April 25, 2018, 2:02 am
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1 Philippine Peso = 0.07044 UAE Dirham
1 Philippine Peso = 2.01285 Albanian Lek
1 Philippine Peso = 0.03414 Neth Antilles Guilder
1 Philippine Peso = 0.3869 Argentine Peso
1 Philippine Peso = 0.02498 Australian Dollar
1 Philippine Peso = 0.03414 Aruba Florin
1 Philippine Peso = 0.03836 Barbados Dollar
1 Philippine Peso = 1.59992 Bangladesh Taka
1 Philippine Peso = 0.03047 Bulgarian Lev
1 Philippine Peso = 0.00723 Bahraini Dinar
1 Philippine Peso = 33.58228 Burundi Franc
1 Philippine Peso = 0.01918 Bermuda Dollar
1 Philippine Peso = 0.025 Brunei Dollar
1 Philippine Peso = 0.13157 Bolivian Boliviano
1 Philippine Peso = 0.06531 Brazilian Real
1 Philippine Peso = 0.01918 Bahamian Dollar
1 Philippine Peso = 1.26103 Bhutan Ngultrum
1 Philippine Peso = 0.18432 Botswana Pula
1 Philippine Peso = 383.96625 Belarus Ruble
1 Philippine Peso = 0.03832 Belize Dollar
1 Philippine Peso = 0.02447 Canadian Dollar
1 Philippine Peso = 0.01871 Swiss Franc
1 Philippine Peso = 11.4346 Chilean Peso
1 Philippine Peso = 0.12071 Chinese Yuan
1 Philippine Peso = 52.91139 Colombian Peso
1 Philippine Peso = 10.76908 Costa Rica Colon
1 Philippine Peso = 0.01918 Cuban Peso
1 Philippine Peso = 1.72344 Cape Verde Escudo
1 Philippine Peso = 0.3961 Czech Koruna
1 Philippine Peso = 3.39145 Djibouti Franc
1 Philippine Peso = 0.1164 Danish Krone
1 Philippine Peso = 0.94764 Dominican Peso
1 Philippine Peso = 2.1869 Algerian Dinar
1 Philippine Peso = 0.24445 Estonian Kroon
1 Philippine Peso = 0.33832 Egyptian Pound
1 Philippine Peso = 0.52167 Ethiopian Birr
1 Philippine Peso = 0.01562 Euro
1 Philippine Peso = 0.03879 Fiji Dollar
1 Philippine Peso = 0.01369 Falkland Islands Pound
1 Philippine Peso = 0.01368 British Pound
1 Philippine Peso = 0.08493 Ghanaian Cedi
1 Philippine Peso = 0.89893 Gambian Dalasi
1 Philippine Peso = 172.6122 Guinea Franc
1 Philippine Peso = 0.1407 Guatemala Quetzal
1 Philippine Peso = 3.94879 Guyana Dollar
1 Philippine Peso = 0.15041 Hong Kong Dollar
1 Philippine Peso = 0.4519 Honduras Lempira
1 Philippine Peso = 0.11558 Croatian Kuna
1 Philippine Peso = 1.23341 Haiti Gourde
1 Philippine Peso = 4.85501 Hungarian Forint
1 Philippine Peso = 266.4557 Indonesian Rupiah
1 Philippine Peso = 0.06754 Israeli Shekel
1 Philippine Peso = 1.26972 Indian Rupee
1 Philippine Peso = 22.70809 Iraqi Dinar
1 Philippine Peso = 805.52361 Iran Rial
1 Philippine Peso = 1.92079 Iceland Krona
1 Philippine Peso = 2.37438 Jamaican Dollar
1 Philippine Peso = 0.01359 Jordanian Dinar
1 Philippine Peso = 2.06782 Japanese Yen
1 Philippine Peso = 1.91408 Kenyan Shilling
1 Philippine Peso = 1.31497 Kyrgyzstan Som
1 Philippine Peso = 76.83161 Cambodia Riel
1 Philippine Peso = 7.65286 Comoros Franc
1 Philippine Peso = 17.26122 North Korean Won
1 Philippine Peso = 20.47315 Korean Won
1 Philippine Peso = 0.00575 Kuwaiti Dinar
1 Philippine Peso = 0.01573 Cayman Islands Dollar
1 Philippine Peso = 6.25738 Kazakhstan Tenge
1 Philippine Peso = 158.78405 Lao Kip
1 Philippine Peso = 28.8646 Lebanese Pound
1 Philippine Peso = 2.99962 Sri Lanka Rupee
1 Philippine Peso = 2.50441 Liberian Dollar
1 Philippine Peso = 0.23188 Lesotho Loti
1 Philippine Peso = 0.05847 Lithuanian Lita
1 Philippine Peso = 0.0119 Latvian Lat
1 Philippine Peso = 0.02539 Libyan Dinar
1 Philippine Peso = 0.17621 Moroccan Dirham
1 Philippine Peso = 0.31433 Moldovan Leu
1 Philippine Peso = 0.95589 Macedonian Denar
1 Philippine Peso = 25.29728 Myanmar Kyat
1 Philippine Peso = 45.79977 Mongolian Tugrik
1 Philippine Peso = 0.15492 Macau Pataca
1 Philippine Peso = 6.75105 Mauritania Ougulya
1 Philippine Peso = 0.64212 Mauritius Rupee
1 Philippine Peso = 0.29862 Maldives Rufiyaa
1 Philippine Peso = 13.71883 Malawi Kwacha
1 Philippine Peso = 0.35542 Mexican Peso
1 Philippine Peso = 0.07476 Malaysian Ringgit
1 Philippine Peso = 0.23032 Namibian Dollar
1 Philippine Peso = 6.88531 Nigerian Naira
1 Philippine Peso = 0.59455 Nicaragua Cordoba
1 Philippine Peso = 0.15025 Norwegian Krone
1 Philippine Peso = 2.02693 Nepalese Rupee
1 Philippine Peso = 0.02661 New Zealand Dollar
1 Philippine Peso = 0.00738 Omani Rial
1 Philippine Peso = 0.01918 Panama Balboa
1 Philippine Peso = 0.06167 Peruvian Nuevo Sol
1 Philippine Peso = 0.06232 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.21711 Pakistani Rupee
1 Philippine Peso = 0.06525 Polish Zloty
1 Philippine Peso = 105.81128 Paraguayan Guarani
1 Philippine Peso = 0.06981 Qatar Rial
1 Philippine Peso = 0.07297 Romanian New Leu
1 Philippine Peso = 1.17426 Russian Rouble
1 Philippine Peso = 16.19889 Rwanda Franc
1 Philippine Peso = 0.07192 Saudi Arabian Riyal
1 Philippine Peso = 0.14921 Solomon Islands Dollar
1 Philippine Peso = 0.25758 Seychelles Rupee
1 Philippine Peso = 0.34621 Sudanese Pound
1 Philippine Peso = 0.1621 Swedish Krona
1 Philippine Peso = 0.02526 Singapore Dollar
1 Philippine Peso = 0.01369 St Helena Pound
1 Philippine Peso = 0.42589 Slovak Koruna
1 Philippine Peso = 146.33679 Sierra Leone Leone
1 Philippine Peso = 10.79785 Somali Shilling
1 Philippine Peso = 382.92676 Sao Tome Dobra
1 Philippine Peso = 0.16782 El Salvador Colon
1 Philippine Peso = 9.87687 Syrian Pound
1 Philippine Peso = 0.2317 Swaziland Lilageni
1 Philippine Peso = 0.60153 Thai Baht
1 Philippine Peso = 0.04709 Tunisian Dinar
1 Philippine Peso = 0.04287 Tongan paʻanga
1 Philippine Peso = 0.07793 Turkish Lira
1 Philippine Peso = 0.12937 Trinidad Tobago Dollar
1 Philippine Peso = 0.56552 Taiwan Dollar
1 Philippine Peso = 43.65171 Tanzanian Shilling
1 Philippine Peso = 0.50153 Ukraine Hryvnia
1 Philippine Peso = 70.73264 Ugandan Shilling
1 Philippine Peso = 0.01918 United States Dollar
1 Philippine Peso = 0.54066 Uruguayan New Peso
1 Philippine Peso = 154.48792 Uzbekistan Sum
1 Philippine Peso = 1138.30075 Venezuelan Bolivar
1 Philippine Peso = 436.67051 Vietnam Dong
1 Philippine Peso = 2.02071 Vanuatu Vatu
1 Philippine Peso = 0.04846 Samoa Tala
1 Philippine Peso = 10.24242 CFA Franc (BEAC)
1 Philippine Peso = 0.05178 East Caribbean Dollar
1 Philippine Peso = 10.24242 CFA Franc (BCEAO)
1 Philippine Peso = 1.85386 Pacific Franc
1 Philippine Peso = 4.79287 Yemen Riyal
1 Philippine Peso = 0.23169 South African Rand
1 Philippine Peso = 99.53011 Zambian Kwacha
1 Philippine Peso = 6.94093 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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