January 21, 2018, 12:58 am
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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

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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