October 21, 2017, 9:19 am
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1 Philippine Peso = 0.07128 UAE Dirham
1 Philippine Peso = 2.18168 Albanian Lek
1 Philippine Peso = 0.0346 Neth Antilles Guilder
1 Philippine Peso = 0.33849 Argentine Peso
1 Philippine Peso = 0.02474 Australian Dollar
1 Philippine Peso = 0.03455 Aruba Florin
1 Philippine Peso = 0.03882 Barbados Dollar
1 Philippine Peso = 1.59705 Bangladesh Taka
1 Philippine Peso = 0.03208 Bulgarian Lev
1 Philippine Peso = 0.00732 Bahraini Dinar
1 Philippine Peso = 33.78397 Burundi Franc
1 Philippine Peso = 0.01941 Bermuda Dollar
1 Philippine Peso = 0.02639 Brunei Dollar
1 Philippine Peso = 0.13315 Bolivian Boliviano
1 Philippine Peso = 0.06146 Brazilian Real
1 Philippine Peso = 0.01941 Bahamian Dollar
1 Philippine Peso = 1.26213 Bhutan Ngultrum
1 Philippine Peso = 0.20042 Botswana Pula
1 Philippine Peso = 388.58696 Belarus Ruble
1 Philippine Peso = 0.03878 Belize Dollar
1 Philippine Peso = 0.02429 Canadian Dollar
1 Philippine Peso = 0.01906 Swiss Franc
1 Philippine Peso = 12.12442 Chilean Peso
1 Philippine Peso = 0.1285 Chinese Yuan
1 Philippine Peso = 56.61879 Colombian Peso
1 Philippine Peso = 10.99029 Costa Rica Colon
1 Philippine Peso = 0.01941 Cuban Peso
1 Philippine Peso = 1.81172 Cape Verde Escudo
1 Philippine Peso = 0.42217 Czech Koruna
1 Philippine Peso = 3.44992 Djibouti Franc
1 Philippine Peso = 0.12229 Danish Krone
1 Philippine Peso = 0.91751 Dominican Peso
1 Philippine Peso = 2.21396 Algerian Dinar
1 Philippine Peso = 0.25699 Estonian Kroon
1 Philippine Peso = 0.34161 Egyptian Pound
1 Philippine Peso = 0.52232 Ethiopian Birr
1 Philippine Peso = 0.01642 Euro
1 Philippine Peso = 0.03984 Fiji Dollar
1 Philippine Peso = 0.01474 Falkland Islands Pound
1 Philippine Peso = 0.01481 British Pound
1 Philippine Peso = 0.08518 Ghanaian Cedi
1 Philippine Peso = 0.91421 Gambian Dalasi
1 Philippine Peso = 174.2236 Guinea Franc
1 Philippine Peso = 0.14253 Guatemala Quetzal
1 Philippine Peso = 3.96933 Guyana Dollar
1 Philippine Peso = 0.15143 Hong Kong Dollar
1 Philippine Peso = 0.45421 Honduras Lempira
1 Philippine Peso = 0.12329 Croatian Kuna
1 Philippine Peso = 1.19002 Haiti Gourde
1 Philippine Peso = 5.04988 Hungarian Forint
1 Philippine Peso = 262.46118 Indonesian Rupiah
1 Philippine Peso = 0.06762 Israeli Shekel
1 Philippine Peso = 1.26145 Indian Rupee
1 Philippine Peso = 22.63199 Iraqi Dinar
1 Philippine Peso = 665.74146 Iran Rial
1 Philippine Peso = 2.03707 Iceland Krona
1 Philippine Peso = 2.46487 Jamaican Dollar
1 Philippine Peso = 0.01373 Jordanian Dinar
1 Philippine Peso = 2.19732 Japanese Yen
1 Philippine Peso = 2.00019 Kenyan Shilling
1 Philippine Peso = 1.33191 Kyrgyzstan Som
1 Philippine Peso = 78.26087 Cambodia Riel
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1 Philippine Peso = 17.46894 North Korean Won
1 Philippine Peso = 21.96991 Korean Won
1 Philippine Peso = 0.00585 Kuwaiti Dinar
1 Philippine Peso = 0.01592 Cayman Islands Dollar
1 Philippine Peso = 6.49204 Kazakhstan Tenge
1 Philippine Peso = 160.69488 Lao Kip
1 Philippine Peso = 29.21972 Lebanese Pound
1 Philippine Peso = 2.98137 Sri Lanka Rupee
1 Philippine Peso = 2.29173 Liberian Dollar
1 Philippine Peso = 0.26378 Lesotho Loti
1 Philippine Peso = 0.05918 Lithuanian Lita
1 Philippine Peso = 0.01204 Latvian Lat
1 Philippine Peso = 0.02652 Libyan Dinar
1 Philippine Peso = 0.18258 Moroccan Dirham
1 Philippine Peso = 0.33463 Moldovan Leu
1 Philippine Peso = 1.00621 Macedonian Denar
1 Philippine Peso = 26.37811 Myanmar Kyat
1 Philippine Peso = 47.47671 Mongolian Tugrik
1 Philippine Peso = 0.15597 Macau Pataca
1 Philippine Peso = 6.84045 Mauritania Ougulya
1 Philippine Peso = 0.65703 Mauritius Rupee
1 Philippine Peso = 0.30221 Maldives Rufiyaa
1 Philippine Peso = 13.90062 Malawi Kwacha
1 Philippine Peso = 0.36633 Mexican Peso
1 Philippine Peso = 0.08199 Malaysian Ringgit
1 Philippine Peso = 0.26335 Namibian Dollar
1 Philippine Peso = 6.8323 Nigerian Naira
1 Philippine Peso = 0.58773 Nicaragua Cordoba
1 Philippine Peso = 0.15441 Norwegian Krone
1 Philippine Peso = 2.0099 Nepalese Rupee
1 Philippine Peso = 0.02778 New Zealand Dollar
1 Philippine Peso = 0.00746 Omani Rial
1 Philippine Peso = 0.01941 Panama Balboa
1 Philippine Peso = 0.06268 Peruvian Nuevo Sol
1 Philippine Peso = 0.06206 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.03901 Pakistani Rupee
1 Philippine Peso = 0.06957 Polish Zloty
1 Philippine Peso = 109.45264 Paraguayan Guarani
1 Philippine Peso = 0.07337 Qatar Rial
1 Philippine Peso = 0.0755 Romanian New Leu
1 Philippine Peso = 1.11374 Russian Rouble
1 Philippine Peso = 16.1349 Rwanda Franc
1 Philippine Peso = 0.07279 Saudi Arabian Riyal
1 Philippine Peso = 0.15088 Solomon Islands Dollar
1 Philippine Peso = 0.26054 Seychelles Rupee
1 Philippine Peso = 0.12926 Sudanese Pound
1 Philippine Peso = 0.15816 Swedish Krona
1 Philippine Peso = 0.0264 Singapore Dollar
1 Philippine Peso = 0.01475 St Helena Pound
1 Philippine Peso = 0.43102 Slovak Koruna
1 Philippine Peso = 147.90373 Sierra Leone Leone
1 Philippine Peso = 10.81134 Somali Shilling
1 Philippine Peso = 402.56018 Sao Tome Dobra
1 Philippine Peso = 0.16984 El Salvador Colon
1 Philippine Peso = 9.99573 Syrian Pound
1 Philippine Peso = 0.26335 Swaziland Lilageni
1 Philippine Peso = 0.64344 Thai Baht
1 Philippine Peso = 0.04808 Tunisian Dinar
1 Philippine Peso = 0.04338 Tongan paʻanga
1 Philippine Peso = 0.07108 Turkish Lira
1 Philippine Peso = 0.12963 Trinidad Tobago Dollar
1 Philippine Peso = 0.58637 Taiwan Dollar
1 Philippine Peso = 43.42003 Tanzanian Shilling
1 Philippine Peso = 0.51417 Ukraine Hryvnia
1 Philippine Peso = 70.78804 Ugandan Shilling
1 Philippine Peso = 0.01941 United States Dollar
1 Philippine Peso = 0.5722 Uruguayan New Peso
1 Philippine Peso = 155.95885 Uzbekistan Sum
1 Philippine Peso = 0.1936 Venezuelan Bolivar
1 Philippine Peso = 440.93556 Vietnam Dong
1 Philippine Peso = 2.02426 Vanuatu Vatu
1 Philippine Peso = 0.04922 Samoa Tala
1 Philippine Peso = 10.76747 CFA Franc (BEAC)
1 Philippine Peso = 0.05241 East Caribbean Dollar
1 Philippine Peso = 10.69488 CFA Franc (BCEAO)
1 Philippine Peso = 1.94759 Pacific Franc
1 Philippine Peso = 4.85151 Yemen Riyal
1 Philippine Peso = 0.26339 South African Rand
1 Philippine Peso = 100.72787 Zambian Kwacha
1 Philippine Peso = 7.02446 Zimbabwe dollar

Tax perks tempt Italian bankers back to la dolce vita

By Pamela Barbaglia and Stephen Jewkes

LONDON/MILAN - Italian financiers who handle some of their country’s biggest deals out of London are moving to Milan, lured by bumper tax breaks at a time of deep uncertainty about Brexit, sources familiar with the plans said.

Investment bankers making the switch include Goldman Sachs’ co-head of Italy Francesco Pascuzzi, who also co-heads the global power and infrastructure team, and is looking to move early next year, the sources told Reuters.

Goldman and JPMorgan have started looking for new offices in Milan as their current bases, in the bustling heart of Milan, behind La Scala theatre, are too small to house those seeking to relocate.

Goldman has about 20 people on its payroll in Milan - Italy’s financial capital - but expects headcount to double by 2019 as a result of Italian bankers returning from London, said the sources who declined to be named as the plans are confidential.

JPMorgan, which has a much bigger presence of about 160 staff, aims to significantly increase that number, they added.

“Hiring bankers from London used to be hard, no one was too keen to relocate as London was the place to be in finance. But things have changed,” said Leopoldo Attolico, the Italy country manager for Citi, which has 200 Milan staff and expects some workers to seek relocation from London.

“Now there is a sense of insecurity among non-UK nationals working in London and we have seen more interest in relocating to Milan, also thanks to new fiscal incentives.”

For those returning, Italy is offering significant perks, including a 50 percent income tax break. There is no mass exodus, however, with only dozens of Italians choosing to relocate so far.

But the shift points to a growing fragmentation of the European investment banking sector, which has been almost exclusively concentrated in London for the past 20 years.

As Brexit nears, more financiers are expected to shift to their home countries or to other financial hubs like Frankfurt and Paris. This would increasingly spell the end of a model that has allowed banks to streamline operations and costs by covering European markets out of Britain.

“You don’t move back to Italy to get a tax break, but it’s a good incentive when you’re thinking about your next step,” said former DBAY investment adviser Raffaele Petrone who returned to Italy in February to join private equity firm Armonia SGR.

Antonino Mattarella, nephew of Italian president Sergio Mattarella, is also among bankers making the switch. In February the 38-year-old, who spent 12 years in London at Goldman Sachs, became Bank of America’s Italy head in Milan. ‎

Some private equity and hedge fund executives have shifted too.

Giuseppe Prestia, partner at Charterhouse, has just relocated to Milan after handling the private equity house’s Italian investments out of London for 13 years, and his firm is considering opening its own base in Italy, according to the sources.

London-based buyout funds Cinven and Advent have started beefing up their Milan subsidiaries, with Advent director Francesco Casiraghi being the first to relocate, they said.

Over the past two decades, thousands of graduates have left Italy due to a lack of work and career prospects, with London a favourite destination.

In a bid to reverse this brain drain the government has introduced the 50 percent, five-year income tax break for high-skilled Italian workers returning from abroad, as well as a flat tax rate of 100,000 euros on foreign income aimed at luring the wealthy of all nationalities.

Fabrizio Pagani, chief of staff for Italy’s finance minister, has been organising international events to promote Milan as a financial centre. “We have seen a lot of interest around these new fiscal policies, especially the one offering a 50 percent tax holiday,” he said.

Milan still has a long way to go to come close to rivalling London or New York. Its share of global foreign currency trading is 0.3 percent compared with 36.9 percent in London, according to the Bank for International Settlements, while Italy lags Britain, France and Germany for investment banking fees.

But there are other attractions for affluent financiers.

Known as a hub for world-class design, fashion and food, the city of 1.3 million people boasts 17 Michelin-starred restaurants among about 7,000 bars, cafes and eateries. It is also marketing itself as a modern banking centre with the newly developed Porta Nuova financial district reshaping the skyline.

“More than 6 billion euros has been invested in office space in Italy over the past 24 months, a significant part of which went to Porta Nuova,” said Manfredi Catella, CEO of real estate investment firm Coima.

Apartments in prime areas like the Brera district cost about $12,000 per square metre versus an average of $25,000 in London’s exclusive Mayfair.

“For someone from London buying in Milan is like going to the supermarket,” said Vincenzo Albanese, CEO of estate agency Sigest.

Albanese said financial-sector workers in London had been sounding out the Milan property market over the past year with top-floor terraced apartments in high demand.

International schools are also reporting a pick-up in interest.

“We had a lot of interest from Italians working in London who decided it was time to come back. This has been a trend since Brexit,” said Chris Greenhalgh, principal at the British School of Milan.

Greenhalgh said Milan’s municipality recently gathered all international schools and asked them to provide details about their capacity as part of a pitch to lure people from London.

St Louis School recently added a third school to its Milan network in expectation of a boom in demand from returning Italians, converting a former monastery into a 600-place school. – Reuters 
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