May 26, 2017, 9:51 am
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1 Philippine Peso = 0.07381 UAE Dirham
1 Philippine Peso = 2.39851 Albanian Lek
1 Philippine Peso = 0.03597 Neth Antilles Guilder
1 Philippine Peso = 0.32504 Argentine Peso
1 Philippine Peso = 0.02683 Australian Dollar
1 Philippine Peso = 0.03597 Aruba Florin
1 Philippine Peso = 0.04019 Barbados Dollar
1 Philippine Peso = 1.61957 Bangladesh Taka
1 Philippine Peso = 0.03496 Bulgarian Lev
1 Philippine Peso = 0.00756 Bahraini Dinar
1 Philippine Peso = 34.20217 Burundi Franc
1 Philippine Peso = 0.0201 Bermuda Dollar
1 Philippine Peso = 0.02784 Brunei Dollar
1 Philippine Peso = 0.13867 Bolivian Boliviano
1 Philippine Peso = 0.06563 Brazilian Real
1 Philippine Peso = 0.0201 Bahamian Dollar
1 Philippine Peso = 1.30125 Bhutan Ngultrum
1 Philippine Peso = 0.20751 Botswana Pula
1 Philippine Peso = 402.33121 Belarus Ruble
1 Philippine Peso = 0.04015 Belize Dollar
1 Philippine Peso = 0.0271 Canadian Dollar
1 Philippine Peso = 0.01953 Swiss Franc
1 Philippine Peso = 13.47267 Chilean Peso
1 Philippine Peso = 0.13847 Chinese Yuan
1 Philippine Peso = 58.35812 Colombian Peso
1 Philippine Peso = 11.51125 Costa Rica Colon
1 Philippine Peso = 0.0201 Cuban Peso
1 Philippine Peso = 1.96925 Cape Verde Escudo
1 Philippine Peso = 0.47339 Czech Koruna
1 Philippine Peso = 3.57074 Djibouti Franc
1 Philippine Peso = 0.13296 Danish Krone
1 Philippine Peso = 0.94574 Dominican Peso
1 Philippine Peso = 2.17205 Algerian Dinar
1 Philippine Peso = 0.27938 Estonian Kroon
1 Philippine Peso = 0.36314 Egyptian Pound
1 Philippine Peso = 0.46021 Ethiopian Birr
1 Philippine Peso = 0.01786 Euro
1 Philippine Peso = 0.0421 Fiji Dollar
1 Philippine Peso = 0.01545 Falkland Islands Pound
1 Philippine Peso = 0.01546 British Pound
1 Philippine Peso = 0.08669 Ghanaian Cedi
1 Philippine Peso = 0.90334 Gambian Dalasi
1 Philippine Peso = 181.20981 Guinea Franc
1 Philippine Peso = 0.14748 Guatemala Quetzal
1 Philippine Peso = 4.11013 Guyana Dollar
1 Philippine Peso = 0.15644 Hong Kong Dollar
1 Philippine Peso = 0.47082 Honduras Lempira
1 Philippine Peso = 0.13208 Croatian Kuna
1 Philippine Peso = 1.33903 Haiti Gourde
1 Philippine Peso = 5.50744 Hungarian Forint
1 Philippine Peso = 267.16239 Indonesian Rupiah
1 Philippine Peso = 0.0719 Israeli Shekel
1 Philippine Peso = 1.29803 Indian Rupee
1 Philippine Peso = 23.73392 Iraqi Dinar
1 Philippine Peso = 651.98958 Iran Rial
1 Philippine Peso = 2.0008 Iceland Krona
1 Philippine Peso = 2.60008 Jamaican Dollar
1 Philippine Peso = 0.01424 Jordanian Dinar
1 Philippine Peso = 2.23286 Japanese Yen
1 Philippine Peso = 2.07094 Kenyan Shilling
1 Philippine Peso = 1.36441 Kyrgyzstan Som
1 Philippine Peso = 81.2902 Cambodia Riel
1 Philippine Peso = 9.04341 Comoros Franc
1 Philippine Peso = 18.08682 North Korean Won
1 Philippine Peso = 22.44775 Korean Won
1 Philippine Peso = 0.00609 Kuwaiti Dinar
1 Philippine Peso = 0.01648 Cayman Islands Dollar
1 Philippine Peso = 6.24598 Kazakhstan Tenge
1 Philippine Peso = 164.32878 Lao Kip
1 Philippine Peso = 30.27532 Lebanese Pound
1 Philippine Peso = 3.06873 Sri Lanka Rupee
1 Philippine Peso = 1.84887 Liberian Dollar
1 Philippine Peso = 0.26588 Lesotho Loti
1 Philippine Peso = 0.06127 Lithuanian Lita
1 Philippine Peso = 0.01247 Latvian Lat
1 Philippine Peso = 0.02803 Libyan Dinar
1 Philippine Peso = 0.19542 Moroccan Dirham
1 Philippine Peso = 0.36586 Moldovan Leu
1 Philippine Peso = 1.09586 Macedonian Denar
1 Philippine Peso = 27.49196 Myanmar Kyat
1 Philippine Peso = 48.43248 Mongolian Tugrik
1 Philippine Peso = 0.16115 Macau Pataca
1 Philippine Peso = 7.19453 Mauritania Ougulya
1 Philippine Peso = 0.69695 Mauritius Rupee
1 Philippine Peso = 0.3115 Maldives Rufiyaa
1 Philippine Peso = 14.4168 Malawi Kwacha
1 Philippine Peso = 0.37541 Mexican Peso
1 Philippine Peso = 0.08626 Malaysian Ringgit
1 Philippine Peso = 0.26598 Namibian Dollar
1 Philippine Peso = 6.33039 Nigerian Naira
1 Philippine Peso = 0.59385 Nicaragua Cordoba
1 Philippine Peso = 0.16751 Norwegian Krone
1 Philippine Peso = 2.07195 Nepalese Rupee
1 Philippine Peso = 0.02866 New Zealand Dollar
1 Philippine Peso = 0.00773 Omani Rial
1 Philippine Peso = 0.0201 Panama Balboa
1 Philippine Peso = 0.06572 Peruvian Nuevo Sol
1 Philippine Peso = 0.06587 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.10309 Pakistani Rupee
1 Philippine Peso = 0.07495 Polish Zloty
1 Philippine Peso = 111.9996 Paraguayan Guarani
1 Philippine Peso = 0.07317 Qatar Rial
1 Philippine Peso = 0.0813 Romanian New Leu
1 Philippine Peso = 1.13651 Russian Rouble
1 Philippine Peso = 16.46403 Rwanda Franc
1 Philippine Peso = 0.07535 Saudi Arabian Riyal
1 Philippine Peso = 0.15881 Solomon Islands Dollar
1 Philippine Peso = 0.26967 Seychelles Rupee
1 Philippine Peso = 0.13384 Sudanese Pound
1 Philippine Peso = 0.17452 Swedish Krona
1 Philippine Peso = 0.02785 Singapore Dollar
1 Philippine Peso = 0.01546 St Helena Pound
1 Philippine Peso = 0.44626 Slovak Koruna
1 Philippine Peso = 149.31673 Sierra Leone Leone
1 Philippine Peso = 11.03296 Somali Shilling
1 Philippine Peso = 437.5784 Sao Tome Dobra
1 Philippine Peso = 0.17528 El Salvador Colon
1 Philippine Peso = 10.34928 Syrian Pound
1 Philippine Peso = 0.26605 Swaziland Lilageni
1 Philippine Peso = 0.69031 Thai Baht
1 Philippine Peso = 0.04822 Tunisian Dinar
1 Philippine Peso = 0.04643 Tongan paʻanga
1 Philippine Peso = 0.0716 Turkish Lira
1 Philippine Peso = 0.13463 Trinidad Tobago Dollar
1 Philippine Peso = 0.60344 Taiwan Dollar
1 Philippine Peso = 44.81511 Tanzanian Shilling
1 Philippine Peso = 0.52904 Ukraine Hryvnia
1 Philippine Peso = 72.62862 Ugandan Shilling
1 Philippine Peso = 0.0201 United States Dollar
1 Philippine Peso = 0.56692 Uruguayan New Peso
1 Philippine Peso = 76.36656 Uzbekistan Sum
1 Philippine Peso = 0.20045 Venezuelan Bolivar
1 Philippine Peso = 454.6624 Vietnam Dong
1 Philippine Peso = 2.15394 Vanuatu Vatu
1 Philippine Peso = 0.05199 Samoa Tala
1 Philippine Peso = 11.70539 CFA Franc (BEAC)
1 Philippine Peso = 0.05426 East Caribbean Dollar
1 Philippine Peso = 11.75181 CFA Franc (BCEAO)
1 Philippine Peso = 2.11917 Pacific Franc
1 Philippine Peso = 5.02271 Yemen Riyal
1 Philippine Peso = 0.2661 South African Rand
1 Philippine Peso = 104.2906 Zambian Kwacha
1 Philippine Peso = 7.27291 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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