April 28, 2017, 12:47 am
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.07374 UAE Dirham
1 Philippine Peso = 2.49799 Albanian Lek
1 Philippine Peso = 0.03594 Neth Antilles Guilder
1 Philippine Peso = 0.30869 Argentine Peso
1 Philippine Peso = 0.02653 Australian Dollar
1 Philippine Peso = 0.03594 Aruba Florin
1 Philippine Peso = 0.04016 Barbados Dollar
1 Philippine Peso = 1.66265 Bangladesh Taka
1 Philippine Peso = 0.0362 Bulgarian Lev
1 Philippine Peso = 0.00756 Bahraini Dinar
1 Philippine Peso = 34.12309 Burundi Franc
1 Philippine Peso = 0.02008 Bermuda Dollar
1 Philippine Peso = 0.02795 Brunei Dollar
1 Philippine Peso = 0.13795 Bolivian Boliviano
1 Philippine Peso = 0.06279 Brazilian Real
1 Philippine Peso = 0.02008 Bahamian Dollar
1 Philippine Peso = 1.29719 Bhutan Ngultrum
1 Philippine Peso = 0.20691 Botswana Pula
1 Philippine Peso = 402.00804 Belarus Ruble
1 Philippine Peso = 0.04012 Belize Dollar
1 Philippine Peso = 0.02712 Canadian Dollar
1 Philippine Peso = 0.01999 Swiss Franc
1 Philippine Peso = 13.14779 Chilean Peso
1 Philippine Peso = 0.13823 Chinese Yuan
1 Philippine Peso = 57.61044 Colombian Peso
1 Philippine Peso = 11.0492 Costa Rica Colon
1 Philippine Peso = 0.02008 Cuban Peso
1 Philippine Peso = 2.03795 Cape Verde Escudo
1 Philippine Peso = 0.4955 Czech Koruna
1 Philippine Peso = 3.5743 Djibouti Franc
1 Philippine Peso = 0.13744 Danish Krone
1 Philippine Peso = 0.94578 Dominican Peso
1 Philippine Peso = 2.18602 Algerian Dinar
1 Philippine Peso = 0.28902 Estonian Kroon
1 Philippine Peso = 0.36285 Egyptian Pound
1 Philippine Peso = 0.45783 Ethiopian Birr
1 Philippine Peso = 0.01847 Euro
1 Philippine Peso = 0.04172 Fiji Dollar
1 Philippine Peso = 0.01569 Falkland Islands Pound
1 Philippine Peso = 0.0157 British Pound
1 Philippine Peso = 0.08205 Ghanaian Cedi
1 Philippine Peso = 0.88052 Gambian Dalasi
1 Philippine Peso = 185.36145 Guinea Franc
1 Philippine Peso = 0.14727 Guatemala Quetzal
1 Philippine Peso = 4.10221 Guyana Dollar
1 Philippine Peso = 0.15618 Hong Kong Dollar
1 Philippine Peso = 0.46867 Honduras Lempira
1 Philippine Peso = 0.13713 Croatian Kuna
1 Philippine Peso = 1.33153 Haiti Gourde
1 Philippine Peso = 5.74598 Hungarian Forint
1 Philippine Peso = 267.38956 Indonesian Rupiah
1 Philippine Peso = 0.07311 Israeli Shekel
1 Philippine Peso = 1.29488 Indian Rupee
1 Philippine Peso = 23.71486 Iraqi Dinar
1 Philippine Peso = 651.34539 Iran Rial
1 Philippine Peso = 2.16064 Iceland Krona
1 Philippine Peso = 2.5751 Jamaican Dollar
1 Philippine Peso = 0.01423 Jordanian Dinar
1 Philippine Peso = 2.20343 Japanese Yen
1 Philippine Peso = 2.06888 Kenyan Shilling
1 Philippine Peso = 1.34789 Kyrgyzstan Som
1 Philippine Peso = 80.12048 Cambodia Riel
1 Philippine Peso = 9.2747 Comoros Franc
1 Philippine Peso = 18.07229 North Korean Won
1 Philippine Peso = 22.75743 Korean Won
1 Philippine Peso = 0.0061 Kuwaiti Dinar
1 Philippine Peso = 0.01647 Cayman Islands Dollar
1 Philippine Peso = 6.25622 Kazakhstan Tenge
1 Philippine Peso = 164.67872 Lao Kip
1 Philippine Peso = 30.25502 Lebanese Pound
1 Philippine Peso = 3.05723 Sri Lanka Rupee
1 Philippine Peso = 1.80723 Liberian Dollar
1 Philippine Peso = 0.26094 Lesotho Loti
1 Philippine Peso = 0.06122 Lithuanian Lita
1 Philippine Peso = 0.01246 Latvian Lat
1 Philippine Peso = 0.02828 Libyan Dinar
1 Philippine Peso = 0.19886 Moroccan Dirham
1 Philippine Peso = 0.38584 Moldovan Leu
1 Philippine Peso = 1.13153 Macedonian Denar
1 Philippine Peso = 27.04819 Myanmar Kyat
1 Philippine Peso = 48.27309 Mongolian Tugrik
1 Philippine Peso = 0.16089 Macau Pataca
1 Philippine Peso = 7.14859 Mauritania Ougulya
1 Philippine Peso = 0.6994 Mauritius Rupee
1 Philippine Peso = 0.30622 Maldives Rufiyaa
1 Philippine Peso = 14.41345 Malawi Kwacha
1 Philippine Peso = 0.37604 Mexican Peso
1 Philippine Peso = 0.08831 Malaysian Ringgit
1 Philippine Peso = 0.261 Namibian Dollar
1 Philippine Peso = 6.3253 Nigerian Naira
1 Philippine Peso = 0.59056 Nicaragua Cordoba
1 Philippine Peso = 0.17162 Norwegian Krone
1 Philippine Peso = 2.07129 Nepalese Rupee
1 Philippine Peso = 0.02861 New Zealand Dollar
1 Philippine Peso = 0.00772 Omani Rial
1 Philippine Peso = 0.02008 Panama Balboa
1 Philippine Peso = 0.065 Peruvian Nuevo Sol
1 Philippine Peso = 0.06586 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.10141 Pakistani Rupee
1 Philippine Peso = 0.07841 Polish Zloty
1 Philippine Peso = 110.69879 Paraguayan Guarani
1 Philippine Peso = 0.07311 Qatar Rial
1 Philippine Peso = 0.08354 Romanian New Leu
1 Philippine Peso = 1.11942 Russian Rouble
1 Philippine Peso = 16.43896 Rwanda Franc
1 Philippine Peso = 0.07529 Saudi Arabian Riyal
1 Philippine Peso = 0.15744 Solomon Islands Dollar
1 Philippine Peso = 0.27046 Seychelles Rupee
1 Philippine Peso = 0.13372 Sudanese Pound
1 Philippine Peso = 0.17781 Swedish Krona
1 Philippine Peso = 0.02796 Singapore Dollar
1 Philippine Peso = 0.01569 St Helena Pound
1 Philippine Peso = 0.4459 Slovak Koruna
1 Philippine Peso = 149.5984 Sierra Leone Leone
1 Philippine Peso = 10.98394 Somali Shilling
1 Philippine Peso = 452.80121 Sao Tome Dobra
1 Philippine Peso = 0.17514 El Salvador Colon
1 Philippine Peso = 10.34096 Syrian Pound
1 Philippine Peso = 0.26104 Swaziland Lilageni
1 Philippine Peso = 0.68916 Thai Baht
1 Philippine Peso = 0.05006 Tunisian Dinar
1 Philippine Peso = 0.04645 Tongan paʻanga
1 Philippine Peso = 0.07169 Turkish Lira
1 Philippine Peso = 0.13453 Trinidad Tobago Dollar
1 Philippine Peso = 0.60745 Taiwan Dollar
1 Philippine Peso = 44.77912 Tanzanian Shilling
1 Philippine Peso = 0.53434 Ukraine Hryvnia
1 Philippine Peso = 72.53012 Ugandan Shilling
1 Philippine Peso = 0.02008 United States Dollar
1 Philippine Peso = 0.57068 Uruguayan New Peso
1 Philippine Peso = 74.29719 Uzbekistan Sum
1 Philippine Peso = 0.2003 Venezuelan Bolivar
1 Philippine Peso = 456.10443 Vietnam Dong
1 Philippine Peso = 2.17892 Vanuatu Vatu
1 Philippine Peso = 0.0517 Samoa Tala
1 Philippine Peso = 12.11064 CFA Franc (BEAC)
1 Philippine Peso = 0.05422 East Caribbean Dollar
1 Philippine Peso = 12.18876 CFA Franc (BCEAO)
1 Philippine Peso = 2.19137 Pacific Franc
1 Philippine Peso = 5.01908 Yemen Riyal
1 Philippine Peso = 0.26099 South African Rand
1 Philippine Peso = 104.20683 Zambian Kwacha
1 Philippine Peso = 7.26707 Zimbabwe dollar

Investment bank exec eyes visible impact of Asean integration

MACTAN ISLAND -- The on-going economic integration in the Association of Southeast Asian Nations (ASEAN) is forecast to be widely felt in the Philippines by 2020 as more foreign businesses become more visible in the country.

BDO Capital & Investment Corp. (BDO Capital) President Eduardo V. Francisco said impact of the regional integration on local corporates was not yet substantial.

One of the areas set for integration is the banking system.

Republic Act (RA) 10641 or the Act Liberalizing the Entry and Scope of Operations of Foreign Banks in the Philippines was passed into law in Jully 2014. It liberalized the domestic banking industry and allowed foreign financial institutions to open branches here.

Since then, nine foreign banks have opened branches in the domestic market.

Francisco said that while there were new bank entrants in the country “penetration is still very low.“

“We’re preparing. We’ve been preparing for it but we have not seen yet a major movement going in and going out,” he said.

Asked when a substantial change may be seen, Francisco said “maybe in two or three years.”

He explained that because of the strong domestic expansion in the country, along with the high liquidity environment, more companies were making money.

He, however, cited that if these companies start to feel that opportunities are diminishing, they might decide to expand overseas.

He said the Asean economy was now among the largest in the world and opening it for the 10-member regional bloc means a bigger market for businesses from the member-countries.

While this is an opportunity for businesses it also presents a bigger challenge because of cheaper imports.

He said only around 1,000 or less of the about 700,000 registered companies in the Philippines had the capacity to compete in the Asean but pointed that that these entities remained small compared to other players from the region.

“Our companies could also go bankrupt if we are not prepared. So there is a plus and a minus. But if you are ready to compete against the best of the best then suddenly you have a bigger market. That’s the potential,” he added. 

Last week, the Bangko Sentral ng Pilipinas (BSP) and Bank Negara Malaysia (BNM) signed the Declaration of Conclusion of Negotiations (DCN) on the entry of Qualified ASEAN Banks (QABs) between the two countries.

Signing the declaration in behalf of their respective institutions were BSP Governor Amando Tetangco and BNM Governor Muhammad bin Ibrahim.

“Finalizing this agreement between the BSP and BNM is an important step towards achieving the goal of the Asean Banking Integration Framework (ABIF) to enhance intra-regional trade and inclusive growth through QABs operating in host Asean jurisdictions” said Governor Tetangco.

ABIF provides the general principles for the entry of QABs from one ASEAN member-state to another. The agreement signed by the BSP and BNM reflects the specific conditions for QABs from each jurisdiction to enter the other in a manner that is consistent with global banking standards and meets host jurisdiction regulations.

“The benefits of a harmonized Asean financial market are often cited and having QABs allows us to reap these benefits in concrete terms. The significance of this DCN then is that we are essentially opening to the two jurisdictions the envisioned upside of stronger cross-border finance,” Governor Tetangco pointed out.

This ABIF-related agreement between BSP and BNM will eventually be reflected in the respective Schedule of Commitment (SoC) of each country. The SOC reflects the final offers that each jurisdiction makes to a specific counterpart jurisdiction as well as offers that are made available to all jurisdictions.

 Under the ABIF timeline, each Asean -5 country is to conclude at least one bilateral agreement with another Asean -5 country by 2018. The Asean -5 refers to Indonesia, Malaysia, Philippines, Singapore and Thailand. By 2020, ABIF targets the conclusion or near conclusion of at least one bilateral agreement for each of the ten Asean members.  —PNA 
Rating: 
No votes yet
Twitter icon
Facebook icon
Google icon
LinkedIn icon
Pinterest icon
Reddit icon
Yahoo! icon
e-mail icon

Column of the Day

A modern Nostradamus

By NESTOR MATA | April 27,2017
329 View(s) 0 Comment(s)
‘A mystic predicted Donald Trump’s presidency and now claims to have a date for World War III.’

Opinion of the Day

What about capital punishment?

By DAHLI ASPILLERA | April 28, 2017
45 View(s) 0 Comment(s)
‘Convicts to the gallows--not only indigent criminals, but also corrupt politicians, civil servants, judges who, commit plunder.’