August 19, 2017, 5:04 pm
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.07443 UAE Dirham
1 Philippine Peso = 2.4017 Albanian Lek
1 Philippine Peso = 0.03628 Neth Antilles Guilder
1 Philippine Peso = 0.32436 Argentine Peso
1 Philippine Peso = 0.02723 Australian Dollar
1 Philippine Peso = 0.03626 Aruba Florin
1 Philippine Peso = 0.04054 Barbados Dollar
1 Philippine Peso = 1.63579 Bangladesh Taka
1 Philippine Peso = 0.03534 Bulgarian Lev
1 Philippine Peso = 0.00763 Bahraini Dinar
1 Philippine Peso = 34.60377 Burundi Franc
1 Philippine Peso = 0.02027 Bermuda Dollar
1 Philippine Peso = 0.02797 Brunei Dollar
1 Philippine Peso = 0.13904 Bolivian Boliviano
1 Philippine Peso = 0.06579 Brazilian Real
1 Philippine Peso = 0.02027 Bahamian Dollar
1 Philippine Peso = 1.30624 Bhutan Ngultrum
1 Philippine Peso = 0.20692 Botswana Pula
1 Philippine Peso = 405.75598 Belarus Ruble
1 Philippine Peso = 0.04049 Belize Dollar
1 Philippine Peso = 0.02733 Canadian Dollar
1 Philippine Peso = 0.01952 Swiss Franc
1 Philippine Peso = 13.57175 Chilean Peso
1 Philippine Peso = 0.13799 Chinese Yuan
1 Philippine Peso = 58.59343 Colombian Peso
1 Philippine Peso = 11.43535 Costa Rica Colon
1 Philippine Peso = 0.02027 Cuban Peso
1 Philippine Peso = 1.98075 Cape Verde Escudo
1 Philippine Peso = 0.47231 Czech Koruna
1 Philippine Peso = 3.59951 Djibouti Franc
1 Philippine Peso = 0.13357 Danish Krone
1 Philippine Peso = 0.95278 Dominican Peso
1 Philippine Peso = 2.19181 Algerian Dinar
1 Philippine Peso = 0.28109 Estonian Kroon
1 Philippine Peso = 0.36583 Egyptian Pound
1 Philippine Peso = 0.46433 Ethiopian Birr
1 Philippine Peso = 0.01797 Euro
1 Philippine Peso = 0.04244 Fiji Dollar
1 Philippine Peso = 0.01573 Falkland Islands Pound
1 Philippine Peso = 0.01572 British Pound
1 Philippine Peso = 0.08685 Ghanaian Cedi
1 Philippine Peso = 0.91021 Gambian Dalasi
1 Philippine Peso = 182.75233 Guinea Franc
1 Philippine Peso = 0.1491 Guatemala Quetzal
1 Philippine Peso = 4.14512 Guyana Dollar
1 Philippine Peso = 0.15784 Hong Kong Dollar
1 Philippine Peso = 0.47422 Honduras Lempira
1 Philippine Peso = 0.13229 Croatian Kuna
1 Philippine Peso = 1.24625 Haiti Gourde
1 Philippine Peso = 5.54195 Hungarian Forint
1 Philippine Peso = 269.57844 Indonesian Rupiah
1 Philippine Peso = 0.07211 Israeli Shekel
1 Philippine Peso = 1.30521 Indian Rupee
1 Philippine Peso = 23.93595 Iraqi Dinar
1 Philippine Peso = 657.62059 Iran Rial
1 Philippine Peso = 1.9771 Iceland Krona
1 Philippine Peso = 2.6139 Jamaican Dollar
1 Philippine Peso = 0.01433 Jordanian Dinar
1 Philippine Peso = 2.23666 Japanese Yen
1 Philippine Peso = 2.0906 Kenyan Shilling
1 Philippine Peso = 1.38113 Kyrgyzstan Som
1 Philippine Peso = 81.57681 Cambodia Riel
1 Philippine Peso = 9.12404 Comoros Franc
1 Philippine Peso = 18.24078 North Korean Won
1 Philippine Peso = 22.6366 Korean Won
1 Philippine Peso = 0.00614 Kuwaiti Dinar
1 Philippine Peso = 0.01662 Cayman Islands Dollar
1 Philippine Peso = 6.364 Kazakhstan Tenge
1 Philippine Peso = 166.08836 Lao Kip
1 Philippine Peso = 30.51277 Lebanese Pound
1 Philippine Peso = 3.08877 Sri Lanka Rupee
1 Philippine Peso = 1.84435 Liberian Dollar
1 Philippine Peso = 0.25922 Lesotho Loti
1 Philippine Peso = 0.06179 Lithuanian Lita
1 Philippine Peso = 0.01258 Latvian Lat
1 Philippine Peso = 0.02821 Libyan Dinar
1 Philippine Peso = 0.19642 Moroccan Dirham
1 Philippine Peso = 0.36735 Moldovan Leu
1 Philippine Peso = 1.09972 Macedonian Denar
1 Philippine Peso = 27.52331 Myanmar Kyat
1 Philippine Peso = 48.27726 Mongolian Tugrik
1 Philippine Peso = 0.16258 Macau Pataca
1 Philippine Peso = 7.25578 Mauritania Ougulya
1 Philippine Peso = 0.70024 Mauritius Rupee
1 Philippine Peso = 0.31394 Maldives Rufiyaa
1 Philippine Peso = 14.54094 Malawi Kwacha
1 Philippine Peso = 0.37863 Mexican Peso
1 Philippine Peso = 0.08672 Malaysian Ringgit
1 Philippine Peso = 0.2604 Namibian Dollar
1 Philippine Peso = 6.52615 Nigerian Naira
1 Philippine Peso = 0.59972 Nicaragua Cordoba
1 Philippine Peso = 0.17055 Norwegian Krone
1 Philippine Peso = 2.08654 Nepalese Rupee
1 Philippine Peso = 0.02835 New Zealand Dollar
1 Philippine Peso = 0.00779 Omani Rial
1 Philippine Peso = 0.02027 Panama Balboa
1 Philippine Peso = 0.06622 Peruvian Nuevo Sol
1 Philippine Peso = 0.06654 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.11897 Pakistani Rupee
1 Philippine Peso = 0.0753 Polish Zloty
1 Philippine Peso = 112.82935 Paraguayan Guarani
1 Philippine Peso = 0.0738 Qatar Rial
1 Philippine Peso = 0.08196 Romanian New Leu
1 Philippine Peso = 1.14766 Russian Rouble
1 Philippine Peso = 16.61897 Rwanda Franc
1 Philippine Peso = 0.076 Saudi Arabian Riyal
1 Philippine Peso = 0.16004 Solomon Islands Dollar
1 Philippine Peso = 0.26836 Seychelles Rupee
1 Philippine Peso = 0.13498 Sudanese Pound
1 Philippine Peso = 0.17451 Swedish Krona
1 Philippine Peso = 0.02797 Singapore Dollar
1 Philippine Peso = 0.01573 St Helena Pound
1 Philippine Peso = 0.45006 Slovak Koruna
1 Philippine Peso = 152.00649 Sierra Leone Leone
1 Philippine Peso = 11.08634 Somali Shilling
1 Philippine Peso = 435.85326 Sao Tome Dobra
1 Philippine Peso = 0.17678 El Salvador Colon
1 Philippine Peso = 10.43737 Syrian Pound
1 Philippine Peso = 0.26014 Swaziland Lilageni
1 Philippine Peso = 0.6897 Thai Baht
1 Philippine Peso = 0.04917 Tunisian Dinar
1 Philippine Peso = 0.04647 Tongan paʻanga
1 Philippine Peso = 0.0711 Turkish Lira
1 Philippine Peso = 0.13537 Trinidad Tobago Dollar
1 Philippine Peso = 0.61011 Taiwan Dollar
1 Philippine Peso = 45.17633 Tanzanian Shilling
1 Philippine Peso = 0.53223 Ukraine Hryvnia
1 Philippine Peso = 72.78071 Ugandan Shilling
1 Philippine Peso = 0.02027 United States Dollar
1 Philippine Peso = 0.57377 Uruguayan New Peso
1 Philippine Peso = 77.82732 Uzbekistan Sum
1 Philippine Peso = 0.20216 Venezuelan Bolivar
1 Philippine Peso = 459.54601 Vietnam Dong
1 Philippine Peso = 2.18241 Vanuatu Vatu
1 Philippine Peso = 0.05201 Samoa Tala
1 Philippine Peso = 11.77483 CFA Franc (BEAC)
1 Philippine Peso = 0.05472 East Caribbean Dollar
1 Philippine Peso = 11.82205 CFA Franc (BCEAO)
1 Philippine Peso = 2.13174 Pacific Franc
1 Philippine Peso = 5.06546 Yemen Riyal
1 Philippine Peso = 0.25921 South African Rand
1 Philippine Peso = 105.17835 Zambian Kwacha
1 Philippine Peso = 7.33482 Zimbabwe dollar

Inflation shows CBs should be keeping it easy

By Jamie McGeever

LONDON- For all the talk of higher interest rates and monetary policy being “normalized” nearly a decade after the global credit crisis, the case for central banks staying easy is building.

In emerging markets, real -- or inflation-adjusted -- interest rates are at a three-year peak and the highest relative to developed market rates since the crisis. In developed economies, wage growth remains stubbornly and somewhat puzzlingly weak.

Bluntly put, inflation is low and there’s little sign of it rising. If anything, inflationary pressures are pointing to the downside.

Global inflation so far this year is running at an annual rate of 2.5 percent, according to economists at Citi. That’s higher than last year’s 2.3 percent, but down from 2.6 percent in 2013 and 2.8 percent the year before that.

Crucially, it is on course to undershoot forecasts -- Citi had predicted 2017 inflation of 2.8 percent -- for a sixth year in a row.

This presents a headache for policymakers, who are keen to start dismantling post-crisis stimulus measures but wary of acting while price pressures remain weak.

There are strong arguments for central banks raising rates and reducing their balance sheets. Growth worldwide is the strongest in six years, asset bubbles appear to be forming across many markets, and global debt has never been higher.

But rightly or wrongly, orthodox central bank policy is aimed at keeping inflation around a pre-determined target, usually 2 percent. By that yardstick, most developed market central banks are failing to fulfil their mandates.

“It’s a bit of a mystery. The Fed doesn’t really understand it,” New York University professor Lawrence White told CNBC this week, referring to the lack of wage growth that has helped keep US inflation below the Federal Reserve’s 2 percent target for 62 months in a row.

There are several possible reasons for this, including weaker collective bargaining power and trade unions or reluctance among workers to demand higher pay for fear of losing their job. Highly skilled and paid jobs lost after 2008 may have been replaced by lower-skilled and paid jobs, and there may be greater slack in labor markets than headline figures suggest.

The trend towards short-term contracts and temporary work in the digital age, the so-called gig economy, is also surpressing wage growth.

The “Phillips curve” theory that falling unemployment and rising employment leads to higher wages and inflation is not working in the post-crisis industrialized world, a new reality that investors are having to grapple with.

All of that goes a long way towards explaining why bond yields are struggling to rise much, yield curves have flattened this year and investors, frankly, don’t believe monetary policy will be tightened much at all.

The Fed has raised rates four times since December 2015 and is likely to do so again, although nowhere near as aggressively as it originally planned. The Fed also plans to start shrinking its $4.24 trillion bond portfolio later this year, but again it will be a gradual process.

The Bank of Japan recently pushed back the date it expects to reach its 2 percent inflation target for the sixth time since 2013, and any unwinding of the European Central Bank’s huge balance sheet will be glacial.

Record debt levels, particularly in the emerging markets, may argue against easier monetary policy and suggest that central banks should in fact be raising rates. Lower interest rates could stoke concerns about capital being pulled out of emerging economies.

But in a world of structurally lower growth, excess global savings and more dispersed risk, investors face a shortage of safe-haven destinations and high-yielding assets. Emerging market bonds could meet both criteria, says Oxford Economics.

As Kenneth Broux at Societe Generale notes, emerging markets now make up close to 50 percent of world GDP. The euro zone and United States are unlikely to escape the disinflationary tailwinds.

The latest global debt figures from the Institute of International Finance (IIF) show how risky higher interest rates might be for emerging markets.

Global debt rose to a record $217 trillion this year, even as borrowing in developed markets slowed. Borrowing in emerging markets rose $3 trillion to $56 trillion, and $1.9 trillion of EM bonds and syndicated loans come due by the end of next year.

“Rollover risk is high,” the IIF said. – Reuters 
Rating: 
No votes yet

Column of the Day

Trafficking of Children

By DAHLI ASPILLERA | August 18,2017
‘There was a sharp rise in the number of trafficking in persons convictions, specially two years after RA 10364 was enacted.’

Opinion of the Day

A numbed citizenry suits an inept and insensitive government

By ELLEN TORDESILLAS | August 18, 2017
‘The bill is a recognition of government officials’ incompetence and ignorance of the situation on the ground.’