio investments also declined, particularly on bonds held by non-residents which were issued by the local corporates by 23.2 percent and the NG by 7.7 percent. 

Interest receipts on reserve assets which rose by 21.5 percent, also contributed to the upturn in primary income net receipts.

Net receipts in the secondary income account rose by 7.3 percent to $25 billion, boosted mainly by the 7.6 percent increase in remittances by non-resident OF workers amounting to $23.2 billion.

The country’s balance of payments position registered a deficit of $2.1 billion in the fourth quarter of 2016, a reversal of the $809 million surplus posted in the same period the previous year.

This developed as the current account reversed to a deficit during the quarter even as the financial account registered lower net outflows or net lending by residents to the rest of the world. 

The deficit in the current account was due mainly to the higher deficit in trade-in-goods, combined with lower net receipts of services and primary income. 

Meanwhile, the reduced net outflows in the financial account was a result of the substantial increase in net inflows of direct investments as well as the reversal of portfolio investments to net inflows from net outflows, which more than compensated for the higher net outflows in the other investment account. 

Economic recovery in China remained subdued and growth prospects for Asean countries weakened due to slower manufacturing activity across the region. 

Economic activity in the US and euro area remained steady and favorable business sentiment supported the continued improvement of the Japanese economy. 

Lingering uncertainties arising from the uneven pace of economic growth continued to factor into the country’s external transactions, particularly the trade-in-goods account.

With the deficit recorded in the Philippine balance of payments, the country’s gross international reserves (GIR) reached $80.7 billion as of end-December 2016, significantly lower than the $86.1 billion level as of end-September 2016, but slightly higher than the end-December 2015 level. 

At this level, reserves can sufficiently cover 8.9 months’ worth of imports of goods and payments of services and primary income. It is also equivalent to 5.6 times the country’s short-term external debt based on original maturity and 4 times based on residual maturity.

Cumulative net receipts in the capital account reached $102 million in 2016. This was 21.4 percent higher than the $84 million posted in 2015 due to the increase in capital transfers to financial and nonfinancial corporations, households, non-profit institutions serving households  and the NG.

The financial account registered net outflows of $949 million in 2016, a decline of 58.8 percent from the $2.3 billion net outflows in 2015.  

This was on account of lower net outflows of portfolio investments and higher net inflows of direct investments during the year. These more than compensated for the reversal of other investments account to net outflows from net inflows in the previous year.

Net inflows of direct investments increased markedly to $4.2 billion in 2016 from $100 million in 2015. 

The higher FDI, coupled with lower net acquisition of financial assets by residents, contributed to higher net inflows during the period. 

In particular, net FDI posted a 40.7 percent growth to reach $7.9 billion, buoyed by the 68.6 percent rise in non-residents’ placements in debt instruments issued by local subsidiaries/affiliates which amounted to $5.2 billion. 

Similarly, net investments in equity capital grew by 12.1 percent to $2 billion, with gross placements coming mostly from Japan, Singapore, US, and Taiwan. 

These capital placements were channeled to the following sectors: financial and insurance; arts, entertainment and recreation; manufacturing; and construction.

The portfolio investment account yielded net outflows of $1.4 billion in 2016, significantly lower than $5.5 billion in the previous year. 

This was brought about by the 66.5 percent decline in residents’ net acquisition of financial assets to $1.1 billion combined with the 87.6 percent decline in their net repayment of liabilities to $264 million. 
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