June 18, 2018, 7:30 pm
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1 Philippine Peso = 0.06887 UAE Dirham
1 Philippine Peso = 2.01763 Albanian Lek
1 Philippine Peso = 0.03375 Neth Antilles Guilder
1 Philippine Peso = 0.52595 Argentine Peso
1 Philippine Peso = 0.02519 Australian Dollar
1 Philippine Peso = 0.03338 Aruba Florin
1 Philippine Peso = 0.0375 Barbados Dollar
1 Philippine Peso = 1.56891 Bangladesh Taka
1 Philippine Peso = 0.03163 Bulgarian Lev
1 Philippine Peso = 0.00708 Bahraini Dinar
1 Philippine Peso = 32.83293 Burundi Franc
1 Philippine Peso = 0.01875 Bermuda Dollar
1 Philippine Peso = 0.02508 Brunei Dollar
1 Philippine Peso = 0.12845 Bolivian Boliviano
1 Philippine Peso = 0.06994 Brazilian Real
1 Philippine Peso = 0.01875 Bahamian Dollar
1 Philippine Peso = 1.26852 Bhutan Ngultrum
1 Philippine Peso = 0.19282 Botswana Pula
1 Philippine Peso = 375.39846 Belarus Ruble
1 Philippine Peso = 0.03746 Belize Dollar
1 Philippine Peso = 0.02475 Canadian Dollar
1 Philippine Peso = 0.0187 Swiss Franc
1 Philippine Peso = 11.85955 Chilean Peso
1 Philippine Peso = 0.12072 Chinese Yuan
1 Philippine Peso = 54.23964 Colombian Peso
1 Philippine Peso = 10.57585 Costa Rica Colon
1 Philippine Peso = 0.01875 Cuban Peso
1 Philippine Peso = 1.78136 Cape Verde Escudo
1 Philippine Peso = 0.41526 Czech Koruna
1 Philippine Peso = 3.32833 Djibouti Franc
1 Philippine Peso = 0.1203 Danish Krone
1 Philippine Peso = 0.92481 Dominican Peso
1 Philippine Peso = 2.19301 Algerian Dinar
1 Philippine Peso = 0.25282 Estonian Kroon
1 Philippine Peso = 0.33377 Egyptian Pound
1 Philippine Peso = 0.51078 Ethiopian Birr
1 Philippine Peso = 0.01616 Euro
1 Philippine Peso = 0.03862 Fiji Dollar
1 Philippine Peso = 0.01411 Falkland Islands Pound
1 Philippine Peso = 0.01411 British Pound
1 Philippine Peso = 0.08774 Ghanaian Cedi
1 Philippine Peso = 0.8783 Gambian Dalasi
1 Philippine Peso = 168.7418 Guinea Franc
1 Philippine Peso = 0.13756 Guatemala Quetzal
1 Philippine Peso = 3.86799 Guyana Dollar
1 Philippine Peso = 0.14715 Hong Kong Dollar
1 Philippine Peso = 0.44823 Honduras Lempira
1 Philippine Peso = 0.11904 Croatian Kuna
1 Philippine Peso = 1.22745 Haiti Gourde
1 Philippine Peso = 5.20533 Hungarian Forint
1 Philippine Peso = 261.11007 Indonesian Rupiah
1 Philippine Peso = 0.06788 Israeli Shekel
1 Philippine Peso = 1.27862 Indian Rupee
1 Philippine Peso = 22.20139 Iraqi Dinar
1 Philippine Peso = 793.5496 Iran Rial
1 Philippine Peso = 2.01763 Iceland Krona
1 Philippine Peso = 2.42115 Jamaican Dollar
1 Philippine Peso = 0.01329 Jordanian Dinar
1 Philippine Peso = 2.07454 Japanese Yen
1 Philippine Peso = 1.89293 Kenyan Shilling
1 Philippine Peso = 1.28161 Kyrgyzstan Som
1 Philippine Peso = 75.86537 Cambodia Riel
1 Philippine Peso = 7.83274 Comoros Franc
1 Philippine Peso = 16.87605 North Korean Won
1 Philippine Peso = 20.66229 Korean Won
1 Philippine Peso = 0.00567 Kuwaiti Dinar
1 Philippine Peso = 0.01538 Cayman Islands Dollar
1 Philippine Peso = 6.31164 Kazakhstan Tenge
1 Philippine Peso = 157.15357 Lao Kip
1 Philippine Peso = 28.23364 Lebanese Pound
1 Philippine Peso = 2.99081 Sri Lanka Rupee
1 Philippine Peso = 2.62835 Liberian Dollar
1 Philippine Peso = 0.2522 Lesotho Loti
1 Philippine Peso = 0.05717 Lithuanian Lita
1 Philippine Peso = 0.01164 Latvian Lat
1 Philippine Peso = 0.02542 Libyan Dinar
1 Philippine Peso = 0.17853 Moroccan Dirham
1 Philippine Peso = 0.31382 Moldovan Leu
1 Philippine Peso = 0.9715 Macedonian Denar
1 Philippine Peso = 25.27658 Myanmar Kyat
1 Philippine Peso = 45.11532 Mongolian Tugrik
1 Philippine Peso = 0.15157 Macau Pataca
1 Philippine Peso = 6.65667 Mauritania Ougulya
1 Philippine Peso = 0.65479 Mauritius Rupee
1 Philippine Peso = 0.29196 Maldives Rufiyaa
1 Philippine Peso = 13.37802 Malawi Kwacha
1 Philippine Peso = 0.38672 Mexican Peso
1 Philippine Peso = 0.0747 Malaysian Ringgit
1 Philippine Peso = 0.2516 Namibian Dollar
1 Philippine Peso = 6.71292 Nigerian Naira
1 Philippine Peso = 0.58522 Nicaragua Cordoba
1 Philippine Peso = 0.15276 Norwegian Krone
1 Philippine Peso = 2.03846 Nepalese Rupee
1 Philippine Peso = 0.02698 New Zealand Dollar
1 Philippine Peso = 0.00722 Omani Rial
1 Philippine Peso = 0.01875 Panama Balboa
1 Philippine Peso = 0.06144 Peruvian Nuevo Sol
1 Philippine Peso = 0.05887 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.23233 Pakistani Rupee
1 Philippine Peso = 0.06922 Polish Zloty
1 Philippine Peso = 105.94412 Paraguayan Guarani
1 Philippine Peso = 0.06825 Qatar Rial
1 Philippine Peso = 0.07529 Romanian New Leu
1 Philippine Peso = 1.18378 Russian Rouble
1 Philippine Peso = 15.92781 Rwanda Franc
1 Philippine Peso = 0.07032 Saudi Arabian Riyal
1 Philippine Peso = 0.1483 Solomon Islands Dollar
1 Philippine Peso = 0.25162 Seychelles Rupee
1 Philippine Peso = 0.33668 Sudanese Pound
1 Philippine Peso = 0.16475 Swedish Krona
1 Philippine Peso = 0.02532 Singapore Dollar
1 Philippine Peso = 0.01412 St Helena Pound
1 Philippine Peso = 0.41639 Slovak Koruna
1 Philippine Peso = 148.88431 Sierra Leone Leone
1 Philippine Peso = 10.53816 Somali Shilling
1 Philippine Peso = 395.79974 Sao Tome Dobra
1 Philippine Peso = 0.16407 El Salvador Colon
1 Philippine Peso = 9.65648 Syrian Pound
1 Philippine Peso = 0.25162 Swaziland Lilageni
1 Philippine Peso = 0.61204 Thai Baht
1 Philippine Peso = 0.04892 Tunisian Dinar
1 Philippine Peso = 0.04288 Tongan paʻanga
1 Philippine Peso = 0.08861 Turkish Lira
1 Philippine Peso = 0.12572 Trinidad Tobago Dollar
1 Philippine Peso = 0.56497 Taiwan Dollar
1 Philippine Peso = 42.52766 Tanzanian Shilling
1 Philippine Peso = 0.49372 Ukraine Hryvnia
1 Philippine Peso = 71.94825 Ugandan Shilling
1 Philippine Peso = 0.01875 United States Dollar
1 Philippine Peso = 0.59066 Uruguayan New Peso
1 Philippine Peso = 148.13426 Uzbekistan Sum
1 Philippine Peso = 1496.34352 Venezuelan Bolivar
1 Philippine Peso = 427.78924 Vietnam Dong
1 Philippine Peso = 2.02025 Vanuatu Vatu
1 Philippine Peso = 0.04811 Samoa Tala
1 Philippine Peso = 10.58541 CFA Franc (BEAC)
1 Philippine Peso = 0.05063 East Caribbean Dollar
1 Philippine Peso = 10.58541 CFA Franc (BCEAO)
1 Philippine Peso = 1.91656 Pacific Franc
1 Philippine Peso = 4.68498 Yemen Riyal
1 Philippine Peso = 0.25181 South African Rand
1 Philippine Peso = 97.30921 Zambian Kwacha
1 Philippine Peso = 6.78605 Zimbabwe dollar

StanChart hosts first PH investment roadshow

Global banking giant Standard Chartered Bank hosted the Duterte administration’s first international roadshow held Tuesday at Mandarin Oriental in Singapore.

Finance Secretary Carlos Dominguez III, Socioeconomic Planning Secretary Ernesto Pernia, and Budget Secretary Benjamin Diokno, Executive Secretary Salvador Medialdea, together with Bangko Sentral ng Pilipinas Governor Nestor Espenilla, Jr., presented to more than a hundred foreign direct and portfolio investors during the Philippine Economic Briefing, which carried the theme “The Rising Philippine Economy: Powering Gains with Global Partners Through Shared Goals.” 

Standard Chartered underscored the importance of multi-stakeholder partnership to deliver this ambition. 

“Bank-investor-government as a three-way partnership is an even more robust and sustainable partnership. Financial institutions have always played a key role in supporting the country’s infrastructure development, and on a broader scale, the overall growth of the Philippine economy. A well-defined and fair model is one that provides an appropriate risk allocation and addresses the minimum expectations of investors. Infrastructure projects that meet these prerequisites will generate both economic returns and social benefits,” said Standard Chartered Bank Regional CEO for ASEAN and South Asia Anna Marrs.

“We have supported the country’s economic endeavors over the years, participating in the country’s infrastructure projects, liability management, and financing exercises as one of the book-runners in the Republic’s sovereign bond issuances and one of the country’s Sovereign Ratings advisors,” added Lynette Ortiz, CEO and Head of Global Banking Philippines.

The Philippines is regarded as the next economic powerhouse of Asia, with GDP growth expected to hit the 7-8 percent target from 2018-2022, even as inflation is kept at bay.

Sustained and robust growth is targeted to push the country towards upper middle income status by 2022 with a per-capita GNI of at least $5,000, up from $3,550 in 2015. 

Expected growth drivers over the medium term include the government’s bold infrastructure program, higher public spending on social services, and strong household consumption on the demand side, as well as rising activities in manufacturing, business process outsourcing, real estate, construction, wholesale and retail trade, and tourism on the supply side. All of these are anchored on the solid foundation of prudent economic policies and strong macroeconomic fundamentals.

The government officials said that there are a host of investment opportunities in the country that investors may find worthy of exploring. These include infrastructure financing, tourism, banking, wealth management, manufacturing, agriculture and bond market, among others.

“With the Philippines primed to play a key role in the vibrant growth of the AEC (ASEAN Economic Community), the Duterte administration is looking at increased private sector participation in the financing of its projects meant to close the infrastructure backlog, attract investments, create jobs, and achieve financial inclusion,” Finance Secretary Carlos Dominguez III said. 

Dominguez said that “while the government is accessing grants and ODA (official development assistance) loans in the early part of its infrastructure build-up plan, it is looking at the greater involvement of private investors once the big-ticket projects are in place.”

“We have also endorsed for Congressional approval a Comprehensive Tax Reform Program that is designed to help provide a steady revenue flow not only for this ambitious infrastructure program, but also for the Duterte administration’s programs on human capital development and social protection that are geared to accelerate poverty reduction in the medium term,” he said. Meantime, Secretary Pernia harped on sound and growth-enabling policies of the one-year old Duterte administration.

“We are enhancing the ease of doing business by streamlining processes in line agencies. We are strengthening integrity of our public institutions, such as through freedom of information beginning with the Executive branch, to the example, and other anti-corruption initiatives. Government is now much faster in approving big-ticket infrastructure projects, having rationalized certain procedures. All of these result in an environment that is more welcoming to business,” Pernia said. 

Secretary Diokno, on the other hand, highlighted the Philippines’ massive infrastructure program, dubbed “Build. Build. Build,” for which the government intends to spend between US$160 to US$170 billion over the next five years.  Infrastructure projects are aimed at decongesting urban areas and spreading growth opportunities in the countryside, to entice more investments.

“Our infrastructure program is the boldest the Philippines has ever had. With the amount of money we will infuse on expressways, airports, seaports, mass transit systems, among others, the Philippines will enter its Golden Age of Infrastructure. Ambitious as it may sound, the government is keen on realizing this infrastructure agenda,” Diokno said. 

BSP Governor Nestor Espenilla, Jr. said the BSP is keen on contributing to an environment that enables more job-generating investments on a sustainable basis by ensuring price stability as well as financial stability.  He said further that the BSP, recognized as a pillar of strength for the Philippine economy, under his watch will observe the policy of “continuity plus plus.” “This simply means we will build on our strong and stable foundations by instituting additional game-changing financial sector reforms that will complement the economy’s robust and inclusive growth agenda,” Espenilla added.

“Following the full liberalization of the Philippine banking system in 2014, we intend to raise the bar further by having even more competition, which will bring in better innovation, especially digital innovation, and prompt industry players to improve delivery of financial services to consumers. At the same time, we want to champion capital market development. We will do these through an enabling regulatory environment. Given this backdrop, investors in financial services are certainly welcome,” Espenilla said. 

Business leaders from the Philippines, particularly the heads of Ayala Corporation and the Philippine Chamber of Commerce and Industry, added substance to the discussions during the event by participating as panelists during the open forum. The Singapore roadshow is first of a series of economic briefings in Asia that the government plans to hold in the coming months to attract investors to the Philippines.
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