January 18, 2017, 2:17 pm
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1 Philippine Peso = 0.07373 UAE Dirham
1 Philippine Peso = 2.57378 Albanian Lek
1 Philippine Peso = 0.03554 Neth Antilles Guilder
1 Philippine Peso = 0.31799 Argentine Peso
1 Philippine Peso = 0.02683 Australian Dollar
1 Philippine Peso = 0.03594 Aruba Florin
1 Philippine Peso = 0.04015 Barbados Dollar
1 Philippine Peso = 1.59024 Bangladesh Taka
1 Philippine Peso = 0.03683 Bulgarian Lev
1 Philippine Peso = 0.00756 Bahraini Dinar
1 Philippine Peso = 33.69343 Burundi Franc
1 Philippine Peso = 0.02008 Bermuda Dollar
1 Philippine Peso = 0.02866 Brunei Dollar
1 Philippine Peso = 0.13752 Bolivian Boliviano
1 Philippine Peso = 0.06466 Brazilian Real
1 Philippine Peso = 0.02008 Bahamian Dollar
1 Philippine Peso = 1.3697 Bhutan Ngultrum
1 Philippine Peso = 0.21257 Botswana Pula
1 Philippine Peso = 401.92732 Belarus Ruble
1 Philippine Peso = 0.03975 Belize Dollar
1 Philippine Peso = 0.02636 Canadian Dollar
1 Philippine Peso = 0.02027 Swiss Franc
1 Philippine Peso = 13.25216 Chilean Peso
1 Philippine Peso = 0.13857 Chinese Yuan
1 Philippine Peso = 59.08452 Colombian Peso
1 Philippine Peso = 10.94158 Costa Rica Colon
1 Philippine Peso = 0.02008 Cuban Peso
1 Philippine Peso = 2.08352 Cape Verde Escudo
1 Philippine Peso = 0.51054 Czech Koruna
1 Philippine Peso = 3.5802 Djibouti Franc
1 Philippine Peso = 0.14047 Danish Krone
1 Philippine Peso = 0.93074 Dominican Peso
1 Philippine Peso = 2.20173 Algerian Dinar
1 Philippine Peso = 0.29553 Estonian Kroon
1 Philippine Peso = 0.37844 Egyptian Pound
1 Philippine Peso = 0.45091 Ethiopian Birr
1 Philippine Peso = 0.01889 Euro
1 Philippine Peso = 0.04186 Fiji Dollar
1 Philippine Peso = 0.01668 Falkland Islands Pound
1 Philippine Peso = 0.01668 British Pound
1 Philippine Peso = 0.08489 Ghanaian Cedi
1 Philippine Peso = 0.88376 Gambian Dalasi
1 Philippine Peso = 186.70949 Guinea Franc
1 Philippine Peso = 0.15123 Guatemala Quetzal
1 Philippine Peso = 4.106 Guyana Dollar
1 Philippine Peso = 0.15569 Hong Kong Dollar
1 Philippine Peso = 0.45774 Honduras Lempira
1 Philippine Peso = 0.14162 Croatian Kuna
1 Philippine Peso = 1.28749 Haiti Gourde
1 Philippine Peso = 5.79984 Hungarian Forint
1 Philippine Peso = 267.35595 Indonesian Rupiah
1 Philippine Peso = 0.07659 Israeli Shekel
1 Philippine Peso = 1.3682 Indian Rupee
1 Philippine Peso = 23.7101 Iraqi Dinar
1 Philippine Peso = 649.86949 Iran Rial
1 Philippine Peso = 2.28267 Iceland Krona
1 Philippine Peso = 2.57599 Jamaican Dollar
1 Philippine Peso = 0.01421 Jordanian Dinar
1 Philippine Peso = 2.28719 Japanese Yen
1 Philippine Peso = 2.08292 Kenyan Shilling
1 Philippine Peso = 1.39468 Kyrgyzstan Som
1 Philippine Peso = 80.11845 Cambodia Riel
1 Philippine Peso = 9.27525 Comoros Franc
1 Philippine Peso = 18.06866 North Korean Won
1 Philippine Peso = 23.72214 Korean Won
1 Philippine Peso = 0.00613 Kuwaiti Dinar
1 Philippine Peso = 0.01646 Cayman Islands Dollar
1 Philippine Peso = 6.68681 Kazakhstan Tenge
1 Philippine Peso = 163.9229 Lao Kip
1 Philippine Peso = 30.21682 Lebanese Pound
1 Philippine Peso = 3.01144 Sri Lanka Rupee
1 Philippine Peso = 1.82694 Liberian Dollar
1 Philippine Peso = 0.27103 Lesotho Loti
1 Philippine Peso = 0.06121 Lithuanian Lita
1 Philippine Peso = 0.01246 Latvian Lat
1 Philippine Peso = 0.02868 Libyan Dinar
1 Philippine Peso = 0.20159 Moroccan Dirham
1 Philippine Peso = 0.40323 Moldovan Leu
1 Philippine Peso = 1.15559 Macedonian Denar
1 Philippine Peso = 27.06284 Myanmar Kyat
1 Philippine Peso = 49.94981 Mongolian Tugrik
1 Philippine Peso = 0.16036 Macau Pataca
1 Philippine Peso = 7.12387 Mauritania Ougulya
1 Philippine Peso = 0.72014 Mauritius Rupee
1 Philippine Peso = 0.30797 Maldives Rufiyaa
1 Philippine Peso = 14.38807 Malawi Kwacha
1 Philippine Peso = 0.43213 Mexican Peso
1 Philippine Peso = 0.08957 Malaysian Ringgit
1 Philippine Peso = 0.27209 Namibian Dollar
1 Philippine Peso = 6.32403 Nigerian Naira
1 Philippine Peso = 0.58975 Nicaragua Cordoba
1 Philippine Peso = 0.17069 Norwegian Krone
1 Philippine Peso = 2.1843 Nepalese Rupee
1 Philippine Peso = 0.02826 New Zealand Dollar
1 Philippine Peso = 0.00773 Omani Rial
1 Philippine Peso = 0.02008 Panama Balboa
1 Philippine Peso = 0.06745 Peruvian Nuevo Sol
1 Philippine Peso = 0.06333 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.10359 Pakistani Rupee
1 Philippine Peso = 0.08276 Polish Zloty
1 Philippine Peso = 116.05701 Paraguayan Guarani
1 Philippine Peso = 0.0731 Qatar Rial
1 Philippine Peso = 0.08481 Romanian New Leu
1 Philippine Peso = 1.19264 Russian Rouble
1 Philippine Peso = 16.31379 Rwanda Franc
1 Philippine Peso = 0.07528 Saudi Arabian Riyal
1 Philippine Peso = 0.15698 Solomon Islands Dollar
1 Philippine Peso = 0.26272 Seychelles Rupee
1 Philippine Peso = 0.12864 Sudanese Pound
1 Philippine Peso = 0.17904 Swedish Krona
1 Philippine Peso = 0.02867 Singapore Dollar
1 Philippine Peso = 0.01668 St Helena Pound
1 Philippine Peso = 0.44581 Slovak Koruna
1 Philippine Peso = 146.29592 Sierra Leone Leone
1 Philippine Peso = 10.96165 Somali Shilling
1 Philippine Peso = 462.93516 Sao Tome Dobra
1 Philippine Peso = 0.17511 El Salvador Colon
1 Philippine Peso = 10.33889 Syrian Pound
1 Philippine Peso = 0.27216 Swaziland Lilageni
1 Philippine Peso = 0.7113 Thai Baht
1 Philippine Peso = 0.04658 Tunisian Dinar
1 Philippine Peso = 0.04632 Tonga Pa'ang
1 Philippine Peso = 0.07556 Turkish Lira
1 Philippine Peso = 0.1345 Trinidad Tobago Dollar
1 Philippine Peso = 0.63521 Taiwan Dollar
1 Philippine Peso = 44.48906 Tanzanian Shilling
1 Philippine Peso = 0.5529 Ukraine Hryvnia
1 Philippine Peso = 72.37502 Ugandan Shilling
1 Philippine Peso = 0.02008 United States Dollar
1 Philippine Peso = 0.57519 Uruguayan New Peso
1 Philippine Peso = 64.9468 Uzbekistan Sum
1 Philippine Peso = 0.20026 Venezuelan Bolivar
1 Philippine Peso = 453.06163 Vietnam Dong
1 Philippine Peso = 2.15479 Vanuatu Vatu
1 Philippine Peso = 0.05167 Samoa Tala
1 Philippine Peso = 12.38747 CFA Franc (BEAC)
1 Philippine Peso = 0.05421 East Caribbean Dollar
1 Philippine Peso = 12.49508 CFA Franc (BCEAO)
1 Philippine Peso = 2.24312 Pacific Franc
1 Philippine Peso = 5.01706 Yemen Riyal
1 Philippine Peso = 0.27219 South African Rand
1 Philippine Peso = 104.1859 Zambian Kwacha
1 Philippine Peso = 7.26561 Zimbabwe dollar

Micro-banking offices, micro-deposits drive gains in financial inclusion, BSP says

In its latest report on the state of financial inclusion in the Philippines, the Bangko Sentral ng Pilipinas provided an assessment of how access to and usage of financial services has changed in the past five years (2011-2015). 

According to the report, financial access has expanded in terms of number and reach of banks and other financial institutions. There is also improvement in usage of financial services as seen in the growth of deposits, loans, microfinance, and electronic money.

For access, worth highlighting is the growth in micro-banking offices (MBOs) which are low-cost banking infrastructure that can be established in municipalities where it is not feasible to set up a regular branch. 

While regular branches continue to increase in number, they remain concentrated in the National Capital Region. 

MBOs have been more contributory to financial inclusion by extending the reach of financial services to underserved and unserved areas. 

Majority of MBOs are located in areas outside Metro Manila particularly in the regions of CALABARZON, Bicol, Western Visayas, and MIMAROPA. 

Most municipalities that were previously unbanked are now enjoying access to banking services because of MBOs.

There are 617 MBOs based on the latest available count as of June 2016, an increase of 93 percent from 320 MBOs during the same period in 2012.  

The number of local government units (LGUs) with MBOs grew by 105 percent to 393 LGUs in June 2016 from 192 LGUs in June 2012. 

To date, 75 municipalities are being served by MBOs alone. MBOs increased at an average year-over-year rate of 18 percent which is faster than the growth of other types of banking offices (4 percent) and ATMs (13 percent).

When it comes to usage of basic savings accounts, there has been a remarkable growth in micro-deposits which are specifically designed to the low-income sector. 

A micro-deposit account has a maintaining balance not more than P100 with average daily balance not exceeding P40,000. This deposit account does not have dormancy charges.

The number of micro-deposit accounts grew by 217 percent to 2.9 million accounts in June 2016 from 925,389 accounts in June 2012. 

The total amount of micro-deposits increased by 181 percent to P6.3 billion in June 2016 from P2.2 billion in June 2012. 

Micro-deposit accounts grew at an average rate of 34 percent which is faster than the growth of other deposit products which grew by 6 percent.

While the environment for financial inclusion continues to improve, changes appeared to be gradual and slower in comparison with our peers. 

For instance, data from the World Bank indicate that the share of Filipino adults with a formal account increased by 4.7 percentage points to 31.3 percent in 2014 from 26.6 percent in 2011 which appears modest compared to the improvement among lower middle income countries which is 14 percentage points.

Recognizing that much work needs to be done, BSP remains committed in nurturing a conducive environment to financial inclusion. 

At the national level, BSP is leading the implementation of the National Strategy for Financial Inclusion (NSFI) together with fourteen (14) other government agencies. In June 2016, Executive Order No. 208 was signed to institutionalize the Financial Inclusion Steering Committee (FISC), the governing body that provides strategic direction and overall guidance in the NSFI implementation. 

The NSFI aims to systematically accelerate the level of financial inclusion in the country through greater collaboration between public and private sector stakeholders.

BSP also plans to establish the Knowledge Resource Network (KRN), an initiative at information and knowledge sharing that aims to enhance the public’s understanding of economic and financial concepts and issues, one of the bank’s key objectives.  

Conceived to be in partnership with libraries of the local government units, national agencies and academic institutions all over the country, BSP will set up Knowledge Resource Collections that will house updated BSP publications such as books, reports, guides, manuals, primers and brochures, provide access to online publications and research assistance services to the public.  

These information resources and services will be made available to the communities for free.

BSP envisions KRN to be a catalyst for economic development by empowering the public to make informed and better economic and financial decision through easy access to information and services. 

The program involves setting up of a BSP Resource Collection in each partner library where BSP publications shall be displayed; training of partner librarians to maximize BSP information resources; and active participation of both BSP and partner libraries in information resource sharing.  

Specifically, the BSP will provide free updated BSP publications, signage and BSP logo for the BSP Resource Collections; conduct free training/briefing sessions on online publications and research/statistical databases available on the BSP’s website; provide reference and research service assistance to partner libraries on subjects related to economics and finance; and review and evaluate effectiveness of the program.  

In turn, the partner libraries will be expected to provide the physical space, shelves, and computers needed for BSP publications; ensure discoverability by cataloging all BSP publications and make them available for library clients; coordinate with the BSP, through the EFLC Main Office or EFLCs in regional offices and branches (ROBs), regarding client requests for economic and financial information materials; monitor the use of BSP materials and ensure prompt action on research requests; and submit quarterly reports to the BSP.

The KRN is expected to be launched nationwide in February 2017.  
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