April 26, 2017, 7:39 pm
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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

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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